archive-com.com » COM » E » EY.COM

Total: 2294

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • EY Risk culture is at the forefront of banks' agenda as fines and remediation hit home - EY - Global
    year to general agreement that culture can be deliberately changed and effectively managed and enforced Over two thirds 68 say they are strengthening accountability regarding risk roles and responsibilities 58 are aligning compensation with risk adjusted performance metrics and 86 state that severe control breaches will trigger serious disciplinary actions Patricia Jackson Head of Financial Regulatory Advice for EMEIA Financial Services EY says What we are seeing is the reworking of banking This increased focus on culture began in the aftermath of the financial crisis but has intensified as a result of the conduct and reputational events which have come to light over the past several years especially as the costs of fines and remediation programs have started to hit home Half of GSIBs report operational losses of more than US 500m in the past five years with respondents indicating that these losses are driven by a combination of conduct fines 47 operational failures 24 and the costs of remediation 12 An overwhelming 93 of GSIBs agree that weak oversight and controls led to these failures Risk governance structures are being strengthened Since the financial crisis there has been an ongoing effort to strengthen risk governance But the heightened focus on culture and conduct is driving further changes in risk governance structures as banks seek to tighten controls A number of banks are establishing very senior level or board level committees to oversee conduct and ethics Nearly three quarters 72 of banks are strengthening risk roles and responsibilities and 68 indicate they are working to reinforce accountability regarding risk management Many banks have also increased the involvement of the chief risk officer CRO and risk function in conduct issues More than half of banks 56 say that achieving a balance between a sales driven front office culture and a risk culture is the key challenge to strengthening culture This is leading banks to create programs to enhance accountability in the front office Banks are working to ensure that the front office owns the risks and feels responsible for the entire process which requires changes to culture systems and structures The front office is under intense pressure to boost the bottom line says Jackson More than eight in 10 82 banks have reduced target ROE since before the crisis and more than half have reduced it further since last year Unfortunately for them almost three quarters 72 say that investors are not accepting these lower ROEs so striking a balance between a sales culture and a risk culture will continue to be challenging Banks continue to struggle to embed risk appetite More than half 52 of banks across the world agree that embedding risk appetite is important for changing the risk culture But despite an enhanced focus on risk appetite over the past several years fully embedding risk appetite throughout the enterprise remains a challenge for many banks Nearly six in 10 58 banks report they are having difficulty moving firm wide risk appetite into the businesses and 70 are still

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-Risk-culture-is-at-forefront-of-banks-agenda-as-fines-and-remediation-hit-home (2016-02-10)
    Open archived version from archive


  • EY acquires Centre B.V. and CFORS B.V - EY - Global
    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 acquires Centre B V and CFORS B V EY acquires Centre B V and CFORS B V Amsterdam 10 October 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Today EY announces its acquisitions of Centre B V Centre Consulting and CFORS B V CFORS These acquisitions will strengthen EY s global network of firms as a provider to the financial sector of advisory services in the field of enterprise performance management EPM Centre Consulting incorporated in 2005 provides EPM services including financial consolidation budgeting planning and forecasting to large international clients CFORS incorporated in 2012 develops software solutions for banks and insurers enabling them to comply with new reporting standards such as Solvency II CRD IV and IFRS 4 David Gittleson Managing Partner Advisory EY EMEIA Financial Services We aim to complete the transactions within a couple of months The acquisitions will enable us to further expand our services to banks and insurers which will strengthen our position as market leader in these sectors Centre Consulting and CFORS employ a total of 30 staff They will be integrated into EY over a period of time forming part of EY s network of Advisory offerings Klaas van de Geest CEO of Centre Consulting and CFORS Following the acquisitions Centre Consulting and CFORS will have access to a larger international client

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-acquires-Centre-BV-and-CFORS-BV (2016-02-10)
    Open archived version from archive

  • EY – Female executives say participation in sport helps accelerate leadership and career potential - EY - Global
    contributed to their current career success and that a background in sport has a positive influence on their own hiring decisions with more than two thirds 67 highlighting a background in sport as a positive influence on their decision to hire a candidate The C suite women in particular are very strong champions of sport and the sporting ethic The survey analysis divided the responses into two camps the C suite versus other levels which revealed The majority 52 of C suite women played sport at the university level compared to 39 of women at other management levels Just 3 of C suite women have not played any sport compared with 9 of women at other management levels C suite women are more likely than average to say that a candidate s background in sport influences their hiring decision 75 vs 58 overall They put a particular premium on the discipline it requires compared to other respondents C suite women note that their competitiveness has been a bigger factor in their careers than more junior women 37 cite this as a key factor compared with 26 of others C suite women are more likely to think that women who have played sport often make good employees 77 agree compared with 64 Beth Brooke Marciniak EY s Global Vice Chair Public Policy and Executive Sponsor of the Women Athletes Business Network says We have long known that sport has a positive impact on society These findings show that participation in sport not only influences leadership skills style and career development but it is also a powerful motivator for female executives Laura Gentile Vice President of espnW says This study validates long held theories that women who are athletes are well suited for the business world and have tangible advantages From work ethic to adaptability to superior problem solving ability these women enter the workforce ready to win and demonstrate that ability as they rise throughout their career The top three areas where sport has played a very significant role in developing or improving leadership skills are seeing projects through to completion motivational skills and team building With a competitive spirit seen as essential for success on the playing field about three fourths 74 highlight that being described as competitive is considered an asset to their leadership style Candidates with a background of sporting achievement are seen as demonstrating the strong work ethic required to succeed in business 48 with 70 agreeing with the statement Women who have played sport often make good employees Other research highlights include Athletes are seen as strong role models for female executives far exceeding government leaders and celebrities and just a notch below business leaders When asked to identify which three individuals inspired them to achieve their leadership potential 82 cited business leaders 71 cited athletes 69 cited family members and celebrities and government leaders only secured 28 and 26 of the vote respectively Athletes are seen as inspiring because of their hard work and determination

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-female-executives-say-participation-in-sport-helps-accelerate--leadership-and-career-potential (2016-02-10)
    Open archived version from archive

  • EY - Global medtech industry needs to better differentiate products or face commoditization - EY - Global
    priorities Respondents of the latest survey highlight overwhelmingly that price remains the top factor in medical technology purchasing decisions with 77 selecting it as a top concern today and in the near future However over the next three years respondents expect simple cost cutting measures to become relatively less important and instead anticipate health care reform initiatives focused on value and outcomes to become more important Among six pressure points provided to respondents such value and outcomes measures saw the largest percentage increase jumping 13 between today and three years from now Meanwhile practicing physicians are expected to become significantly less influential when it comes to purchasing decisions over the next three years on par with other functions such as finance and procurement departments When asked to select the three most important factors in medical device purchasing decisions today compared to three years from now the percentage of respondents who selected Physician preference for a specific device dropped from 55 today to 27 in the future while User friendly design dropped from 32 to 22 Conversely measures that target value and outcomes will become significantly more important influencers of purchasing decisions Data demonstrating clinical outcomes was selected as a top purchasing decision factor by 51 of respondents today and by 62 in three years time Risk sharing agreements jumped from 6 to 25 over the three year period Financial performance holding steady Taking advantage of health care s warming financial climate and a pronounced uptick in market capitalization medtech companies in the twelve months ending June 2014 charted modest revenue growth while strengthening their cash positions and using M A to deepen their product and service portfolios Key financial results highlighted in the report include Revenue ticks up Revenue for public medtech companies in the US and Europe totaled US 336 2b in 2013 a 4 increase from the prior year yet still well below pre crisis growth rates IPOs soar The industry experienced one of its strongest IPO windows in recent years during the 12 month period ending June 2014 A total of 31 companies went public in the US and Europe during this time raising a total of US 1 5b a 600 increase from the previous time period Financing remains strong Medtechs raised US 27 3b between July 2013 and June 2014 with 71 of the annual financing coming from debt transactions While this is a 14 decrease from the prior year it nevertheless represented the second highest capital raise since 2008 US based companies raised the lion s share of the total financing which equaled US 22 2b Venture investment held steady at US 4 4b compared to US 4 2b during the same period the prior year thanks partly to increased investment from corporate VCs and strategic investors Deal activity heats up For the 12 month period ending June 2014 the total value of mergers and acquisitions M A for US and European medtechs jumped 135 to US 85 6b Excluding megadeals defined as transactions

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/EY-global-medtech-industry-needs-to-better-differentiate-products-or-face-commoditization (2016-02-10)
    Open archived version from archive

  • EY - Middle market deals to fuel MA rebound as acquisition appetite hits 3 year high - EY - Global
    deals seen in 2014 These multi billion dollars deals are having a ripple effect on the M A market They increase confidence in M A and trigger transaction activity further down the deal chain With the appetite to acquire at its highest for three years we now expect a new wave of M A with much more focus on mid market sized deals under US 1b This new middle market momentum should lift M A activity as companies seek to strengthen and expand their core business The result should be a far more buoyant deal market than we ve seen for the past five years Pipeline bulges as stability provides platform for bullish deal intentions A bulging M A pipeline is the clearest indicator of future activity The deal pipeline has increased by a remarkable 30 since April In addition two thirds 66 of executives expect the M A pipeline to expand further over the next year this is more than double the number expecting expansion six months ago A further sign of bullish deal sentiment sees more than half 53 of respondents anticipating an increase in hostile and unsolicited approaches Greater stability in terms of macro economic confidence and valuations are stimulating bullish deal sentiments The valuation gap remains stable Half of executives see only a small discrepancy between buyers and sellers expectations on asset prices encouraging dealmaking in the near term M A activity is also supported by greater C suite confidence levels in the global macroeconomic climate The number of executives who view the global economy as stable has almost doubled in a year from 24 to 44 Geopolitical issues remain the biggest concern for 37 of executives up from 30 six months ago However this concern is counteracted by a huge swing in positive sentiment regarding corporate earnings 43 to 77 in 12 months and a trebling of confidence in short term market stability 21 to 64 in 12 months Mrs McCrostie notes Stable asset prices as well as increasing confidence in stability of the global economy are encouraging a more buoyant outlook for M A Having experienced many years of volatility this growing stability provides greater certainty in terms of strategic planning although executives will continue to closely monitor unfolding geopolitical events Momentum in middle market to drive M A The M A story of 2014 so far has been the return of the mega deal The climate continues to remain favorable for large acquisitions However the growth of M A for the next year should be in the wave of middle market deals with a major shift in focus among respondents looking to do deals valued at US 250m and under Mrs McCrostie adds The majority of companies are focusing on acquiring businesses in their core sectors with an eye to boosting market share managing costs and improving margin growth As cost efficiencies are paramount for the vast majority planned M A activity will consist of bolt on acquisitions that will complement their current

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-middle-market-deals-to-fuel-ma-rebound-as-acquisition-appetite-hits-3-year-high (2016-02-10)
    Open archived version from archive

  • EY - Financial sponsor backed IPOs drive activity close to 2010 levels - EY - Global
    a wave of innovation led IPOs in the energy health care and technology sectors Global IPO activity this year could be the strongest since 2007 and the start of the financial crisis if macroeconomic conditions remain stable financial sponsors continues to favor IPO exits and more Chinese listings materialize US exchanges lead the way Year to date US exchanges have seen a total of 220 IPOs raising US 77 0b an increase of 42 and 116 respectively on the first nine months of 2013 NASDAQ is the world s busiest exchange by number of new listings accounting for 16 of the global total In terms of proceeds NYSE takes top spot with US 60 0b First day returns picked up in the US in Q3 14 to 11 9 after a drop in the prior quarter to 10 0 However year to date average returns fell to 23 4 from 30 1 in Q2 14 and median deal size has dropped from US 132m in 2013 to US 98m Pinelli says The US is in the grip of a perfect storm IPOs have outperformed the broader markets by around 15 to 21 so far this year Stock indices continue to hit new highs and the pipeline of companies getting ready to list has rarely looked so robust with representation from a range of sectors Financial sponsors are pushing for exits and the pricing gap is at a historically low level setting the stage for a rise in listings in the fourth quarter as investors rush for returns before the year end The only cautionary note is that as more companies come to market it is inevitable that there will be greater competition resulting in downward pressure on after market performance in the US and potentially other markets Three fold increase in European proceeds Europe s exchanges continued the upward trend in activity in Q3 14 that began in the first half of the year Year to date proceeds are up 316 with US 53 1b in capital raised through 211 new listings compared to US 12 8b via 99 IPOs in the same period in 2013 London s main market ranks second behind New York by capital raised for the first nine months of 2014 but Euronext was the star performer of Q3 14 by proceeds Euronext raised US 2 5b via four IPOs driven in part by the listing of PE backed NN Group NV the fourth largest deal globally for the quarter Pinelli says IPO activity in Europe continues to surge led by a robust market in the UK and positive investor sentiment buoyed by the recent European Central Bank intervention to increase liquidity and further improve financing conditions Volatility indices are still at low levels PE backed investors are continuing to capitalize on strong valuations and reforms in developing markets are having a positive impact and so the outlook is broadly optimistic although we expect investors to be increasingly selective with regard to pricing Asia Pacific sees

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-financial-sponsor-backed-ipos-drive-activity-close-to-2010-levels (2016-02-10)
    Open archived version from archive

  • EY – EY reports 2014 global revenues of 27.4 billion dollars - EY - Global
    which saw double digit revenue increases People Weinberger says Our success is about much more than our financial results it s also about our people and investments which allow us to deliver exceptional high quality services all over the world This year EY s headcount grew to 190 000 people globally an all time high For the second year in a row EY has been voted the world s most attractive professional services employer in the Universum World s Most Attractive Employer poll of business students from top academic institutions in key markets globally In the poll EY is also the second most attractive employer of all businesses worldwide This year EY hired 60 000 people around the world and invested half a billion US dollars on training to give its people the skills they need to deliver exceptional service for its clients Strong performance and confidence in the future led to 675 partner promotions Along with 324 direct admit partners this was EY s largest partner intake ever with the largest number joining our Assurance practice The new intake also is the most diverse ever with a quarter of new partners from emerging markets a quarter who have had mobility assignments outside of their native country and 26 of them women reflecting the importance placed on diverse global experience in a world of increasing cross border complexity Investing in the future As well as investing in people and markets EY is also investing across its service lines These investments include Assurance EY is making significant multi year investments to transform the audit to continuously improve audit quality and to fulfill stakeholder and public interest responsibilities US 400m investments are being made in state of the art audit technologies and processes to enhance audit quality and improve connectivity and collaboration Carmine Di Sibio EY s Global Managing Partner Client Service says Investor confidence is the foundation of a strong global economy and sustainable audit quality is critical to that confidence Auditors are being asked to do more to identify risk have a forward looking perspective and deliver high quality results We are making investments in process people and technology and combining this with advances in analytics to transform and increase the value and quality of the audit Advisory Advisory continues to grow organically as well as through targeted acquisitions to complement existing services and offerings Substantial investments in digital disruptive technologies and business analytics will further enhance Advisory s ability to deliver transformational services to clients Transaction Advisory Services TAS For a fifth consecutive year TAS performance outpaced a subdued mergers and acquisitions market as clients looked to EY for strategic investment advice on how they raise and manage their capital The combination with global strategy consultants Parthenon underlines TAS investment in broader strategic services for FY15 Tax EY continues to invest in resources to help clients globally to comply with the ever changing legislative and regulatory requirements impacting their businesses Tax has strengthened and enhanced other services including doubling

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-reports-2014-global-revenues-of-27-4-billion-dollars (2016-02-10)
    Open archived version from archive

  • Eurozone still vulnerable despite positive signs on unemployment and investment - EY - Global
    s targeted longer term refinancing operation TLTRO program This combined with modestly strengthening economic activity and the weakening of the euro means that deflation should be avoided However the Eurozone will experience a prolonged spell of low inflation given continued significant spare capacity in the labor market and the need for further deleveraging among firms households and governments Tom Rogers Senior Economic adviser to the EY Eurozone Forecast says Putting aside a second quarter that was distorted by temporary weather effects the recent data confirms a gradual improvement in the Eurozone But the fragility of the recovery underlines the need for vigilance among fiscal and monetary policymakers while continued reform efforts will be needed to make it more attractive for firms to invest and create jobs Mark Otty EY Area Managing Partner for Europe Middle East India and Africa says Even though unemployment rates remains high labor markets in many Eurozone countries do seem to be at a turning point This is to be welcomed both from a social perspective and because of the impact this is having on consumer confidence and consumption Nevertheless substantial risks to the recovery still exist in particular from geopolitical events that have the potential to undermine global business confidence and trade flows Uneven pace of recovery across core countries Structural factors may hinder a faster upswing in France Italy and Greece In Portugal Ireland and Spain sharp cuts in unit labor costs and ambitious labor market reforms have boosted export market shares in contrast to France and Italy where competitiveness has deteriorated In Germany and Spain investment growth of 2 5 and 1 1 respectively is expected in 2014 whereas companies in France and Italy are continuing to cut their capital spending Moreover lackluster GDP growth of 0 4 expected in France for 2014 and the 0 2 contraction expected in Italy contrast with the projected 1 3 recovery in Spain and 1 5 growth in Germany Ireland is also expected to see a particularly robust rise in GDP of 2 8 Over 2015 16 the difference in the pace of recovery across core Eurozone countries is forecast to narrow but the gap created over the long term will persist Growth prospects in Greece and Cyprus together with Finland and Italy appear particularly vulnerable to both domestic and external shocks Investment the new driver of the upturn The early stages of the recovery were largely driven by an improving trade performance but domestic demand is expected to play a larger role in the years to come That said the recent depreciation of the euro will help exporters particular in the less competitive economies exports are expected to grow by around 3 in 2014 picking up to 4 1 in 2015 and then 4 3 in 2016 In turn an improving trade environment as well as improved access to finance will allow firms to raise their investment spending According to the EEF capital spending growth will rebound significantly to 2 4 in 2015 and 2

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/newsroom-eurozone-still-vulnerable-despite-positive-signs-on-unemployment-and-investment (2016-02-10)
    Open archived version from archive



  •