On Wednesday morning, KPMG Luxembourg held its annual press conference at its headquarters at 39 JFK in Luxembourg-Kirchberg.

Georges Bock, Managing Partner at KPMG Luxembourg, explained that the organisation wants to nurture entrepreneurship and innovation. The investments they have made in technology and in people in Luxembourg has paid off. Their turnover in 2015 was €162 million, a growth of 6%. Another symbolic platform was the KPMG Plage initiative which is intended for clients, and this will continue in 2016.

Pascal Denis said that technology is a game-changer across various industries, and a great area of opportunity for their client services. Their consultants help clients with big data and to protect themselves in the domain of cybersecurity. 2015 saw much more generic growth and helping clients harnessing technology to grow their businesses.

Technnology is also changing the way KPMG works and they are grasping the opportunity as they are developing their own asset-based products, blending technology and knowledge, to deveop new services and products for their clients, including document archiving in a CSSF-regulated framework. He stressed that this is also putting Luxembourg on the international technological map.

Thomas Feld said that we are going through times of unprecedented change. Diversity is the key with a multitude of skills and cultures behind the company. While customers know KPMG as auditors, the company also has skills and talents in fields such as FinTech, enabling them to change services for clients.

As of today, 1,400 people are employed by KPMG Luxembourg, an evolution of 100+ from 12 months ago. Thomas Feld stressed that the organisation puts a high emphasis on training of its staff.

Emmanuel Dollé explained that audits are about to change significantly, by the way in which audits are undertaken. Traditionally audits are about data and undertaking analysis; technology will enable further improvements in audits by being able to undertake many more tests and benchmarking analysis. This includes creating a DNA of investment funds, including calculating net asset values of funds on a daily basis. Many other KPMG offices internationally are now using this platform developed by KPMG Luxembourg. In 2016 and beyond, they will continue to invest in Data and Analysis audits (D&A).

Sébastien Labbé stated that tax policy changes are ahead for Luxembourg, initiated by the European Commission and the need for greater transparency. The firm's objective is to have an open dialogue with all stakeholders, including the government. They will need to start to implement some BEPS measures. They will also need to work on communication and open dialogue, between tax payers and the tax authorities. Clients are looking for responsible approaches to management of taxes; KPMG will help them review the current environment and define the right tax strategy.

For 2016, Georges Bock stated that KPMG aims to be a platform on which their clients can move forward. He mentioned the Luxembourg FinTech Awards they are initiating with the government and other players to encourage entrpreneurs and help established companies to be open to new ideas. There will be 2 steps involved: a call for candidates, then a section for a semi-final for May, with the final scheduled to take place during the KPMG Plage event in the summer. The events will involve 3 categories: the best Luxembourg FinTech company of the year; the Best FinTech Entrepreneur, and the Best Pitch.

Photo by Geoff Thompson (L-R): Thomas Feld (People), Pascal Denis (Advisory), Georges Bock, Emmanuel Dollé (Audit), Sébastien Labbé (Tax)