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Company radar (BearingPoint): Helping clients embrace digital transformation

International management and technology consultancy BearingPoint is strengthening its presence in the Benelux countries through M&A and provision of new services to help clients get to grips with increasing regulatory requirements through technological solutions.

 

BearingPoint in short

BearingPoint traces its origins back to the consultancy businesses of two of the members of the original ‘big eight’, created by a spin-off of KPMG Consulting in 2000 and its acquisition of most of Arthur Andersen’s business consulting practices two years later. In 2009 the firm’s European partners created a new independent management and technology consultancy business through a management buy-out. Since then BearingPoint has opened offices in new markets across Europe, including the Czech Republic, Italy, Portugal, Romania, as well as undertaking global expansion to China, Singapore, the UAE and the US and developing strategic alliances in the Americas and Asia. The organisation has been serving customers in the Grand Duchy since 2001, increasingly with digital regulatory solutions. Having provided  consulting expertise in wealth management and securities throughout the Benelux, drawing on expertise from BearingPoint in Geneva, the group strengthened its presence in Luxembourg in June 2018.

"Companies, especially in the financial industry, are looking for solutions to ease compliance and reporting processes and lower their costs."

 

Client servicing

BearingPoint has three business areas: Consulting, the advisory business; Solutions, which develops tools for digital transformation, regulatory technology and analytics; and Ventures, which is active in the financing and development of innovative start-ups. The firm now has around 4,500 employees across more than 20 countries – and a global consulting network of more than 10,000 people – to serve clients in more than 75 countries, including many of the world’s biggest companies and organisations in the commercial, financial and public services sectors. BearingPoint has developed in-house software tools such as FiTAX, a tax reporting solution for financial institutions, and its Abacus platform, which is used by around 2,700 banks and insurers of all sizes across Europe to meet reporting obligations including Basel III, MiFID II/MiFIR, EMIR II and Solvency II. In November BearingPoint acquired Impuls, a Belgian firm specialising in digital strategy, data and governance, to strengthen our offering in a fast-growing digital transformation consulting marketplace now worth an estimated $44 billion worldwide as digital technology and processes become central to clients’ business strategies.

 

Future opportunities

As the weight of regulation grows on companies in all sectors, but especially the financial industry, they are looking for solutions to ease compliance and reporting processes and lower the associated costs. BearingPoint’s regulatory and risk technology business has just forged a partnership with IBM services to provide reporting solutions to small and medium-sized financial institutions, which are under particular strain as a result of new regulations, new data models and ever stricter compliance deadlines. The new partnership’s outsourcing offering will cover business processes and technical operation as well as software maintenance and development, using economies of scale to keep clients’ costs under control. Today nearly 30 financial institutions in Luxembourg rely on BearingPoint’s capabilities in areas ranging operational efficiency to risk and compliance. The firm’s increased presence in the Grand Duchy provides expertise in all the sector’s main business lines, private banking, asset management, securities, capital markets and insurance, drawing on local market knowledge and experience together with the resources of BearingPoint's European and international network.