10/8/2014 KPMG Global Sourcing Advisory Resultados del 2Q2013 Pulse Survey Expo Outsourcing Costa Rica Octubre 2014 KPMG’s Shared Services and Outsourcing Advisory KPMG*, con la adquisición de EquaTerra, uno de los líderes entre los proveedores de servicios de consultoría en materia de Global Sourcing, tiene la habilidad de ayudar a nuestras firmas miembro a transformar los servicios empresariales to para incrementar el valor, la agilidad y crear un esquema de mejora de rendimiento sostenible. Quienes somos? Desde la práctica de Shared Services and Outsourcing Advisory brindamos un equipo global especializado de más de 400 profesionales en 156 países. Nuestros profesionales colaboran con los clientes en el diseno, construcción y gestión de los procesos de tecnología de información (IT) y negocio en las corporaciones. Qué hacemos? Colaboramos con los clientes en alinear su • estrategia de negocios • organización, y • ejecución de procesos para gestionar el ciclo de vida de los procesos de TI y negocio, mejorando el rendimiento y generando la base para un proceso de transformación. Cómo lo hacemos? Aplicamos investigación enfocada, herramientas automatizadas, nuestras bases de datos propietarias, juicio experto, y posiciones de avanzada para proveer a nuestros clientes enfoques objetivos, realizables, y pragmáticos. * KPMG LLP (US), KPMG Holdings Limited (UK) and KPMG International have acquired the business and subsidiaries of advisory firm EquaTerra Inc. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 2 Global Sourcing Advisory 2Q14 Pulse Survey Resumen ejecutivo de Resultados 1 10/8/2014 KPMG Pulse Surveys The Global Sourcing Advisory Pulse Surveys El estudio es actualizado trimestralmente con respecto a las tendencias de los Servicios Globales de Negocio (GBS). Enfoque funcional principal: Fuentes: Tópicos evaluados: 400+ asesores de sourcing de KPMG Condiciones para el uso de un GBS 20+ compañías globales líderes así como proveedores de servicios de IT y cloud Patrones de demanda y compra Características de los acuerdos Tópicos por trimestre KPMG market research y registros internos de operaciones de outsourcing HfS Research - Impacto de la propuesta de reforma a la inmigración en Estados Unidos (no incluido en esta presentación) - Principales aspectos y retos para el cambio en un GBS Call Center/Customer Care Finanzas y Contabilidad Recursos Humanos IT Abastecimiento Gestión de Edificios y Real Estate Business Process Outsourcing (BPO) Funciones emergentes de BPO/KnowledgePO - El rol de IT Enfocado en rendimiento, tendencias y características Inicialmente lanzado en 2004 por EquaTerra Ahora es parte de una creciente línea de los estudios de mercado KPMG Pulse. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 4 Agenda Tendencias de la demanda en el Mercado Condiciones de Mercado Más información Principales enfoques para mejorar las capacidades de un GBS (servicios globales de negocio) demanda y características de distintos programas de cambio Niveles de Principales aspectos y retos en los esfuerzos de mejora de un GBS Rol de IT en el soporte de los esfuerzos de un GBS The KPMG Shared Services and Outsourcing Institute KPMG Shared Services and Outsourcing Pulse Surveys White paper: 2nd Quarter 2014 KPMG Sourcing Advisory Global Pulse Survey Results KPMG’s Advice Worth Keeping blog and podcast series © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 5 Generalidades del mercado Tendencias de nivel Macro Hay niveles de crecimiento disímiles en distintas regiones, pero independiente a esos niveles las limitaciones en habilidades y el acceso a recursos calificados destaca como reto para los esfuerzos globales de Sourcing. Global business services (GBS) se ha convertido en el esquema dominante de las organizaciones para soportar sus operaciones globales. El outsourcing tradicional y genérico continua como un “comodity”. Hay una ensanchamiento en la brecha con respecto a los líderes en el mercado de proveedores de servicios. Tendencias de mercado actuales La demanda de sesrvicios de IT y de proveedores (incluyendo outsourcing) permanece sólida. Sin embargo, algunos proveedores auguran un decrecimiento. Los esfuerzos hacia GBS se expanden más allá de la reducción de costos, para enfocarse en la entrega de servicios diferenciados y de valor agregado al negocio. Las prioridades en la generación de un GBS incluyen facilitar más la propiedad de procesos completes (end-to-end), integración horizontal entre las funciones, y una mayor integración entre el Shared Services y el Outsourcing. Aún destaca la oportunidad de incrementar la estandarización de aplicaciones y sistemas. Parte esencial de la solución es la integración de las operaciones de IT en un GBS. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 6 2 10/8/2014 Tendencia de negocios de outsourcing cerrados en el trimestre - KPMG Quarterly Global ITO/BPO Deal Tracking Analysis Movimientos trimestrales de negocios IT-BPO Number of Deals Number of Deals +9% Deal Value 2Q13 Number of Deals ‐7% 1,590 1,473 1,464 516 430 No. of deals 428 426 422 368 -34% 354 341 325 36.5 39.1 21.3 Q1 Q2 28.2 22.7 53.3 Q4 Q1 Q3 35.3 20.3 Q2 2011 2Q14 316 259 USD 145.5 billion 43.9 USD 120.9 billion 32.4 326 Total Deal Value ‐3% USD 150.4 billion +24% Total Deal Value -26% 299 Total Deal Value 2Q14 2Q13 55.9 292 Q3 Q4 Q1 Q2 2012 Q3 28.0 25.2 Q4 Q1 2013 Value (USD billion) 29.1 Q2 2014 No. of deals *The term deals is interchangeably used with contracts throughout the analysis unless otherwise specified. Deals analyzed are global sourcing contracts of size USD 5.0 million and above only. Source: IDC (www.idc.com), Contract Database, Jul 2014, Research & Analysis based on the IDC contract database • 2Q14 experimentó un crecimiento general al compararlo con los dos trimestres anteriores, pero un decrecimiento de 34% en monto total de 34% respecto al 2Q13. • El valor promedio de los negocios cerrados en el período bajó un 11% con respecto al 2Q13 (solo unos pocos de ellos fueron por un monto mayor a US$500 millones). © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 7 Tendencia de negocios de outsourcing por geografía - KPMG Quarterly Global ITO/BPO Deal Tracking Analysis Negocios por geografía EMA 508 452 AMERICAS 916 887 39.1 35.9 95 103 6.7 95.7 290 215 2Q13 2013 166 2Q14 134 206 32.6 27.2 2012 ASPAC 81 9.6 9.6 2Q12 97.6 17.4 2Q12 2012 2Q13 2013 18.8 44 2Q14 33 2.6 Total Contract Value (USD billion) No. of Contracts 2Q12 * Deals originating from the geography 2012 1.7 2Q13 29 8.8 2.1 2013 2Q14 Source: IDC (www.idc.com), Contract Database, Jul 2014, Research & Analysis based on the IDC contract database • AMERICAS continua como la región donde ocurren más negocios, contribuyendo al 60% del total del período. Sin embargo, hay un decrecimiento en valor de 47% con respecto al 2Q13. • EMA despliega un crecimiento sostenido del “market share” en términos de valor. • ASPAC representa un crecimiento de 23% con respecto al 2Q13. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 8 Principales hallazgos Asesores: expectativas de crecimiento en la demanda Service Providers: expectativas de crecimiento 68% 61% 38% 78% 60% 76% 65% 72% 65% 67% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Service Providers: Proyección de demanda 0% Down 50% Flat Source: KPMG Quarterly Global GBS Pulse Survey 2Q14 50% Up 27% 31% BPO ITO 43% 45% Shared Internal Process Services Improvement Asesores: Principales áreas funcionales de enfoque y esfuerzo para la entrega de servicios IT F&A Procurement/source to pay HR All areas, including IT Supply chain Customer care All business functions Transportation/logistics Vertical industry specific bus.… Sales & marketing REFM © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 56% 52% 34% 30% 23% 19% 14% 12% 8% 8% 6% 5% 9 3 10/8/2014 Asesores: Crecimiento en la demanda por Modelo de Entrega de Servicios Demanda : Últimos 2 trimestres Baja Se mantiene Aumenta BPO 11% ITO 8% Shared services/SSC 3% 53% 43% Internal process improvement 4% 51% 45% 62% 27% 62% 31% Demanda: Próximos 2 trimestres Baja BPO 8% ITO 9% Shared services/SSC 4% Internal process improvement 5% Se mantiene Aumenta 59% 34% 58% 33% 48% 48% 42% 53% Source: KPMG Quarterly Global GBS Pulse Survey 2Q14 Note: numbers may not total 100% due to rounding. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 10 Cambio en la Demanda por cada Modelo de Entrega de Servicios 60% Internal process improvement Shared services/SSC 50% ITO BPO 40% 30% 20% Apetito por más esfuerzos de cambio 10% 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11 2Q11 0% Source: KPMG Quarterly Global GBS Pulse Survey 2Q14 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 11 Service Providers: Crecimiento en las metas de proveedores de negocio y de IT – último trimestre Baja Se mantiene 2Q14 33% 1Q14 4% 3Q13 6% 2Q13 65% 24% 72% 29% 65% 24% 1Q13 8% 4Q12 4% 3Q12 10% 2Q12 3% 1Q12 76% 32% 60% 19% 78% 52% 36% 32% 4Q11 3% 3Q11 3% 2Q11 67% 35% 4Q13 Aumenta 38% 61% 68% 36% 21% 61% 76% 45% Source: KPMG Quarterly Global GBS Pulse Survey 2Q14 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 55% Note: numbers may not total 100% due to rounding. 12 4 10/8/2014 Service Providers: Crecimiento en las metas de proveedores de negocio y de IT – Próximos 2 trimestres Baja Se mantiene 2Q14 1Q14 4% 4Q13 50% 72% 33% 10% 1Q13 67% 65% 25% 68% 32% 4Q12 3Q12 50% 46% 28% 3Q13 2Q13 Aumenta 50% 59% 41% 13% 59% 27% 2Q12 51% 49% 1Q12 39% 4Q11 3% 3Q11 7% 2Q11 3% 61% 52% 45% 35% 59% 24% 74% Source: KPMG Quarterly Global GBS Pulse Survey 2Q14 Note: numbers may not total 100% due to rounding. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 13 GBS - Global Business Services KPMG define al GBS como un conjunto de recursos, capacidades y sistemas para entregar servicios de soporte integrados (por ejemplo, IT, finanzas, HR, proveeduría, y otros) . Este enfoque implica mayor consolidación y entrega de aplicaciones, procesos, modelos y prácticas comunes de servicios más eficientes y efectivos. Data and analytics Strategy Enabling technology Process ownership & optimization GBS Como el nombre lo indica, regularmente se da a escala global, utilizando múltiples modelos de entrega de servicios, incluyendo elementos de Shared Services, Outsourcing y recientemente soluciones Cloud. Governance Commercial orientation Talent management Services portfolio © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 14 GBS - Global Business Services: Definición y Facilitadores Clave GBS representa una travesía organizacional que está orientada a transformar los procesos del back- y frontoffice hacia una plataforma de entrega de servicios corporativos de manera eficiente y generando valor. Incluye: Procesos de negocio multifuncionales. TI Unificada. Entrega de servicios multicanal (outsourced, Shared Services, y Centros de Excelencia). Propiedad y Gestión de Procesos. Esquema de governance Corporativo. Data and analytics Strategy Enabling technology Process ownership & optimization Esos factores facilitan y entregan valor al negocio que se puede medir mucho más allá del ahorro de costos. GBS Governance Commercial orientation Talent management © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Services portfolio 15 5 10/8/2014 KPMG GBS Maturity Model Nivel 05 Nivel 04 Nivel 03 Nivel 02 Nivel 01 SUBOPTIMIZADO Funciones descentralizadas y duplicadas, poco control sobre los servicios de soporte al negocio. RACIONALIZADO Shared Services para funciones específicas, con relaciones tácticas con proveedores onshore u offshore. OPTIMIZADO Relaciones de outsourcing tradicionales con entrega global; capacidades internas de Shared Service desintegradas. ESTRATÉGICO Balance optimizado de las capacidades de entrega internas y externas, sourcing global con enfoque multifuncional. INTEGRADO Portafolio de servicios integrado globalmente con un uso agresivo de alternativas y modelos de servicio mixtos. Captura de valor y sostenibilidad del rendimiento © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 16 Aspectos y retos para los esfuerzos de mejora de un GBS El ahorro de costos se ha convertido en la línea base de los requerimientos y metas, con mayor énfasis en la mejora de la de la entrega global, mejora de del rendimiento de los procesos y soporte a esfuerzos de globalización. Ha emergido como un aspecto crítico del valor de los GBS el soporte y facilitación del crecimiento organizacional. Las organizaciones están tomando un enfoque más metódico y estructuurado para gestionar el cambio y mejorar la madurez en los GBS, más enfocados en dimensionar costos contra beneficios así como mapear la dirección estratégica del GBS con respecto a las estrategias y modelos operativos de nivel Corporativo. Los retos por mejorar las capaciadades de un GBS permanecen en importantes niveles, pero no necesariamente son nuevos o diferentes de retos anteriores como el outsourcing o la expansión de ERPs. Los principales retos por atender son gestión del cambio, governance y soporte ejecutivo. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 17 Reduce operating costs Improve global delivery & operating models Improve process performance Support business growth/expansion agendas Service Providers Advisors Principales factores que impulsan la mejora de las capacidades del GBS Redirect resources to more strategic activities Gain economies of scale Improve financial flexibility/ create more variable cost model Gain access to external skills/talent/resources Reduce future investment costs 0% 100% 0% 100% Source: KPMG Quarterly Global GBS Pulse Survey 2Q13 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 18 6 10/8/2014 Reduce operating costs Improve global delivery & operating models Service Providers Advisors Principales retos en la mejora de las capacidades del GBS Improve process performance Support business growth/expansion agendas Redirect resources to more strategic activities Gain economies of scale Improve financial flexibility/ create more variable cost model Gain access to external skills/talent/resources Reduce future investment costs 0% 100% 0% 100% Source: KPMG Quarterly Global GBS Pulse Survey 2Q13 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 19 Importancia de TI para las operaciones de un GBS IT, tanto como conjunto de tecnologías, aplicaciones, sistemas y herramientas así como el Equipo de IT en cuanto que organización, habilidades y recursos, es crítico aunque regularemnte menospreciado para el éxito de un GBS en muchos niveles. Plataformas de IT más estandarizadas pueden facilitar operaciones más estandarizadas y por ende más integradas y consistentes en el GBS. El impacto de Cloud en el rol del grupo de IT no es claro. La simplicidad del Cloud puede minimizar su rol e importancia, o por otro lado el grupo de IT puede jugar un rol mayor en la definición e implementación del Cloud en un GBS, actuando como integrador de servicios. Así como muchas organizaciones están en etapas iniciales en sus esfuerzos de GBS, el diseño de un modelo óptimo de IT para soportar el GBS es típicamente un trabajo “en progreso” © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 20 IT, Cloud y los GBS Greater availability of cloud solutions has so far had no significant impact on the traditional IT function as it relates to GBS efforts Traditional IT is becoming less relevant as third‐party cloud solutions become more readily available Traditional IT is becoming more relevant, for example in vetting cloud solutions, playing a systems integrator role, etc. 0% Donde puede aportar más IT al GBS: 20% Advisors 40% 60% 80% 100% Service Providers • “Estandarización, centralización y consistencia.” • “La relevancia de IT en los ambientes de Cloud y outsourcing es determinada por el mismo grupo de IT.” Source: KPMG Quarterly Global GBS Pulse Survey 2Q13 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 21 7 10/8/2014 IT como un Integrador de Servicios IT como Integrador de Servicios IT como proveedor de tenología • • • • • • Define y gestiona servicios internos y externos • Gestiona relaciones como un proveedor • Desarrolla y mantiene SLAs y UPCs (underpining contracts) • Monitoriza y mejora todos los servicios • Demuestra el valor de la inversión en IT Enfoque en la tecnología Gestión de contratos tecnológicos Enfoque de “encajar a fuerza’ Pobres comunicaciones internas Falta de orientación financiera Supplier & Cloud Services – Applications Negocio Supplier & Internal IT Services Integration & Delivery IT Provided Business Services – External Customer Svcs IT interno Proveedores – Platforms IT Proveedores Principalmente son proveedores de “partes” Manufactura de Integración vertical Infraestructura Enfoque limitado al servicio Plataforma y OS Aplicaciones – Internal Business Apps Negocios Clientes cautivos Falta de control Limitadas metas de negocio – Infrastructure – Internal App Dev Envs. Limitada asociación con el negocio Source: KPMG SSOA © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 22 Para más información... Para más información KPMG Shared Services and Outsourcing Institute (http://www.kpmginstitutes.com/shared-services-outsourcing-institute/) Global Sourcing Advisor Pulse Surveys (http://www.kpmginstitutes.com/sharedservices-outsourcing-institute/insights/2012/ssoa-pulse-surveys.aspx) GBS Maturity Research Program (http://www.kpmginstitutes.com/sharedservices-outsourcing-institute/insights/2013/global-business-services.aspx) KPMG Advisory Institute Home (http://www.kpmginstitutes.com/advisory-institute/) KPMG Institutes Home (http://www.kpmginstitutes.com/) Blog: Advice Worth Keeping (http://blog.equaterra.com) Podcasts: Advice Worth Keeping (http://www.kpmginstitutes.com/shared-servicesoutsourcing-institute/events/podcast_series/advice-worth-keeping-podcast-series.aspx) KPMG RSS Feeds HfS Research: (http://www.hfsresearch.com/) © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 24 8 10/8/2014 The KPMG Shared Services & Outsourcing Institute © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 25 The KPMG Advisory Institute © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 26 Contactos Laura Murillo [email protected] Cynthia Sanabria [email protected] Luis Rivera [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 endeavor 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. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 9
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