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  • News - EY appoints Monica Dimitracopoulos as Global Knowledge Transformation Leader - 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 appoints Monica Dimitracopoulos as Global Knowledge Transformation Leader EY appoints Monica Dimitracopoulos as Global Knowledge Transformation Leader Washington D C 18 December 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY is delighted to announce the appointment of Monica Dimitracopoulos as Principal and Global Knowledge Transformation Leader In this newly created role she will work with leaders across EY to shape the firm s knowledge strategy and build new capabilities required to deliver distinctive insights to clients and teams Dimitracopoulos comes to EY following nearly 15 years with McKinsey Company where she held a number of roles in knowledge management and consulting serving most recently as Global Director Digital Solutions In this role she led the strategic shaping and development of the firm s global knowledge management systems and external digital platforms In her new role Dimitracopoulos reports to Uschi Schreiber Vice Chair of EY Global Markets Schreiber commenting on the appointment says We welcome Monica to EY in this strategic leadership role Her deep experience in knowledge management and digital transformation will be a great asset to EY as we evolve our approach for harnessing knowledge and expertise to create value for clients Dimitracopoulos says Our clients are increasingly looking to EY to deliver distinctive insights that directly address their most complex

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-appoints-monica-dimitracopoulos-as-global-knowledge-transformation-leader (2016-02-10)
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  • EY - High-growth financial services companies are using data and analytics to increase revenue - EY - Global
    Only 7 of financial services companies say they have enough data analysts Although 83 of financial services executives claim data is their firms most strategic asset 47 say they do not have a full grasp of that value with high growth firms being the most adept at maximizing their data s potential according to EY s The science of winning in financial services More than a quarter 27 of high growth companies those achieving EBITDA growth of 15 or more in each of the last two years describe themselves as excellent at extracting useful insights from data that improve overall competitiveness and performance compared to only 12 of low growth companies Thirty five percent of high growth companies say they are highly mature at this task High growth companies are twice as likely to focus on data and analytics in revenue generating areas such as marketing and sales the survey found These organizations corral data and apply it strategically across their business Errol Gardner EY EMEIA Financial Services Data and Analytics Leader says Given the pervasive impact of digital on the financial services industry it is clear that getting data management and analytics right will create significant competitive advantage for companies Technology is only one piece of the puzzle Harnessing data s competitive capabilities goes beyond technological investments High growth companies are more likely to increase spending in areas such as change management and personnel and skills In both of these areas 24 of high growth companies plan to increase their spend by at least 20 over the next two years compared to just 7 of low growth companies Companies previously focused most analytics efforts on finance though marketing is now identified as the function where significant improvements in data driven business insight will be seen next The most advanced analytics functions at high growth companies are spread across sales 24 finance 22 and marketing 14 while the finance function at other firms has dominated the survey found Hyong Kim EY Global and Americas Financial Services Data and Analytics Leader says Financial services firms are focusing their analytics efforts on new opportunities to enhance revenue by mining customer data although most companies have much more work to do in this area Developing a clear vision of how they want to analyze data will help companies define how information will create value for both the company and the increasingly connected customer Skills shortages affecting companies While nearly 4 in 10 of all companies polled have appointed a chief data officer firms struggle to find adequately skilled data scientists to fill their teams Only 7 of financial services companies surveyed say they have sufficient numbers of data analysts throughout their businesses According to the survey this shortage is partly due to companies requiring a mix of skills and experience both those with a pure data science background and those with more experience with commercial applications And despite the competitive salaries of the financial services sector potential candidates face lucrative offers from other

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/EY-high-growth-financial-services-companies-are-using-data-and-analytics-to-increase-revenue (2016-02-10)
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  • News - EY - Mining and metals sector looks to recovery beginning in 2015 - EY - Global
    project than it would be to raise money for a thermal coal or iron ore project By 2017 most commodities should have recovered and prices are likely to be at a level that encourages new supply 2014 by numbers Elliott says the sector had anticipated price softening in 2014 as well as the closure of higher cost mines but many miners had not anticipated the extent or speed at which conditions changed Compared to this time a year ago share prices are down margins are tighter and balance sheets are not as healthy he says Miners have responded with cost cuts estimated at US 20 25b globally in the past 12 18 months From 1 January 2014 to 1 December 2014 the fall in commodity prices has been dramatic with iron ore down 47 thermal coal down 25 metallurgical coal down 16 and copper down 12 Similarly the slowing pace of China demand growth has been significant across the board Total market capitalization of the top 35 mining and metals companies increased 3 in the first six months of the year only to tumble with commodity prices to be down 10 by 1 December compared to 1 January 2014 For the top 10 companies total market capitalization was down 18 by 1 December compared to 1 January 2014 Elliott says Lower market capitalization means shareholders are even less likely to fund the counter cyclical investment needed for future supply and future growth The next wave of mining investments will be so complex and so large that the question then becomes if the biggest miners are not permitted to undertake that investment then who will Surprises of 2014 Elliott says the extent of the public attention garnered by the anti coal lobby in 2014 surprised many in the coal sector Additionally the broader mining sector did not anticipate the new momentum created on carbon reduction initiatives by the United Nations Intergovernmental Panel on Climate Change 2014 assessment report and more recently the US China cooperation agreement on climate change and clean energy Elliott says This potentially changes the economics of energy intensive projects for mining and metals companies At the beginning of the year carbon constraint was probably seen as a medium term issue but it has now moved to a short term issue with potential business model impacts Key issues for miners in 2015 Elliott says price and currency volatility productivity and capital allocation access to capital are the biggest issues weighing on mining executives going into 2015 Elliott says This cyclical price trough is acute because the peak of the supercycle was also acute The speed with which prices have fallen in the past six months and the likely ongoing price volatility make it incredibly difficult to have a stable business model Productivity will also be top of mind for miners going into 2015 Elliott says During the past 12 months most miners moved from outright cost cutting into productivity mode but this is a two to three year

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-mining-and-metals-sector-looks-to-recovery-beginning-in-2015 (2016-02-10)
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  • EY – European asset management industry plays a crucial and growing role in financing the real economy - EY - Global
    lending and 43 of all non residential lending The equity held by asset managers amounts to nearly 40 of the free float of European firms Based on the staff costs taxes paid and profits of the industry it is estimated that the European asset management industry contributes an average of 0 35 per year to European GDP and has very significant potential to fill the gap left by banks in providing finance to European economy according to Societal and Economic Impacts of the European Asset Management Industry a report by Jens Hagendorff Professor of Finance Investment at the University of Edinburgh sponsored by EY The European asset management industry is large with assets under management of over 115 of European GDP or nearly 17 trillion It directly employs around 95 000 individuals across Europe and is estimated to indirectly employ 530 000 full time equivalents The value added is particularly large in the UK where it contributes 1 of GDP per annum and in France where it contributes 0 5 of GDP per annum In absolute terms the figures are also large across Europe the report estimates that yearly value added of the industry is 50b Roy Stockell Wealth Asset Management Leader for EMEIA at EY says What makes the size of the industry particularly noteworthy is the rate at which it is growing Comparing OECD data for the UK in 1980 against comparable data for today shows that the industry has grown six fold in little more than 30 years This is largely because populations have become larger older and wealthier and this trend shows no sign of slowing Asset management is a European success story Policymakers need to recognize the potential of the asset management industry to play a larger role in financing the real economy Asset managers are already key to the financing of the economy In 2012 the asset management industry held debt securities issued by euro area residents worth 4 trillion This amounted to 23 of all debt securities outstanding at the time and corresponds to 32 of the value of euro area bank lending The ratio increases to 43 if mortgage lending is excluded from bank lending figures The figures are particularly high in the UK where the debt securities managed by the industry correspond to 26 of all debt securities but 82 of bank lending and 87 of bank lending excluding mortgages The report also considers equity financing In 2012 European asset managers managed equity values at 1 374b which corresponds to 31 of the market value of euro area listed firms and nearly 40 of the free float of European listed firms Jens Hagendorff Professor of Finance Investment at the University of Edinburgh and author of the report says Long term savings and risk management are at the heart of what the industry provides which makes it suitable to provide long term finance to European corporations As such the industry provides a crucial link between investors and the needs of the real

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-european-asset-management-industry-plays-a-crucial-and-growing-role-in-financing-the-real-economy (2016-02-10)
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  • EY Transaction Advisory Services named the Accountancy Firm of the Year for 2014 - EY - Global
    Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY s Transaction Advisory Services named the Accountancy Firm of the Year for 2014 EY s Transaction Advisory Services named the Accountancy Firm of the Year for 2014 London 12 December 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY s Transaction Advisory Services wins top award for fourth time in five years EY s Transaction Advisory Services named the Financial Adviser of the Year in Central and Eastern Europe EY s Transaction Advisory Services TAS practice was named the Accountancy Firm of the Year in Europe for the fourth time in five years by Mergermarket an independent mergers and acquisitions intelligence and data provider at the ceremony in London last night The Mergermarket M A Awards are the most coveted accolades in the deal industry across Europe EY previously won the Accountancy Firm of the Year award in 2013 2012 and 2010 EY also scooped the Financial Adviser of the Year in Central and Eastern Europe TAS is recognized for developing trusted relationships with executives by delivering high quality and exceptional client service at all times driven by EY s purpose to build a better working world In the year under review TAS advised on 390 announced deals and was ranked the first in Mergermarket s league tables for both volume and deal value Andrea Guerzoni EY s TAS Leader for Europe Middle East India and Africa EMEIA says These awards are a tribute to the high quality advice we deliver each and every day to our clients Our uniquely integrated EMEIA structure as part of a more broadly integrated global business enables us to deliver seamless service and strategic advice across borders Four top awards in five years is an outstanding achievement we are proud to remain the clients choice for advice on M A in Europe EY TAS is represented in 40 countries across Europe by over 4 500 professionals of which more than 300 are based in Central and Eastern Europe Pip McCrostie Global Vice Chair Transaction Advisory Services says Exceptional teamwork has no boundaries or borders Our clients want high performing teams the best knowledge and strongest sector content These awards demonstrate how we consistently deliver exceptional client service across Europe The award recognizes EY s preeminence in Europe it also caps an outstanding 2014 for EY TAS globally It has advised on many of the mega deals hitting the headlines across the globe It also welcomed a record number of new partners through its doors around the world further strengthening sector capabilities And it announced the combination with global strategy consultancy Parthenon to expand its investment strategy capabilities 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

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-transaction-advisory-services-named-accountancy-firm-of-the-year-for-2014 (2016-02-10)
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  • News - EY - Life insurers turn to digital solutions to continue growth - EY - Global
    insurers build upon recent improvement in annuity and life insurance sales to tap new markets and face competition from alternative business models according to the 2015 EY US life annuity insurance outlook With a rise in consumer confidence and personal wealth prospects for 2015 are generally upbeat said Doug French Principal Financial Services and Insurance and Actuarial Advisory Services at Ernst Young LLP Yet these opportunities are not evenly distributed across the industry To break into underpenetrated markets with new product solutions and advice models insurers will need to leverage new technology advances in distribution underwriting and customer service EY believes U S life annuity insurers that better understand and accept forces of change are in a position to seize competitive opportunities Specifically successful insurers in 2015 should focus on the following seven issues Reposition distribution strategies to expand market opportunities Digital and Internet based technologies will continue to alter consumer expectations and behavior Consumers are increasingly purchasing insurance and savings products online To succeed in this evolving environment insurers should reposition their products to fit new distribution models and customers online use and expectations Embrace digital as the new storefront The rapid pace of change in online access to insurance products challenges insurers to present a consistent digital customer experience Successful insurers will use a digital presence to outgrow their competitors increase self service capabilities reduce business risk and enhance productivity Develop simplified products to expand customer markets Insurers are reaching beyond the high net worth market to the mass affluent and middle market where simplified products with modular riders tend to be more successful More simplified base products and riders create a more acceptable risk profile for the insurer while addressing current consumer concerns Transform back office systems and processes Operating efficiency will continue to be a concern as interest rates remain low Insurance companies must simplify their systems processes and structures to attain the agility and speed that competitive pressures and customer preferences demand An organization wide transformation may take years to finalize but companies that reach this goal will be more agile and adaptable to changing market and stakeholder needs Enhance data security Data gathered in underwriting life insurance can be especially sensitive New IT practices such as cloud computing have increased the risk of a data breach and regulators have been paying more attention to security Insurers must enhance their security efforts and develop enterprise wide processes to control and monitor their third party providers Adjust to new competition from alternative capital sources Large investment firms have become active acquirers and are using their capabilities to become full service multi line insurers reshaping the competitive landscape While traditional insurers may not have an investment advantage over these firms they will need to exploit their distribution channel advantages financial strength and capabilities to maintain and increase their market share Proactively address the uncertain regulatory environment Multiple legislative and regulatory bodies implemented new regulations in the immediate aftermath of the financial crisis creating demands on the industry

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-life-insurers-turn-to-digital-solutions-to-continue-growth (2016-02-10)
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  • News - EY - Exports expected to rise by three point seven percent in 2015 as eurozone recovers gradually - EY - Global
    with more readily available finance from 2015 onwards Despite the prospect of stronger growth in 2015 the legacy of the crisis means that the recovery will be slower than in previous rebounds Households businesses and governments in almost all countries will need to restrain spending growth in order to reduce debt levels The pace of eurozone growth in 2016 18 will be more than half a percentage point slower than in the decade up to 2007 when GDP growth averaged 2 3 a year More worryingly policy makers have much diminished weaponry to tackle any further shocks With eight eurozone Member States public debt above 90 of GDP and six of these above 100 governments have minimal room for fiscal stimulus And in the event that inflation fails to pick up as fast as anticipated in the coming years it is unclear whether a large scale sovereign bond purchase program would be as powerful as it might have been a year or two ago Tom Rogers Senior Economic Adviser to the EY Eurozone Forecast says Greater certainty in the banking sector a weaker euro and falling energy costs are all supportive factors for a better economic outlook in the eurozone in 2015 than has been the case for some years But it will be some time before wage growth rebounds to normal rates while high debt stocks mean governments need to exercise ongoing spending restraint Both will constrain the rate of growth in the years to come Mark Otty EY s Area Managing Partner for Europe Middle East India and Africa says Even given divergences among countries we think that 2015 holds a lot of promise for the eurozone as a whole The effects of a weakening euro should be more substantial next year and exports should rise as a result Despite this positive sentiment the news of strong growth in some of the periphery is undercut by very high unemployment a main concern for the eurozone and a problem that will not disappear overnight Investment set to recover as banks fears ease With financing more readily available and demand conditions improving steadily total fixed eurozone investment growth is estimated to pick up from zero in 2014 to 0 9 in 2015 and 2 7 in 2016 before settling around 2 5 thereafter Moreover with the ECB also aiming to reinvigorate the market for asset backed securities enabling banks to sell on loans and make further room for lending on their balance sheets there is potential for an upside scenario It is also worth considering the potential for an upside risk from inward foreign direct investment FDI Some countries Spain and Ireland in particular have already benefited substantially from increased FDI inflows in recent years thanks to much improved cost competitiveness and business environments A depreciating euro should make inward FDI more attractive to firms outside the eurozone as would reform efforts to boost underlying growth Households buoyed by cheaper energy and a recovering labor market After 15 consecutive quarters

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-exports-expected-to-rise-by-three-point-seven-percent-in-2015-as-eurozone-recovers-gradually (2016-02-10)
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  • News - EY - Property casualty insurers may face challenging market in 2015 - EY - Global
    contacts PR activities Analyst relations Fact and figures Share U S property casualty insurers must proactively address competitive pressures increased risk and regulatory burdens to continue growth in a market that shows signs of both opportunity and challenge according to the 2015 EY US property casualty insurance outlook Slower premium growth and increasing competition create an uncertain operating environment Regulatory demands may increase human resource and financial capital costs Technology investments can help improve top line growth Companies that can successfully plan and operate in a fast changing environment will differentiate themselves from those that respond reactively said David Hollander Principal Ernst Young LLP and EY Global Insurance Advisory leader Investing in technology solutions and focusing on new markets products and approaches to existing customers will help insurers manage these external challenges EY believes U S property casualty insurance companies should focus on the following six key areas in 2015 to remain industry leaders Respond to increasing competition with strategic cost management and focused pricing Insurers are entering an uncertain operating environment marked by slower premium growth and increasing competition Companies must focus on cost efficiency and more refined segmentation and pricing strategies to maintain good profit margin For the past three years insurers have been able to maintain stable expense ratios due in large part to premium growth However if rates ease in 2015 premium growth may not be able to keep up with expense growth Engineer an enterprise data excellence strategy Property casualty insurers in 2015 must embrace an enterprise data excellence strategy that addresses all aspects of their operating model Data collection and analysis are necessary decision making tools particularly as more insurers compete based on their level of data superiority or develop new business models utilizing these technological capabilities Improve customer connectivity by expanding distribution and customer service Reaching the customer in a variety of formats is becoming a competitive necessity given the expansion of choices available to consumers from other industries today Adding channels and offering alternative communication modes improves client access enhancing competition for the most profitable customers Retool operations for new and evolving risks As insurers pursue top line revenue growth in new products the effective identification analysis and mitigation of new and emerging risks is increasingly important Throughout the global economy new business models are replacing traditional services while altering customary risk patterns New risks such as the Internet of things or the networked connectivity of products and cyber crime offer growth opportunities for insurers Proactively address multiple regulatory requirements and potential tax considerations The growing volume and complexity of insurance rules and various regulatory agencies compel insurers to invest in more flexible technology data analytics and skilled management While more stringent regulations may impede growth increase expenses and divert valuable human resources the impact will be less for insurers that select appropriate technology and data solutions to address their broader risk management and reporting demands Address investment performance and capital management Given an abundance of capital most insurers are re evaluating

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-property-casualty-insurers-may-face-challenging-market-in-2015 (2016-02-10)
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