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  • News - EY - Digital agenda is driving closer CFO-CIO collaboration but lack of understanding of IT in finance - EY - Global
    CIO relationship In order to succeed organizations must make bold technology investment decisions that are driven by corporate strategy while managing a range of severe risks such as cybersecurity and data privacy concerns This mission critical convergence of technology investment strategy and risk has elevated the CFO CIO relationship to new levels of importance Cybersecurity is a top priority Two thirds of the CFOs surveyed 66 say managing cybersecurity is a high or very high priority They are aware of the growing sophistication of attacks and in many cases have already been victims Ken Allan EY s Global Cybersecurity Leader says The more sophisticated attackers are looking at economic manipulation as an objective This might involve trying to manipulate the company share price Their aim may extend to devaluing the organization to the extent that it can be acquired at a distressed price to capitalize on its recovery The EY survey also indicates that while most CFOs recognize the scale of the threat they perceive that a lack of understanding of IT issues prevents them from recognizing what a mature cybersecurity capability looks like so they can invest in the right initiatives In fact this lack of understanding was identified as the top obstacle to a closer working relationship with the CIO with 44 of CFOs citing it as one of their top three barriers The tendency for CIOs to discuss cybersecurity issues in technical jargon rather than business language can also block fast decision making and action However effective cybersecurity management requires organizations to treat it as an enterprise risk management issue rather than an IT one Breaches are inevitable and it is not possible to prevent every attack or protect every asset Instead the CFO should lead the board level discussion to prioritize which assets are business critical to protect The CIO should take the lead in working out how to protect them Cybersecurity preparation is all about understanding what the business is trying to protect Some CFOs are trying to understand the technical detail when they shouldn t be says Allan CFOs should also ensure the whole organization has a tested plan in place to ensure they are ready to respond when the inevitable breach occurs Digital shift continues Aside from the increasing importance of cybersecurity new digital technologies are demanding a significant change of the IT function and a more agile infrastructure For the CFO this means shifting the digital IT investment mindset from one of capital expenditure Capex to operational expenditure Opex An Opex focused approach that includes software as a service SaaS and the cloud allows organizations to only pay for immediate capacity needs and scale up or down as necessary Among the 652 CFOs surveyed just fewer than 50 of those who have made transitioning the IT function to a digital world a very high priority report EBITDA growth of greater than 10 over the last three years Only 35 of CFOs who have not made transitioning the IT function to a digital

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-digital-agenda-is-driving-closer-cfo-cio-collaboration-but-lack-of-understanding-of-finance (2016-02-10)
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  • News - EY - Tech executives confident M&A surge will continue through 2015 - EY - Global
    expect to pursue acquisitions this year Confidence is evident in technology executives expectations for continued growth in the global economy corporate earnings and technology M A New mobile cloud and data technologies create challenges related to innovative disruption and cybersecurity In the wake of record setting first quarter mergers and acquisitions M A technology executives expressed confidence that global digital transformation will continue to drive M A in the sector through 2015 in EY s latest Global Capital Confidence Barometer Technology This bi annual survey gauged the corporate confidence and acquisition plans of more than 1 600 global executives including 197 technology executives The survey also revealed that deal makers are confronting two of the biggest challenges that have arisen from the explosion of mobile cloud and data technologies innovative disruption and cybersecurity The percentage of technology executives expecting to pursue acquisitions has more than doubled to 58 over the past year More than three quarters 78 of those doing deals are planning acquisitions that would shift the scope of their business a trend that has translated into deals that have blurred the boundaries between tech and other industries as they pursue disruptive innovations such as health care IT the internet of things big data analytics mobile payments and cybersecurity Executives are increasingly optimistic about the global economy with much broader consistency across geographies than in 2014 according to the survey This economic optimism combined with confidence in corporate earnings and other leading market indicators is fostering an environment where companies are preparing bolder moves including M A to generate future value Overall technology executives have 26 more deals in their pipelines now than in April 2014 More than half of technology executives 57 expect to complete more acquisitions this year than in the previous year That is no small feat considering the 3 500 disclosed value technology deals in 2014 and the 981 in 1Q15 both post dotcom bubble records reported in EY s recently published Global technology M A update report Jeff Liu Global Technology Industry Leader Transaction Advisory Services at EY says The continued blur between tech and non tech M A is pushing technology deal making up to new levels Whatever the drivers wherever the opportunities the technology sector produced more deals than any other sector in 2014 by our calculations In this Barometer it shows no sign of stopping anytime soon Other key highlights 79 of technology executives now see the global economy as improving putting behind them a trend toward more moderate expectations over the previous 18 months 95 of technology executives are planning to maintain or grow their workforce Even though technology executives corporate earnings sentiment has faded from a high in October 2014 over two thirds of them 67 still expect an improvement Click here to access the Global Capital Confidence Barometer Technology 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

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-tech-executives-confident-ma-surge-will-continue-through-2015 (2016-02-10)
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  • News - EY - Valentina Roselli and Kiley Smith to be honored as 2015 Healthcare Businesswomen's Association Rising Stars - EY - Global
    to be honored as 2015 Healthcare Businesswomen s Association Rising Stars New York 14 May 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY s Valentina Roselli and Kiley Smith will be honored as 2015 Rising Stars by the Healthcare Businesswomen s Association HBA at its 26th Woman of the Year WOTY event today Thursday May 14 in New York City Nominated by EY Roselli and Smith will be recognized for their commitment and contributions to the life sciences sector and as leaders at EY HBA s Rising Stars are women regarded as inspiring career leaders and role models and are individually recognized for their vision dedication and action HBA Rising Stars represent various sectors of the health care industry and are nominated by HBA s associated organizations Glen Giovannetti EY Global Life Sciences Leader says I am of proud of Valentina and Kiley s recognition EY is committed to furthering the advancement and impact of women in health care worldwide Through our association and support of HBA we recognize the importance of supporting women leaders throughout their careers and developing a culture and legacy that promotes the best talent This award recognizes their outstanding performance and commitment to the organization s successes Roselli is a senior manager for EY s Advisory Services and is based in Basel Switzerland She began her career at EY in 2005 after coming from a boutique management consulting firm in Rome She worked in various countries within EMEIA broadening her role in large transformation projects In 2011 she joined EY s Swiss practice to focus more on the Life Sciences sector contributing to assignments that help companies navigate through transformation Smith is a senior manager for EY s Assurance Services and is based in Philadelphia Pennsylvania As part of the Fraud Investigation Dispute Services FIDS practice she has distinguished herself over her career Smith has built strong client relationships that rely on her leadership and execution of complicated solutions in an aggressive bribery and corruption enforcement environment She provides her internal team precise direction independence and support EY supports HBA through its Corporate Partner program Through this relationship EY helps develops its female employees careers by providing access to a community of life sciences and health care sector leaders participation in career development events and support for volunteer leadership opportunities to augment their professional development goals EY is committed to this through sponsorship and the hosting of various events offering networking and business opportunities 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 deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-valentina-roselli-and-kiley-smith-to-be-honored-as-2015-healthcare-businesswomens-association (2016-02-10)
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  • News - EY - Fraud and corruption risks impact corporate international expansion; pressure for revenue and earnings growth driving illegal conduct - EY - Global
    nearly 33 of survey respondents report that management is under increased pressure to expand into higher risk markets In these markets 61 of respondents see corruption in companies as widespread and 37 of respondents report that companies often overstate their financial performance The risk of fraud however is not limited to rapid growth markets 2 23 of senior management respondents said they have heard of early recognition of revenue occurring in their organization in the past year the type of behavior that has been at the center of numerous high profile frauds In addition 21 of respondents report that bad news about financial performance is not being shared openly David Stulb Global Leader of EY s Fraud Investigation Dispute Services FIDS practice says The risks of fraud bribery and corruption are real Businesses are facing complex restrictions in the way they conduct business with evolving sanctions regimes and new risks such as cybercrime having the potential to significantly disrupt operations Businesses need to have their eyes wide open in their pursuit of high risk growth strategies Are fraud and corruption the easy options for growth While senior management may be tempted to take risks to accelerate short term growth the survey shows a clear correlation in companies that are growing and are taking compliance seriously Respondents whose business has experienced revenue growth in the last two years are More likely to rate their company s ethical standards as very good More likely to have or know about their company s anti bribery anti corruption policy More likely to see operations across markets meeting the same ethical standards Stulb continues Our survey shows that 20 of employees believe anti corruption policies will hold them back from growing their business Our view is this shouldn t be the case To grow in a high risk market you need the right controls and processes You need your teams to be trained to make the right choice when asked to pay a bribe or cook the books and you need the right tools to monitor activity so these risks can be addressed in a timely manner Businesses are still not protecting themselves enough Our survey shows that many businesses still do not have even the basic building blocks in place for effective compliance 42 of respondents say that their company does not have an anti bribery anti corruption policy or are unaware of them 37 of respondents have not had anti bribery anti corruption training 24 say their company does not have a whistleblowing hotline The results also confirm that financial services organizations have responded to the intense pressure that they have been under from regulators customers and others Compared with other sectors they are doing more to focus on compliance and the behaviors of their staff But there are still gaps there are respondents in the financial services sector who report that their business does not have an anti bribery anti corruption policy or a whistleblowing hotline Also there are senior managers who

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-fraud-and-corruption-risks-impact-corporate-international-expansion (2016-02-10)
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  • News - Consulting Magazine names EY's Ellen Hives as Top 25 consultant - EY - Global
    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 Consulting Magazine Names EY s Ellen Hives as Top 25 Consultant Consulting Magazine Names EY s Ellen Hives as Top 25 Consultant New York 13 May 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY announced that Ellen Hives principal Ernst Young LLP has been named one of the Top 25 Consultants by Consulting Magazine which recognized individuals who have had a significant impact on client services industry excellence and leadership Hives who is involved with the firm s Media Entertainment practice was among 400 nominees considered this year Gerry Dixon the Ernst Young LLP Advisory Managing Partner for the Northeast noted Hives uncanny ability to inspire teammates to always set the bar higher and then exceed it In an industry as fast moving as media and entertainment you can t put a price on the value of perspective and experience two things Ellen consistently brings to the benefit of her clients said Dixon Ellen is also adept at building and nurturing the deep authentic trusted client and team relationships that are so critical to success Hives has spent much of her 28 year career focused on business and technology strategy and implementation for the media entertainment industry In her current role she is responsible for practice strategy client delivery business growth and capability development in the Content and Information Services sector An ardent supporter of diversity and advancement of women in leadership in the workplace Hives is involved in the EY Advisory Women s Leadership Initiative the EY Professional Women s Network and provides mentoring and coaching to aspiring younger partners and staff In 2010 the Women s Venture Fund honored her with the Highest Leaf Award for her leadership in mentoring other women I am extremely honored to have been recognized by Consulting Magazine and EY s leadership said Hives While it s humbling to receive the personal recognition this award is a result of the fantastic and supportive network of people with whom I work and collaborate as we all at EY strive to build a better working world Hives holds a BA from Hamilton College She resides in New York with her husband and daughter and has a stepson who lives in California The full list of award recipients is available in the May 2015 issue of Consulting Magazine available online at http consultingmag com About Ernst Young s Advisory Services The relationship between risk and performance improvement is an increasingly complex and central business challenge with business performance directly connected to the recognition and effective management of risk Whether your focus is on business transformation or sustaining achievement having the right advisors on your side can make all the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-consulting-magazine-names-EY-ellen-hives-as-top-25-consultant (2016-02-10)
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  • News - EY - Global power and utilities appetite for mergers and acquisitions on the rise in 2015 - EY - Global
    of executives focused on small and mid cap deals of less than US 250m Innovative investments and energy reform opportunities remain top of mind After overwhelming growth in 2014 with activity reaching a four year high transactions are set to reach similar levels in 2015 EY s Power transactions and trends report reveals how activity reached a three year high in Q1 with over a hundred deals amounting to US 29 7b What s more the Barometer highlights executives growing confidence in the global economy and in the number and quality of transaction opportunities available in the sector Together these forces are setting the stage for a robust M A market in the year ahead Matthew Rennie EY s Global Transactions Leader for Power Utilities says Appetite for M A is steadily increasing in the sector Consolidation in the US and China divestments driven by debt reduction and portfolio optimization in Europe attractive renewable energy assets and energy reforms continue to generate new transaction opportunities Now with increased confidence in the global economy and corporate earnings companies are ready to take hold of those opportunities and transact Innovative investments take priority with executives The P U sector is undergoing immense change and to stay relevant and competitive utilities are adopting an innovative approach to transactions Sixty four percent of survey respondents identified innovative investments including acquiring relevant energy services and technology firms as the primary focus of planned M A Small and mid cap deals set to dominate activity The Barometer shows the majority of utilities 79 are focused on small and mid cap deals of less than US 250m over the next 12 months as they look to build new capabilities to keep pace with today s changing business environment Energy reform and unbundling attracts investors to new markets An overwhelming proportion of P U executives 82 are looking beyond their domestic market for acquisition opportunities Energy reforms and unbundling initiatives in particular are attracting interest from utility investors across the globe Rennie says Governments around the world are adopting energy reform and unbundling initiatives to improve efficiencies and increase investment These efforts are opening up energy markets to new competition and transaction opportunities Japan has welcomed non conventional players into the market with close to 500 new power producers and suppliers now registered Valuation gap remains at moderate levels Sixty percent of P U executives agree the valuation gap between buyers and sellers currently sits between 10 and 25 That being said 75 expect the gap to remain stable over the next 12 months and 76 expect asset prices to remain at current levels That s translating into a positive climate for deal making Commodity price volatility and ongoing conflicts in West Asia and Eastern Europe could however lead to some uncertainty in asset pricing Rennie says The power and utilities sector is evolving beyond the local business model Utilities are looking to expand their footprint around the world with the help of strategic transactions First quarter activity

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-global-power-and-utilities-appetite-for-mergers-and-acquistions-on-the-rise-in-2015 (2016-02-10)
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  • EY news - Mining companies continue to count the cost of megaproject blowouts - EY - Global
    EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom Mining companies continue to count the cost of megaproject blowouts Mining companies continue to count the cost of megaproject blowouts Sydney 11 May 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Lower commodity prices have driven cost cutting and operational productivity improvements across the global mining industry but new EY research shows massive budget overruns continue to plague the completion of complex multibillion dollar projects in the sector and hamper capital productivity EY s report Opportunities to enhance capital productivity mining and metals megaprojects a report that looks at 108 current megaprojects covering a diverse range of geographic areas and commodities reveals that overruns to the sanctioned budget and schedule commitments continue to be the norm with an average budget overrun of a staggering 62 on megaprojects Paul Mitchell EY s Global Mining Metals Advisory Leader says With the productivity of invested capital a key issue for CEOs there is an imperative to address the multiple factors behind the total cost of completion particularly with an eye to the next investment phase when projects are only going to be more complex with less margin for error Despite significantly less capital being allocated to projects total capex has dropped from US 142b in 2012 to an estimated US 96b in this year development continues because of the long lead times for projects approved during the super cycle and the need to prepare the next wave of supply to be available as the cyclical upswing inevitably occurs A total of 108 megaprojects in the global mining and metals sector are included in the EY analysis The projects were at various stages across the investment and project delivery life cycle geographically diverse and related to the development of copper iron ore gold coal nickel and other commodities Cumulatively the projects analysed represented global investment of US 367b with each individual project exceeding US 1b EY s analysis found that the majority of these projects were over budget and or delayed when measured against the initial estimates made during the early stages of the project life cycle such that 69 of the projects were facing cost overruns with an average cost overrun of 62 above initial estimates 50 of projects were reporting schedule delays even after remedial acceleration initiatives had been applied The report identified five key areas causing the problem project management factors stakeholder conflicts resource constraints regulatory and policy related challenges and an unfavorable external environment Mitchell says One of the key areas that CEOs and their teams have greater control over is the project management more comprehensive front end planning greater rigor in cost and schedule estimates and better governance over contractor relationships will go a long way to driving improved predictability and control Mitchell says competition for capital project funding within mining organizations is now fiercer than ever Additionally a combination of low commodity prices more complex projects and

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-mining-companies-continue-to-count-the-cost-of-megaproject-blowouts (2016-02-10)
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  • EY news – Oil and gas companies gearing up for transactions post slump - EY - Global
    Executives agree the valuation gap between buyers and sellers is closing More than half 56 of global oil and gas executives are ready to transact in the next 12 months 60 expect to complete at least two deals according to EY s 12th biannual Oil Gas Global Capital Confidence Barometer The global survey of 112 oil and gas company executives among more than 1 600 executives overall reveals appetite for M A in the sector has rebounded sharply over the last six months as the implications of the oil price crash have been digested Andy Brogan EY s Global Leader Oil and Gas Transaction Advisory Services says Transaction activity may have hit a five year high in 2014 but the first quarter of 2015 was one of the quietest in recent years The sudden and steep drop in oil price forced many companies particularly those in upstream and oilfield services to adopt an intense internal focus aggressively cutting spending and costs Transaction opportunities in the form of mergers and divestments have been delayed by uncertainty over oil price outlook Now those acquisition opportunities coupled with increased confidence in the global economy are setting the stage for increased M A activity An overwhelming 99 of oil and gas respondents expect the deal market to improve or remain stable over the next 12 months and 97 expressed similar confidence in the global economy Increased focus on middle market deals A combination of the types of opportunities available and relative valuations means more M A activity is expected in the middle market Seventy four percent of oil and gas companies currently pursuing transactions are considering deals of less US 250m Stable valuations enable deal making Eighty five percent of global oil and gas executives now expect the valuation gap between buyers and sellers to remain at bridgeable levels This will encourage deal making in the near term Cost reductions and operational efficiencies top boardroom agenda For most of the last three years growth occupied the strategic agenda for oil and gas companies Now the focus is on portfolio optimization managing the cost base and risk profile in today s challenging environment The Capital Confidence Barometer shows 63 of oil and gas executives three times as many respondents than in April 2014 are dedicated to reducing costs and improving operational efficiencies while continuing to look for opportunistic acquisitions in the year ahead Brogan says Innovation complexity and disruption are defining a new M A market in the oil and gas sector While increased optimism is driving greater appetite for deals challenges persist Commodity price uncertainty and geopolitical volatility will continue to influence transaction decisions Companies that exercise capital discipline and maintain optionality will come out on top 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-oil-and-gas-companies-gearing-up-for-transactions-post-slump (2016-02-10)
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