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  • News - Talent repelled by unethical business practices, says EY's survey - EY - Global
    to work for an employer if it was found to have been involved in bribery and corruption It is essential that companies comprehensively address this via strong ethical leadership and a cohesive fraud prevention framework with up to date and well enforced internal controls policies and procedures Policies fail to improve behavior When it comes to internal policies and procedures the survey found that since it was last conducted in 2013 more organizations have established codes of conduct 23 percentage points more training 20 percentage points more anti bribery anti corruption ABAC policies 16 percentage points more and whistleblowing hotlines 2 percentage points more While these policies are a step in the right direction they are however not as effective as they should be In particular slightly more than half of the respondents 52 believe ABAC policies are irrelevant and ineffective with 40 of companies not providing ABAC policy training and 41 of respondents believing a code of conduct has little impact on how people actually behave More than a quarter of respondents 27 said their colleagues are aware of but do not report fraudulent activities in their place of employment Additionally whistleblowing hotlines are either missing or underused More than half of companies 55 have whistleblowing hotlines in place but the amount of respondents prepared to use them has dropped by nearly a third since the 2013 survey from 81 to 53 The drop in whistleblower hotline usage appears to be due to respondents being increasingly concerned about insufficient legal protection and or the lack of confidentiality for whistleblowers leading to a risk of retaliation says Fordham It is clear that ABAC policies codes of conduct and whistleblowing hotlines are not enough Companies need to demonstrate and communicate about ethical behavior if they want to affect true change Companies not perceived to be ready for cyber attacks When it comes to cyber attacks nearly half 47 of respondents said they are worried their organization will be at an increasing risk of cyber attacks over the next few years while only slightly more than half 56 of the respondents believe that their organization is fully prepared to protect itself against these threats Fordham says It s close to impossible to prevent all cyber breaches however this doesn t detract from the potentially catastrophic consequences of a cyber attack Companies must implement a cyber breach response program that includes the entire ecosystem of the business so that if they experience an attack they can quickly respond and recover Confidence in third party risk mitigation misplaced Slightly more than half 56 of the respondents think third parties joint venture partners distributors agents and vendors are a risk to their business in relation to ABAC compliance But 72 of respondents are confident that their organization is effectively managing the fraud bribery and corruption risks associated with these third parties This confidence is misplaced given the legal and reputational exposure it creates as evidenced by the continuing focus by regulators on third parties and

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-2015-ey-apac-fraud-survey-2015 (2016-02-10)
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  • News - EY - More strategic mindset needed to accelerate investment in energy storage and address the energy security imperative - EY - Global
    clear view of the opportunities business models and most suitable markets when it comes to energy storage To change this and increase funding for accelerated activity across the storage asset life cycle the market must highlight the various entry points for investors and focus on creating an investable asset class for storage products that delivers the necessary returns Ben Warren EY s Global Power Utilities Corporate Finance Leader and RECAI Chief Editor says With a number of storage technologies already proven and costs falling fast we must stop thinking about storage as something that will arrive tomorrow It arrived yesterday and the game is already changing It s time to start viewing storage as just another energy asset that generates long term predictable revenues and needs competitive and appropriate construction capital solutions Empowering the Mediterranean Energy storage technology will inevitably become a cornerstone of the energy transformation currently underway in the Mediterranean region With unsustainably high unemployment and a lack of secure affordable energy a common theme across the entire region the report highlights how a more strategic focus on energy security can be a catalyst for broader economic and societal benefits This view emerged from a group of high profile energy experts speaking at the recent EY Strategic Growth Forum in Rome which convened more than 600 CEOs policymakers investors and entrepreneurs to explore how to unlock the potential of the Mediterranean region Warren says The Mediterranean region can use energy as a way of securing its own future But to achieve this policymakers must level the playing field the industry must drive down cost and investors must be willing to innovate Clear objectives to accelerate renewable energy capacity build out which is quickly becoming the most cost effective way to tackle energy security issues combined with the effective deployment of storage technologies will undoubtedly shape the investment attractiveness of different markets in the months and years ahead Feeling positive While China the US and Germany once again hold the top three index positions increased government proactivity in setting renewables targets and auctioning generation capacity through competitive tenders is already impacting the rankings for several Mediterranean countries Egypt jumped two places to 37th after reentering the Index in March following the auction of more than 4GW under the Government s new renewables program Turkey and Morocco saw similar positive movements to 17th and 25th place respectively following the announcement of a national renewable energy action plan in Turkey and the financial close of phase two of Morocco s mega scale concentrated solar power project Other notable Index movements include India replacing Japan in 4th place as a result of a growing project pipeline and proposed reforms to address currency risk and increase the renewables obligation on major energy users Meanwhile South Africa s commitment to procure an additional 6 3GW of renewable energy capacity prompted a jump to 13th place In Europe Poland and Romania experienced upward movement to 27th and 34th place respectively Previously paralyzed by policy U

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-more-strategic-mindset-needed-to-accelerate-investment-in-energy-storage (2016-02-10)
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  • News - EY escalates battle against cybercrime - EY - Global
    Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY escalates battle against cybercrime with launch of first of its kind managed security operations center EY escalates battle against cybercrime with launch of first of its kind managed security operations center London 9 June 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share In an environment where cybercrime is an increasing threat for organizations across the globe EY today announces the launch of its Managed Security Operations Center SOC services The high end and bespoke service is designed to meet the unique cybersecurity needs of clients by predicting advanced future cyber threats by using advanced analytics EY is set to invest more than US 20m over the next five years to strengthen the center increasing its Managed SOC cybersecurity professionals six fold to upwards of 1 200 by 2020 EY to invest more than US 20m in its Managed Security Operations Center increasing its cybersecurity workforce six fold by 2020 New Center to use advanced analytics to predict and prevent future cyber threats EY s Global Information Security Survey 2014 revealed that over half 56 of organizations are unlikely to detect a sophisticated cyberattack and a similar number 53 lack the skilled resources to handle them The Managed SOC will offer EY clients onsite and offsite skills to help predict and prevent these cyberattacks outlined in the survey Onsite the skilled monitoring analysts will work closely with clients IT staff during business hours These resources will be regionally located at the client s premises located anywhere in the world and will come from EY s Advanced Security Center ASC a team that has been delivering a range of cybersecurity services to clients for the last 15 years The onsite resources will be complemented by a team of remote analysts that provide service 24 7 and 365 days a year from a dedicated new facility in Trivandrum India Speaking at the launch of the Managed SOC Ken Allan EY Global Information Security Leader says We have entered an era of targeted cyber attacks They have increased in number and sophistication to the point that they now make the headlines on a daily basis It is important that organizations not only maintain traditional security controls but continue to evolve their ability to rapidly detect and respond to threats Through the Managed SOC our mission is to provide organizations with a highly mature detection and response capability tailored specifically for their businesses and designed to mitigate against threats from advanced interactive attackers that put their critical business assets at risk In addition to including traditional log aggregation and monitoring capabilities the Managed SOC service will also offer A unique integration of commercial off the shelf tools to provide deep insight to a wide range of technologies within the clients networks An advanced security analytics platform with a client portal to help ensure its team has full visibility

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-escalates-battle-against-cybercrime (2016-02-10)
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  • EY News - Mohed Altrad of Altrad Group from France named EY World Entrepreneur Of The Year 2015 - EY - Global
    organic growth and in 2014 generated nearly US 1b in sales and employed nearly 7 000 people in 110 subsidiaries throughout the world The company which is the world leader in cement mixers and a European leader in scaffolding and wheelbarrows will reach US 1 13b in revenues by 2016 Mohed is also President of Montpellier Hérault Rugby Club Rebecca MacDonald founder and Executive Chair of Just Energy Group Chair of the World Entrepreneur Of The Year judging panel says This year it was a tough but ultimately unanimous decision Mohed has built a hugely successful fast growing international business having overcome a humble and very challenging upbringing He was forbidden from going to school as a child moved to France to set up a new life and is now one of the country s most successful entrepreneurs The judges were impressed by his ability to build and sustain growth over 30 years and by his humility and character Mohed Altrad says I m so honored to receive this prestigious award especially as there was strong competition from such outstanding entrepreneurs around the world I want to dedicate this award to everyone as the objective of life is to help humanity My story should tell anyone that you can change your destiny Maria Pinelli EY s Global Vice Chair Strategic Growth Markets says Mohed is an inspirational entrepreneur who demonstrates that determination and perseverance can overcome adversity He has grown his businesses consistently over a long period of time and is now a beacon for other entrepreneurs in France and beyond to follow Mark Weinberger Global Chairman CEO of EY concludes Entrepreneurs are a crucial engine of economic recovery and job growth Mohed is a truly inspiring World Entrepreneur Of The Year winner He demonstrates the tenacity and sense of purpose that so many of our 64 other country winners possess and which helps them build a better working world About Mohed Altrad and Altrad Group Mohed Altrad was born in the Syrian desert into a Bedouin tribe His mother died shortly after his birth and he was raised by his grandmother who forbade him from going to school Mohed went nonetheless He spied on what was going on in the classroom through a hole in the wall until a teacher allowed him to sit in on lessons Later as he became the best in his class he went to study in Raqqa Syria From there he earned a scholarship in France and went on to obtain a PhD in Computer Science He worked for large companies for about 15 years but at heart he had always been an entrepreneur After starting and selling a business that manufactured portable computers Mohed came across a nearly bankrupt scaffolding business while on holiday in the south of France In 1985 without any knowledge of the industry he and a partner purchased the company which became the basis of Altrad Group Mohed continued to grow the business by acquiring distressed companies and consolidating

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-mohed-altrad-of-altrad-group-from-france-named-ey-weoy-2015 (2016-02-10)
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  • News - EY honors Bill Ford with the Global Family Business Center of Excellence Special Recognition - EY - Global
    Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY honors Bill Ford with the Global Family Business Center of Excellence Special Recognition EY honors Bill Ford with the Global Family Business Center of Excellence Special Recognition Monaco 4 June 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Bill Ford Executive Chairman of Ford Motor Company has been honored by the EY Global Family Business Center of Excellence as this year s Special Recognition recipient The honor distinguishes Ford for his unique resilience family business values and long term vision that have come to define one of the world s most iconic businesses The EY Global Family Business Center of Excellence recognizes the achievements of business leaders who have taken their family s legacy to new levels Peter Englisch Global Leader EY Global Family Business Center of Excellence says Bill is the latest leader of an iconic family dynasty who has carried forward an exceptional legacy His family roots prepared him to lead the Ford Motor Company and to ensure its continued longevity With just 10 of all family owned businesses surviving beyond the second generation we believe that a family business lasting success comes down to clearly defined values and cohesion Many family businesses have changed the world and led their industries thanks to an exceptional entrepreneurial and innovative spirit that grows stronger through each generation Bill Ford Executive Chairman of Ford Motor Company says I am honored to receive this recognition on behalf of the extended family of Ford Motor Company employees dealers and suppliers around the world I have been an advocate of the advantages of family involvement in business for years believing that it benefits not only families and businesses but also society as a whole The EY Global Family Business Center of Excellence showcases EY s long and deep commitment to family businesses and provides access to the insights experience and people they need to grow and succeed for generations Family owned firms account for two thirds of all businesses worldwide and up to 80 of jobs in the majority of countries These companies are vital to the health of the global economy Helping them achieve their growth ambitions is just one of the ways EY builds a better working world Ends Notes to Editors About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-honors-bill-ford-with-the-global-family-business-center-of-excellence-special-recognition (2016-02-10)
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  • News - EY - Entrepreneurs will be a leading source of job creation this year - EY - Global
    27 Hiring is increasingly international Entrepreneurs are increasingly looking abroad to expand their workforces with 47 expecting to do so in the next year Emerging markets lead the way with global hires most likely in MENA 74 China 68 and India 63 Young entrepreneurs are more likely to hire abroad than older ones with 69 of those under 35 expecting to hire globally in the next year This is despite a lack of access to funding 43 and negative economic factors 43 that were reported as key barriers by our youth respondents The sectors most likely to hire internationally in the next year are cleantech 75 followed closely by biotech pharma 74 with professional services 26 and transportation travel and tourism 15 the least likely Maria Pinelli EY s Global Vice Chair of Strategic Growth Markets says Entrepreneurs have always been pioneers looking for new opportunities pushing the boundaries of what is possible and helping the global economy work better through their innovations and drive Their appetite to hire abroad especially among younger entrepreneurs shows that today s marketplace is a global one and creates huge opportunities for entrepreneurs with the right ideas the right support and the determination to grow It s clear that entrepreneurs aren t the only ones who benefit when they start a business so it s vital that governments corporates and entrepreneurs work together to create an environment that encourages and nurtures the entrepreneurial job creators of tomorrow Entrepreneurs are focused on leaving a legacy The survey finds that entrepreneurs are driven by more than financial gain Thirty eight percent cite leaving a positive legacy behind as the top driver for starting a business outside of goals relating to turnover and profitability Other key motivations include making a positive contribution to the wider community 36 and inspiring others to follow their aspirations 32 Entrepreneurs also show a strong commitment to supporting and nurturing young people Forty one percent are providing internships and apprenticeships peaking at 61 in China Entrepreneurs that have competed in the EY Entrepreneur Of The YearTM Program worldwide are ahead of the curve in this respect being almost twice as likely to mentor young people or provide internships and apprenticeships compared to the rest of the world s entrepreneurs Young people have entrepreneurial ambitions but need support For the first time this year we talked to 2 807 young people aged 18 to 25 in education or involved in the jobs market to get an idea of their career aspirations and find out how entrepreneurship fits into their plans Many have entrepreneurial ambitions with 65 planning to run their own business at some point in their careers 27 immediately and 38 after working for someone else first Indeed one in four 25 of young people have already started drawing up a business plan Notably what young people with entrepreneurial ambitions most value is guidance and support from today s entrepreneurs A hands on internship and mentoring from a leading entrepreneur are seen

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-entrepreneurs-will-be-a-leading-source-of-job-creation-this-year (2016-02-10)
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  • News - EY further activates its purpose to build a better working world - EY - Global
    Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY further activates its purpose to build a better working world EY further activates its purpose to build a better working world London 2 June 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY has activated the next phase of its purposeto build a better working world This move signals the next step of the organization s brand evolution since it unveiled its purpose and name change from Ernst Young two years ago EY s purpose to build a better working world influences every decision that is made throughout the organization This latest activation reflects its role in building trust and confidence in the capital markets It will also support EY s aims to attract the very best talent and reflect the broader range of services that enable EY to help government and businesses solve their biggest issues The continued advancement of EY s purpose and what it means to its people and clients is being driven by Chairman and CEO Mark Weinberger Weinberger has placed EY s purpose at the center of its Vision 2020 plan which will support its ambition to become a distinctive professional services firm Mark Weinberger Global Chairman and CEO EY said Our purpose is to help build a better working world and through our high performance teaming across our full range of services we aim to answer the toughest questions faced by businesses and governments John Rudaizky Partner Brand and External Communications Leader EY said We have developed the concept of creating lasting legacy via the power of better questions the better the question the better the answer the better the world works Through the quality of the questions we ask we resolve complex business issues making business work better The activation has a clear focus on people from EY s current 200 000 people to reaching world class individuals to support its recruitment It will also increase awareness of its broader range of services for businesses and governments across Audit Advisory Tax and Transaction Advisory Services Follow betterquestions and legacybuilders on Twitter to join the conversation Ends Notes to Editors About EY

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-further-activates-its-purpose-to-build-a-better-working-world (2016-02-10)
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  • News - EY - FDI value jumps despite falling number of investment projects in Africa - EY - Global
    lower oil prices on the Nigerian and Angolan economies the softening of other commodity prices and South Africa s sluggish growth At the same time though economic growth across the continent remains resilient Sub Saharan Africa will still experience the second highest economic growth rate in the world this year with 22 economies growing at a rate of 5 or higher North Africa rebounds Foreign investors are regaining their interest in North Africa particularly in Egypt and Morocco as the political uncertainty following the Arab Spring in 2011 begins to fade North Africa attracted 22 2 more FDI projects in 2014 than in 2013 and accounted for slightly more than half 51 of all African FDI capital inflows against just 19 1 in 2013 And the number of jobs created as a result of FDI in a region where they are sorely needed more than trebled to almost 80 000 In Sub Saharan Africa SSA while key economies like South Africa Angola Nigeria Ghana and Kenya received fewer FDI projects than in 2013 the average value of each project across the region more than doubled from US 67 8m in 2013 to US 174 5m per project in 2014 Mozambique 88 2 and Ethiopia 47 1 were among the star performers attracting growing inflows of projects Over the longer term South Africa has been the most popular destination for FDI projects attracting twice as many projects over the past five years than any other African country Traditional investors regain interest Regionally Western European and intra African investment remain the top sources of FDI though 2014 saw traditional investors including North America and the Middle East refocus attention on Africa US headquartered companies led as the largest investors into Africa last year launching 101 FDI projects and accounting for 13 8 of total FDI projects in Africa an increase from a 9 8 share in 2013 South African investors were again prominent initiating the second most FDI projects on the continent UK investment was down substantially but investors from the UAE and France were resurgent ranking fourth and fifth respectively Sectors in vogue with foreign investors A growing consumer class and rising urbanization in Africa are shaping the continent s future and defining new trends In line with these trends FDI inflows into real estate hospitality and construction RHC have surged emerging as a leading sector for FDI with the percentage share in capital value at 43 8 and job creation at 33 6 In terms of numbers of FDI projects the largest share of investor activity continues to be attracted by three consumer facing sectors technology media and telecommunications TMT financial services and consumer products and retail CPR One third 31 of the respondents to the survey also expect agriculture to emerge as a key driver of growth in Africa over the next two years Investor perceptions of Africa Based on the results of the EY survey perceptions of Africa s attractiveness have deteriorated slightly over the past year Sita

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-fdi-value-jumps-despite-falling-number-of-investment-projects-in-africa (2016-02-10)
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