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2019 Insurance Conference
Tax reimagined
© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
2019 Insurance Conference
Transforming the in-house tax function through technology
Gino Piazza
Partner, National Service Line Leader, Tax Transformation and [email protected]
Paul Vienneau
Partner, Corporate Tax, Financial [email protected]
Matthew MacInnis
Global Head of TaxManulife
Daniel Singer
Director of TaxationIntact Financial Corporation
Alex Goldsmith
VP, Global Tax AdvisorySun Life Financial
© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
2019 Insurance Conference
Transforming the in-house tax function through technology
Introduction and objectives
Opportunities and Challenges with Digitization
Technology and Tax Function Strategy
Future of Tax Talent
Taming the "Data Beast"
4© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Introduction and objectivesKey objectives of this session— Provide our view on how Technology can help to “Transform an in-house tax function”
— Explain how technology is affecting Tax Function Strategy
— Provide you with insights into how automation is being used
— Provide you with insights into how to start using technology in your in-house tax function
Megatrends affecting the Tax Department’s Strategy
6© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Megatrends
Changing Tax Policy
Convergence of specializations
Digital disruption and data explosion
The Customer era and changing productivity metrics
Future of Tax Talent
Technology and Tax Function Strategy
Opportunities and Challenges with Digitization
Taming the "Data Beast"
Thank you
Gino PiazzaPartner, Tax Transformation and [email protected]
Paul VienneauPartner, Corporate Tax, Financial [email protected]
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. 24544
All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
kpmg.ca
Appendix
13© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Four categories of future skills
Design Thinking
Empathy
Ethics
Working with diversity
Coaching
Agility
Resilience
Learning mind-set
Systems thinking
Critical thinking
Strategic thinking
Sense-making
Digital & emerging technology
Data & analytics
Cyber securityCollaboration & productivity tools
Human-centric
Cognitive flexibility
Growth mind-set Digital and data
106
14© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
… but how?
Foster curiosity
Process Improvement Framework
Allow time to take action
Explore your own ecosystem
Governance
? ?
15© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
ACTlike a human
RULESLEARN
REASON
The spectrum of technologies range from basic automation to intelligent automation
• Macro-based applets
• Screen level and OCR data collection
• Workflow automation
• Process mapping
• Self executing
Basic process automation
• Built-in knowledge repository
• Learning capabilities
• Ability to work with unstructured data
• Pattern recognition
• Reading source data manuals
• Natural language processing
Enhancedautomation
• Artificial intelligence
• Natural language recognition and processing
• Self-learning (sometimes self optimizing)
• Processing of super data sets
• Predictive analytics/hypothesis generation
• Evidence-based learning
Cognitive automation
THINKlike a human
16© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Why invest in technology?
What technology should you invest in?
Who should help you to do it?
How should you do it?
17© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Why invest in Tax Technology?Technology solutions provide great benefits to your organization
— Remove inefficiencies in existing manual processes
— Generate cash and working capital saving opportunities
— Optimize the accuracy of tax outcomes and returns
— Free-up more time for value-add activities
Tax authorities are developing their own technology and investing in technology capabilities
— Hiring data scientists
— Enhanced data analysis and risk profiling
— Enhanced data collection
— Increased audit activity enabled by technology
18© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
What? Which solutions do you need?
MasterData
Business Transactions
Tax calculations Tax Returns
Tax Insights solutions
Tax Compliance solutions
Process management solutions
Platform (shared components / accessories)
ETL
Infrastructure (storage/hosting, etc.)
VisualizationWorkflow
End-to-end (transactional) Tax Process
Each type of tax technology solution provides benefits in different parts of a typical end-to-end tax process
19© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Who? The importance of people
You need technology solutions to provide added-value to your organization,
and/or improve the efficiency of your internal processes
Solutions People Infrastructure
You need to equip your people to work with
technology solutions, to know how to use them, and maintain
them
You need a solid IT Infrastructure that enables the technology
solutions that will be developed and deployed
Supported by a governance structure & deployment plan
+ +
20© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
How? Tax Transformation Road Map
Establish the as-is position
Implement effective
technology solutions
Embed efficient processes
Deploy the right people
with the right skills
Design the organisational
model
Tax Re-imagined!Manage risk
and create appropriate
KPIsDevelop the tax
vision and policy
Organizational Model
Process and Responsibility
Systems and Technology
Data andInformation
People and Capability
Governance and Risk
Performance Management
21© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
What is the portrait of the modern tax department?
Data-driven
Technology-powered
Covering all taxes
Value driving
Thank you
Gino PiazzaPartner, Tax Transformation and [email protected]
Paul VienneauPartner, Corporate Tax, Financial [email protected]
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2019 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. 24544
All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
kpmg.ca
