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  • EY - The director's cut - EY - Global
    The Organisation for Economic Co operation and Development s OECD s new rules for the exchange of customer tax data between countries went live on 1 January 2016 By 2019 more than 90 jurisdictions will be participating in the Common Reporting Standard resulting in an increase in the exchange of customer data between countries and tax authorities 58 of these jurisdictions have already committed to reporting in 2016 or 2017 The European Union Revised Directive on Administrative Cooperation or the DAC Council Directive 2014 107 EU implements the CRS for the automatic exchange of information within the EU EU based financial institutions will be required to comply with the DAC Following the implementation of this new Directive the EU Savings Directive has been repealed Six CRS questions for the board to consider Will in flight programs be able to deliver on these onerous new compliance requirements What can be learned from the Foreign Account Tax Compliance Act FATCA in terms of improving onboarding procedures and customer experience What are the plans for training frontline staff risk management and operational teams Is data quality sufficient for accurate reporting Can current reporting solutions handle larger data volumes Given the increase in sharing customer data with tax authorities should banks consider talking to their customers on issues of tax transparency and their tax affairs A risky endeavor Meeting Base Erosion and Profit Shifting BEPS demands an unprecedented level of tax transparency The emergence of a digital economy has caused increased concern that multinational companies have been exploiting differences between national tax systems The OECD has responded with an action plan addressing harmful tax practices aggressive tax planning treaty abuse and transfer pricing However without the direct authority to write tax rules its recommendations will be implemented in different forms at the national level creating a risky and uncertain environment for global banks to navigate The 13 actions included in the proposal do not come as a shock however public banks need to prepare by assessing their tax strategy to minimize the impact of greater tax controversy and increased reputational risk Of the many OECD actions that are not yet finalized the proposed interest deduction limitations are likely of greatest interest to banks They will need to prepare a compelling and persuasive response to policy makers about why the banking sector should be considered separately Three BEPS questions for the board to consider How do current tax strategies compare to the OECD action plan and proposals for specific actions What strategies can banks employ to address future tax controversy and minimize reputational risk How can the board and management engage with policymakers to present banking s special needs relative to BEPS Regulatory update Moving past too big to fail Assurance update Boards to assess impact of audit report changes on key stakeholders International Auditing and Assurance Standards Board IAASB revised Auditor Reporting Standards ISA 701 will be effective for audits of financial statements on or after 15 December 2016 Investors and stakeholders have called

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Banking---Capital-Markets/EY-the-directors-cut (2016-02-10)
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  • EY Bank Directors Summit 2014 recap - EY - Global
    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 Industries Financial Services Banking Capital Markets Bank Directors Summit 2014 recap Bank Directors Summit 2014 recap Participants Barclays Credit Suisse Federal Reserve Bank of New York French Prudential Supervision Authority ICBC Lloyds Morgan Stanley International Nordea Prudential Regulation Authority RBC RBS Renshaw Bay Société Générale Swiss Financial Market Supervisory AuthorityUBS UniCredit Share EY and Tapestry Networks recently welcomed non executive directors from leading banks as well as regulators and supervisors to the sixth annual Bank Directors Summit This summit is the culmination of a year s worth of dialog between non executive directors executives regulators supervisors and EY as part of the Bank Governance Leadership Network which EY sponsors These industry leaders identified several forces shaping the future of global banking The need for new business and operating models Formidable regulatory challenges The growth imperative Digital disruption and non regulated competition New and intensifying governance requirements Regulation and business models Regulation continues to be the most important driver of change for large bank business models The consequences both intended and unintended will be vast Even though reform has been in progress for six years implementation is still evolving In fact many sense that the industry is still in the early days of a new regulatory era Participants identified three key regulatory related issues Regulators don t want to stifle international banking but rather seek to minimize contagion in a crisis However regulatory changes are challenging the economic logic of global businesses pushing banks toward subsidiarization Concerns

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Banking---Capital-Markets/ey-bank-directors-summit-2014-recap (2016-02-10)
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  • A defining moment for the banking industry - EY - Global
    Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory 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 Industries Financial Services Banking Capital Markets Tapestry Bank Governance Leadership Network Summit 2012 Tapestry Bank Governance Leadership Network Summit 2012 A defining moment for the banking industry Contents A defining moment for the banking industry Reforming bank culture turning values into action Regulatory agenda implementation and implications A new approach to consumer protection Planning for radical change to business models Share Tapestry Networks and EY welcomed 13 non executive directors from leading global banks to the Bank Directors Summit 2012 in London Over the course of the summit key industry participants from the public and private sector including regulators joined the dialogue The industry is facing perhaps its most challenging time since the onset of the financial crisis Since the 2011 summit the industry has suffered a string of high profile

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Banking---Capital-Markets/Tapestry-BGLN-Summit-2012---A-defining-moment-for-the-banking-industry (2016-02-10)
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  • Group of Thirty report - A call to action on bank governance - EY - Global
    institutions tailor their specific governance systems to optimize effectiveness under unique circumstances Governance systems are defined by both hardware and software Bank governance systems are built around a defined architecture comprising both hardware e g organization structures and processes and software e g people skills and values The software makes the hardware function Effective governance depends on people and how they interact Financial institutions need to adopt good governance practices but if bank governance systems have the wrong people or if those people behave in dysfunctional ways the arrangements do not matter In this report we explore the topic across the following audiences Board of Directors Management Supervisors Shareholders Next Inside A call to action on bank governance The role of the board of directors The role of management The role of supervisors The role of shareholders Videos The main takeaways of the G30 report Roger Ferguson G30 Steering Committee Chairman speaks about the main takeaways of the report Tools for more effective bank governance Bill Schlich Global Banking Capital Markets Leader speaks about tools to help with governance Alternate language PDFs Download Chinese version Download Japanese version Related content American Banker Why corporate governance matters Global banks adapt to uncertain economics and regulations Bank directors discuss industry challenges Browse by role Browse by topic Browse by megatrends Audit committee member Board member CDO CEO CFO CIO COO CRO CSMO HR director Tax director Accelerating growth Analytics and big data Capital allocation Cybersecurity Digital Emerging markets EU audit legislation Eurozone Forecast EY Entrepreneur Of The Year EY Strategic Growth Forum Foreign direct investment Funding and finance IFRS Infrastructure Innovation Mergers and acquisitions Operational effectiveness Public policy Reporting Risk Transformation Women in business 5 insights for executives Digital future Entrepreneurship rising Global marketplace Health reimagined Resourceful planet Urban world Automotive Transportation

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Banking---Capital-Markets/Toward-effective-governance-of-financial-institutions---A-call-to-action-on-bank-governance (2016-02-10)
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  • EY - World Islamic Banking Competitiveness Report 2014-15 - EY - Middle East and North Africa
    Business Modelling Specialty Services Climate Change and Sustainability Services Family Business Services Global Business Network Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Home Industries Financial Services Banking Capital Markets World Islamic Banking Competitiveness Report 2014 15 World Islamic Banking Competitiveness Report 2014 15 Participation Banking 2 0 Participation Banking 2 0 Global Islamic banking assets attained compounded annual growth rate CAGR of around 17 from 2009 to 2013 The Islamic banking industry has gone mainstream in several core markets Now is the time to transition to Participation Banking 2 0 Report methodology The research and insights are primarily based on EY Participation Banking Universe EY Universe which is proprietary based on sample and is not meant to be fully exhaustive The EY Universe analysis covers 114 banks across Participation banking markets Insights are also based on interviews with banking executives and industry observers to identify key trends risks and priorities Share The World Islamic Banking Competitiveness Report Participation Banking 2 0 provides a new look into core international markets It explores how digital innovation is set to positively disrupt traditional banking models For the first time in history in 2013 the combined profit of Participation banks crossed the US 10b mark By 2019 collective profits would touch US 37b as the industry continues its double digit annual growth Highlights EY analyzed the sentiment of over 2 2 million customers social media posts on their banking experiences with Islamic banks in Saudi Arabia Bahrain Kuwait UAE Malaysia Indonesia Turkey Qatar and Oman The results showed that customer satisfaction is mediocre for many Islamic banks International Islamic banking assets with commercial banks set to exceed US 778b in 2014 The global profit pool of Islamic banks is set to triple by 2019 Islamic banking assets in six core markets Qatar Indonesia Saudi Arabia Malaysia UAE Turkey on course to touch US 1 8t by 2019 Global Islamic banking assets witnessed a compounded annual growth rate CAGR of around 17 from 2009 to 2013 Islamic banks in Saudi Arabia Kuwait and Bahrain represent more than 48 9 44 6 and 27 7 market share respectively Positive progress has been has made in Indonesia Turkey and Pakistan with 43 5 18 7 and 22 0 CAGR respectively from 2009 2013 Digitization the future of Islamic banking Digital banking is the future with customers of Participation banks showing tremendous interest Banking is set to evolve towards technology based service driven value propositions Customers are increasingly active online and vocal about their experiences Migration from physical to digital channels requires more attention Half of the banks surveyed did not have a Twitter account and only 1 in 18 banks offered full customer engagement on social media Banks should invest in analytics to build rich insights into customers delights and pain points and personalize user experience 4 out of every 10

    Original URL path: http://www.ey.com/EM/en/Industries/Financial-Services/Banking---Capital-Markets/EY-world-islamic-banking-competitiveness-report-2014-15 (2016-02-10)
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  • EY - Key themes from Q3 2015 earnings - EY - Global
    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 Industries Financial Services Banking Capital Markets Key themes from Q3 2015 earnings calls Key themes from Q3 2015 earnings calls The purpose of this review is to examine the key themes discussed among 35 global institutions operating within the banking and capital markets sector during the 3Q15 earnings reporting season The identification of the top 10 themes is based solely on an examination of the transcripts and associated presentation materials of the earnings conference calls held from 26 August 2015 to 11 November 2015 For more information about our methodology download the full report Share Largely constructive first half of the year gives way to negative third quarter Despite the industry wide expectation that challenging operating conditions would persist the third quarter operating environment was exceptionally difficult for banks State Street s CEO noted that Global equity markets posted their worst quarter since the third quarter of 2011 and ANZ CEO Mike Smith observed that Customer activity stopped which is quite unusual

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Banking---Capital-Markets/Key-themes-from-earnings-calls (2016-02-10)
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  • EY - Insurance opportunities in Sub-Saharan Africa - EY - Global
    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 Industries Financial Services Insurance How insurance is transforming a rapidly growing sub Saharan Africa How insurance is transforming a rapidly growing sub Saharan Africa Rising incomes an expanding middle class and technology innovations are poised to drive dramatic premium growth Share How insurance is transforming a rapidly growing sub Saharan Africa Africa is rising A dramatic and sustainable economic expansion combined with an historic demographic transformation mean the insurance market in sub Saharan Africa is increasingly attractive to global insurers To understand the opportunities and risks in both East and West Africa we surveyed 125 insurance executives and regulators in seven key markets Kenya Malawi Tanzania Uganda and Zambia in the east Ghana and Nigeria in the west Several key themes emerged Growth Significant population increases rapidly rising incomes and the relatively low penetration of insurance products suggest huge potential for both life and non life products Challenges Because insurance is marketed more than it is purchased agent and broker training and consumer education are critical Risk In some markets an abundance of under capitalized firms leads to excessive competition around price rather than service which erodes consumer trust Innovation Beyond creating new sales opportunities innovations spawned in Africa e g mobile and cashless payments may soon disrupt developed insurance markets Risk and opportunities in African insurance infographic In conjunction with Oxford Economics our insurance professionals analyzed the findings in terms of market size demographic changes and projected

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/ey-insurance-opportunities-sub-saharan-africa (2016-02-10)
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  • EY - Future directions for foreign insurers in China - EY - China
    Tax Advisory Global Trade Global Compliance and Reporting Human Capital Law Private Client Services Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax Transfer Pricing and Operating Model Effectiveness VAT GST and Other Sales Taxes Strategic Growth Markets Transactions About Transaction Advisory Services Lead Advisory Divestiture Advisory Services Restructuring Operational Transaction Services Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services French Business Network Global Business Network Japan Business Services Korea Business Services Careers Students The EY difference Your role here Your development Life at EY Global Delivery Network Joining EY Experienced Advisory Assurance Tax Legal Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Financial Services Insurance Future directions for foreign insurance companies in China 2015 Future directions for foreign insurance companies in China 2015 Share Emerging regulatory changes provide greater opportunities for foreign insurers in mainland China Our new report suggests that a more liberalized regulatory environment is emerging in mainland China Coupled with evolving joint venture and alliance structures rising demand for health insurance and digital marketing expansion the Chinese market is starting to provide better growth opportunities for foreign insurers Major findings Current conditions Domestic insurers continue to dominate Market share for foreign life insurers grew to 5 8 and almost doubled to 2 2 for property and casualty insurers Health insurance premiums rose by more than 40 Internet and digital developments provide new opportunities for insurers Major factors influencing growth C suite interviews with 30 foreign insurance companies identified the following factors as key drivers of growth Introduction of the China Risk Oriented Solvency System C ROSS Extension of the Free Trade Zones FTZs model Regulatory changes to the internet channel

    Original URL path: http://www.ey.com/CN/en/Industries/Financial-Services/Insurance/ey-future-directions-for-foreign-insurers-in-china (2016-02-10)
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