Making culture count. Strengthening culture for better risk and compliance outcomes. February 2018

Size: px
Start display at page:

Download "Making culture count. Strengthening culture for better risk and compliance outcomes. February 2018"

Transcription

1 Making culture count Strengthening culture for better risk and compliance outcomes February 2018

2 Risk culture is the collective attitudes, perceptions, beliefs and behaviors that impact risk and affect outcomes 2 Making culture count

3 Making culture count 3

4 What is risk culture? Risk culture influences business strategy, its execution, risk governance and, ultimately, firm outcomes. Every organization has a risk culture that determines the collective ability to identify, understand, openly discuss and act on risk. Risk culture is an important subset of an organization s overall culture; there is high correlation between the two. A large organization will not have one risk culture smaller subcultures will exist in different lines of business, geographies, etc. Risk culture is not something you can design and execute. Rather, it is the outcome of a series of trade-offs across a number of dimensions. EY s definition and underlying methodology places a risk lens on: Attitudes: what people think Perceptions and beliefs: the conclusions people make about what s important Behaviors: what people do A sound risk culture is essential for ensuring effective risk governance Talent and incentives Risk transparency, MIS and data Board risk oversight Risk culture Risk appetite framework Risk governance Risk accountability (3LoD) Controls effectiveness Outcomes: the results Risk culture is the collective attitudes, perceptions, beliefs and behaviors that impact risk and affect outcomes 4 Making culture count

5 Why culture counts There is a strong causal link between conduct failings and poor risk culture. This has resulted in significant financial losses and fines. Over the past five years, firms have paid out more than US$300 billion in fines, settlements and remediation as a consequence of misconduct. ¹ Top reasons banks give for culture breakdown These costs are a big part of the reason that banks return on equity has fallen below their cost of capital. ² 1 Conflict between a sales-driven first-line culture and firm s risk culture Six years ago, the Global Financial Crisis tipped national economies into recession and brought to their knees some of the most hallowed names in the financial industry And six years after the Crisis broke, the global industry continues to be dogged by shocking revelations of financial malfeasance, mis-selling, and dishonesty. 3 Ravi Menon, Managing Director, MAS, January Lack of first-line accountability Too great a focus on meeting targets Profit and market share pressure Getting the culture right in financial institutions is critical because poor culture can be a driver of poor conduct. The financial industry s most valuable asset trust can be significantly undermined by poor conduct. And all financial institutions need their customers to trust them in order to build a sustainable business. 4 Lee Boon Ngiap, Assistant Managing Director, MAS, March Messages not cascaded effectively throughout the organization ¹ Conduct Costs Project Report, CCP Research Foundation, August ² Capital Markets: building the investment bank of the future, EY, October MAS-Singapore Academy of Law Conference, 23 January Annual Luncheon of the Life Insurance Association Singapore, 6 March Making culture count 5

6 Regulatory focus on risk culture is growing Globally and across APAC, there has been a significant increase in the supervisory focus on risk culture. A growing number of regulators are more clearly documenting their risk culture expectations, e.g., the Financial Conduct Authority (FCA) in the UK, the Hong Kong Monetary Authority (HKMA) and the Australian Prudential Regulation Authority (APRA). Regulators have introduced, or are considering, senior manager or accountable executive regimes to increase accountability for risk culture and conduct outcomes, e.g., the FCA Senior Managers Regime, the Hong Kong Securities and Futures Commission Manager-In-Charge (MIC) regime and the APRA Banking Executive Accountability Regime. Some regulators are using multidisciplinary teams, including behavioral psychologists, when undertaking risk culture reviews (e.g., APRA). Key themes emerging from this regulatory focus include: 1. Tone from the top: does the bank s C-suite, especially its CEO, consistently send the right message on risk? Does the board reinforce this message? Is it communicated effectively across the organization, and is it consistent with the tone from the middle? 2. Accountability: do the bank hold senior managers accountable for managing risk effectively? 3. Incentives: does the bank s rewards program support effective risk management or inadvertently create an incentive for misconduct? 4. Effective communications and challenge: does the risk message get through? Are escalation paths clearly defined and understood? If the message is wrong, or the delivery goes awry, will someone point this out? How is effective challenge viewed and what protections for whistle-blowers exist? In Singapore, financial institutions report three key questions being asked during supervisory inspections: What is your risk culture? What is this based on? What are you doing to improve risk culture? 55% 55% of firms report that regulators are showing interest in firm risk culture.* *Seventh annual global EY/IIF bank risk management survey 6 Making culture count

7 however, risk culture remains a challenge for many financial institutions Many firms continue to experience challenges in improving culture. Top challenges: Messages not cascading throughout firm Lack of first-line accountability Conflict between sales-driven first-line and firm s target culture 54% 54% of firms believe understanding of desired behaviors varies across their firm. * 1 Most firms are not investing significantly in understanding or transforming their organizational culture, and conduct risk is not well integrated into enterprise risk management frameworks. 2 Responses to date have been limited to internal senior management surveys, culture questions added to people engagement surveys or corporate communications initiatives with a focus on firm values. 3 Where surveys have been initiated, firms struggle to interpret the findings or identify where problems and conduct hot spots might exist. 4 CROs report that culture and conduct are not seen as core to firm strategy or business objectives and there remains a lack of alignment between tone from the top and tone from the middle. 5 Performance incentives are not used to drive the firm s risk, compliance and conduct agenda. Where KPIs for conduct, compliance, risk or governance objectives have been introduced, these remain poorly defined. *Seventh annual global EY/IIF bank risk management survey Making culture count 7

8 What should you be considering? Financial services firms face three simple questions when addressing risk culture: 1 What is our risk culture? 2 What is this based on? 3 What are we doing about our risk culture? To address these questions, financial institutions should consider the following actions: 1. Defining what risk culture means for your organization: Define a continuum of behaviors from unacceptable to desired Identify and prioritize the mechanisms that influence employees Agree on an assessment approach, e.g., determine the optimal combination of qualitative measures and quantitative analysis 2. Assessing risk culture to determine what is it based on: Identify areas of good risk culture along with areas of potential vulnerability, e.g., behavioral issues and mechanisms to strengthen to deliver desired behaviors Prioritize gaps and identify interventions Agree an ongoing monitoring or assurance process 3. Changing risk culture through interventions: Communicate and train desired behaviors Address immediate behavioral issues Strengthen the mechanisms that deliver the desired behaviors, e.g., HR processes, risk appetite and risk governance 8 Making culture count

9 EY s Risk Culture Framework To embed an appropriate culture and manage organizational risk, a variety of enablers need to be in place and be effective. When in place and effective, these enablers contribute to delivering desired behaviors and outcomes. EY s five enablers are described below. Risk culture enablers Organizational capabality Talent management Motivation Responsiveness Capabilities Relationships Risk Strategy transparency Risk appetite Tone at top and from middle Risk management framework Leadership Behaviors Organizational structure Roles and responsibilities Governance Leadership: tone from the middle is aligned with tone from the top and desired behaviors are established and role modeled. Organizational structure: risk governance and operating model support the delivery of desired behaviors and enable strong accountability and effective challenge. Risk management framework: risk management framework is embedded in the way the business manages risk and enables effective challenge. Organizational capability: lessons are learned and root causes are addressed. Constructive, collaborative behaviors are expected and measured. Behaviors Outcomes Talent management: employee life cycle and incentives are aligned to risk appetite and reinforce the delivery of desired behaviors. Making culture count 9

10 How EY can help Across APAC and globally, EY has supported banks and insurance organizations in their risk culture journey. Defining the ambition Support for boards and senior management teams to define their risk culture objectives and the target conduct principles, values and behaviors that will promote a sound risk culture Enhancements to governance and accountability frameworks for setting, promoting and overseeing culture Establishing the essentials of effective risk reporting and escalation on behavioral and conduct matters Embedding effective culture and conduct risk measures into performance management Multidisciplinary approach leveraging an experienced team of risk, regulatory and behavioral psychology professionals Risk culture assessment Proven methodology balancing quantitative data with qualitative assessments through a range of interview and focus group-based sessions to ensure a deep understanding of the drivers of risk culture and how these vary across the organization EY s market-leading research-backed analytics and diagnostic tool that focuses on behavior, culture and ethics and analyzes where these spheres are benefiting or hindering your risk and compliance objectives Bespoke and fully integrated culture transformation programs that are actionable and measurable, focusing on governance, communication and training initiatives addressing: Culture change programs Leadership capabilities and getting tone from the top right Strengthening and aligning tone from the middle Consolidating risk governance and accountability Aligning the talent life cycle to risk, compliance and conduct objectives Culture and conduct metrics and dashboards to track and monitor progress over time 10 Making culture count

11 Ready to start your risk culture journey? David Scott Key Singapore contacts Financial Services Risk Maggi Hughes Financial Services Risk Joanne Abbott People Advisory Services Making culture count 11

12 EY Assurance Tax Transactions Advisory 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 global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved. EYG no: GBL ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com

Risk culture. Building great organisations and growing your foundation for success CAPABILITY STATEMENT 2016

Risk culture. Building great organisations and growing your foundation for success CAPABILITY STATEMENT 2016 Risk culture Building great organisations and growing your foundation for success CAPABILITY STATEMENT 2016 What the regulators are saying about risk culture 2 3 An effective risk culture guides and facilitates

More information

Surveillance Program Design and Behavioral Analytics Implementation

Surveillance Program Design and Behavioral Analytics Implementation Surveillance Program Design and Behavioral Analytics Implementation Scott Jarrell Senior Manager EY #AnalyticsX C o p y r ig ht 201 6, SAS In sti tute In c. Al l r ig hts r ese rve d. EY Fraud Investigation

More information

MiFID II Extraterritorial Impacts. Product Manufacturing and Distribution

MiFID II Extraterritorial Impacts. Product Manufacturing and Distribution MiFID II Extraterritorial Impacts Product Manufacturing and Distribution Speakers Marie Gervacio, Executive Director, EY Advisory Services Limited Marie has over 17 years of advisory and assurance experience

More information

HR: taking the right steps. UK leaving the EU

HR: taking the right steps. UK leaving the EU HR: taking the right steps UK leaving the EU In the face of uncertainty, can HR wait for direction? The impact on people of the referendum decision in June remains uncertain. Clarity is only likely to

More information

Cloudy skies. How to bring clarity to your cloud platform in order to optimize your investment. September 2016

Cloudy skies. How to bring clarity to your cloud platform in order to optimize your investment. September 2016 Cloudy skies How to bring clarity to your cloud platform in order to optimize your investment September 2016 The benefits of the cloud are clear Flexibility Scalability Accessibility Decreased initial

More information

EY Center for Board Matters. Leading practices for audit committees

EY Center for Board Matters. Leading practices for audit committees EY Center for Board Matters for audit committees As an audit committee member, your role is increasingly complex and demanding. Regulators, standard-setters and investors are pressing for more transparency

More information

Risk reduction? Value creation?

Risk reduction? Value creation? The power of culture: Risk reduction? Value creation? Find out what applying a cultural lens to your organisation could reveal Measuring the effectiveness and value of culture and potential risks is one

More information

Is inclusive leadership a powerful catalyst for growth?

Is inclusive leadership a powerful catalyst for growth? Is inclusive leadership a powerful catalyst for growth? High-performing teams those that embrace the power of different opinions, perspectives and cultural references are a force to be reckoned with in

More information

The winning tax transformation trinity. Data, technology and operations

The winning tax transformation trinity. Data, technology and operations The winning tax transformation trinity Data, technology and operations Panel Moderators Daryl Blakeway Director South Africa Tax Performance Advisory Anthony Davis Executive Director EMEIA Tax Performance

More information

Session 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA

Session 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA Session 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA Presenters: James Russell Collingwood, ASA, MAAA David Paul, FCAS, MAAA Chad R. Runchey,

More information

Ready for takeoff? Overcoming the practical and legal difficulties in identifying and realizing the value of data. Self-assessment guide

Ready for takeoff? Overcoming the practical and legal difficulties in identifying and realizing the value of data. Self-assessment guide Ready for takeoff? Overcoming the practical and legal difficulties in identifying and realizing the value of data Self-assessment guide Heatmap Life sciences Barriers Maturity Consumer products Barriers

More information

report that their financial impact of all fraud, corruption and/or money laundering incidents is over per incident

report that their financial impact of all fraud, corruption and/or money laundering incidents is over per incident Week of Integrity 2017 1 9 December 2017 Results Integrity Management survey 90% of respondents consider the risk of bribery/corruption and fraud applicable to their business 73% of respondents report

More information

Making a fast start for your capital projects. Power and Utilities Maturity Model and Architecture

Making a fast start for your capital projects. Power and Utilities Maturity Model and Architecture Making a fast start for your capital projects Power and Utilities Maturity Model and Architecture The situation Infrastructure is in a period of high investment; global power and utility organizations

More information

ERM vs. Internal Audit

ERM vs. Internal Audit ERM vs. Internal Audit Differences and Overlaps Kuwait ERM Conference March 2015 Evolving expectations Risk Management Programs Organisations today are struggling with effectively managing risks across

More information

Next steps for CCO compliance. Helping financial services institutions respond to the UK s new corporate criminal offence

Next steps for CCO compliance. Helping financial services institutions respond to the UK s new corporate criminal offence Next steps for CCO compliance Helping financial services institutions respond to the UK s new corporate criminal offence Contents Introduction 1 The hard work is just beginning Extraterritorial scope expands

More information

Growing opportunity, growing business. EY s financial services practice in ASEAN

Growing opportunity, growing business. EY s financial services practice in ASEAN Growing opportunity, growing business EY s financial services practice in ASEAN Our team of almost 3,900 financial services professionals across Asia-Pacific and close to 1,700 in ASEAN connects to bring

More information

boards King IV TM update Leadership, Ethics and Corporate Citizenship

boards King IV TM update Leadership, Ethics and Corporate Citizenship 5 Insights for boards King IV TM update Leadership, Ethics and Corporate Citizenship 1 The draft King IV TM (King IV) was released on 15 March 2016. (available at https://c.ymcdn.com/sites/iodsa.site)ym.com/resource/

More information

Integrating COSO s Fraud Risk Management Guide on an Enterprise Scale

Integrating COSO s Fraud Risk Management Guide on an Enterprise Scale Integrating COSO s Fraud Risk Management Guide on an Enterprise Scale September 15, 2017 Vincent Walden Partner EY Atlanta Delores White Director, Internal Audit Southern Company Scott Hulsey Chief Compliance

More information

How does treasury adapt to the finance function of the future?

How does treasury adapt to the finance function of the future? How does treasury adapt to the finance function of the future? October 2017 The better the question. The better the answer. The better the world works. Contents 1 2 How does treasury adapt to the finance

More information

The trouble with culture:

The trouble with culture: Top of Mind Issues facing technology companies The trouble with culture: unlocking merger value is really about business behavior Top of Mind 2 Introduction In our experience assisting technology companies

More information

Data makes mobility work

Data makes mobility work Data makes mobility work EY 2015 Global Mobility Effectiveness Survey Executive summary Explosion of mobility-related data Global businesses say they are struggling to maximize the role data can play in

More information

Make money, save money and manage risk

Make money, save money and manage risk Make money, save money and manage risk The benefits of well-designed environment, health, safety and sustainability programs EHS and sustainability The opportunities and risks associated with environment,

More information

Cultivating a Risk Intelligent Culture A fresh perspective

Cultivating a Risk Intelligent Culture A fresh perspective Cultivating a Risk Intelligent Culture A fresh perspective October 2012 Why culture? In managing risk effectively it is important to understand what drives behaviours towards risk As the Global Financial

More information

Evolution of shadow accounting for fund managers. July 2013

Evolution of shadow accounting for fund managers. July 2013 Evolution of shadow accounting for fund managers July 2013 Current industry trends in shadow accounting Page 1 Current industry trends in shadow accounting Evolution of shadow accounting in the hedge fund

More information

Industry insight and global experience: the intelligent connection

Industry insight and global experience: the intelligent connection Life sciences sector Industry insight and global experience: the intelligent connection Fraud Investigation & Dispute Services Reactive response and proactive risk management Life sciences companies are

More information

Peter Fuss Senior Advisory Partner Automotive Ernst & Young

Peter Fuss Senior Advisory Partner Automotive Ernst & Young Peter Fuss Senior Advisory Partner Automotive Ernst & Young Shifting from transactional to customercentric Automotive retail in the future Evolving from bricks-and-mortar to an omni-channel strategy Shifting

More information

The current state of play. The future of risk in the Australian health sector

The current state of play. The future of risk in the Australian health sector The current state of play The future of risk in the Australian health sector Foreword David Roberts Global Health Executive Asia-Pacific Health Leader Welcome to the EY series on the future of risk in

More information

EY Digital Boardroom. Overview. EY Digital Boardroom 1

EY Digital Boardroom. Overview. EY Digital Boardroom 1 EY Digital Boardroom Overview EY Digital Boardroom 1 Dear EY community, Markus Heinen Partner, Advisory Services EY GSA The disruption of finance functions is not a reality of the distant future but actually

More information

The future enterprise. A transformation road map for the automotive organization

The future enterprise. A transformation road map for the automotive organization The future enterprise A transformation road map for the automotive organization The view The Fourth Industrial Revolution represents an existential threat to companies in every industry. Automotive incumbents

More information

Financial advisor compensation. The changing approach to advisor incentives

Financial advisor compensation. The changing approach to advisor incentives Financial advisor compensation The changing approach to advisor incentives The wealth management (WM) industry is facing a strategic shift in how it approaches compensation. As the independent registered

More information

Governing the cloud. insights for 5executives. Drive innovation and empower your workforce through responsible adoption of the cloud

Governing the cloud. insights for 5executives. Drive innovation and empower your workforce through responsible adoption of the cloud insights for 5executives Governing the cloud Drive innovation and empower your workforce through responsible adoption of the cloud Of special interest to Chief information officers Chief information security

More information

Managing complexity and change in a new landscape. June 2014

Managing complexity and change in a new landscape. June 2014 Managing complexity and change in a new landscape June 2014 Introduction Leaders of global asset management rms are driving their operations and technology organizations to transform business processes

More information

Increasing the Intensity and Effectiveness of Supervision

Increasing the Intensity and Effectiveness of Supervision Increasing the Intensity and Effectiveness of Supervision Consultative Document Guidance on Supervisory Interaction with Financial Institutions on Risk Culture 18 November 2013 Table of Contents Page

More information

The new revenue standard

The new revenue standard The new revenue standard Why is it so important? June 8, 2016 Agenda Overview Why should you care? The five step model Implementation challenges What should Companies be doing? Page 2 Overview Page 3 The

More information

Culture: Why is it important?

Culture: Why is it important? Culture: Why is it important? I Heart Audit Conference February 24, 2017 Edmund Green, KPMG Jeff Rowland, USAA Disclaimer The contents of this presentation do not necessarily reflect any approach used

More information

Attract, motivate and retain

Attract, motivate and retain EY People Advisory Services Talent & Reward Attract, motivate and retain EY at the heart of your HR strategy A compensation and talent management policy which serves your operating goals Compensation and

More information

Operational Transaction Services

Operational Transaction Services Operational Transaction Services Working with you to make your acquisition a success Operational Transaction Services Working with you to make your acquisition a success 1 Operational Transaction Services

More information

Stock markets are mainstreaming non-financial reporting. Are New Zealand companies ready?

Stock markets are mainstreaming non-financial reporting. Are New Zealand companies ready? Stock markets are mainstreaming non-financial reporting Are New Zealand companies ready? Contents How are investors redefining who the winners are? 3 What changes are in store for NZX listed companies?

More information

Global Business Services. Driving value and global integration while evolving to the business partner for the digitalization!

Global Business Services. Driving value and global integration while evolving to the business partner for the digitalization! Global Business Driving value and global integration while evolving to the business partner for the digitalization! Trends on technology and value Global Business will soon be the engine for transformation

More information

Take-aways from EY s series of Internal Audit Analytics roundtables over 2016

Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 2 Amsterdam Roundtable on Data Analytics for Internal Audit Over 2016 EY hosted a series of roundtables with key executives

More information

Introduction. Contents

Introduction. Contents CRACKING THE CODE 2 CRACKING THE CODE Introduction Since our inception in 1990, YSC has assessed and developed ca 40,000 senior leaders in 40% of the FTSE 100 companies. On average, we work with approximately

More information

Embedding High-Performance Culture through New Approaches to Performance Management and Behavior Change

Embedding High-Performance Culture through New Approaches to Performance Management and Behavior Change Embedding High-Performance Culture through New Approaches to Performance Management and Behavior Change Elaine D. Pulakos, PDRI a CEB Company Alan Colquitt, Eli Lilly and Company Sharon Arad, Cargill Session

More information

AML model risk management and validation

AML model risk management and validation AML model risk management and validation Who we are EY s Anti-Money Laundering (AML) and Regulatory Compliance Technology practice is a global team of client-serving, financial services professionals.

More information

Brexit: considerations for your Internal Audit operating model

Brexit: considerations for your Internal Audit operating model Brexit: considerations for your Internal Audit operating model Next steps Brexit: considerations for your Internal Audit operating model 1 Brexit: considerations for your Internal Audit operating model

More information

Risk consulting. Conduct risk: Aligning product, customer and value. kpmg.ie

Risk consulting. Conduct risk: Aligning product, customer and value. kpmg.ie Risk consulting Conduct risk: Aligning product, customer and value kpmg.ie Conduct risk: Aligning product, customer and value KPMG explores the challenges that the integrated Irish financial services sector

More information

Product intervention. Consumer protection agenda: Global regulatory reform

Product intervention. Consumer protection agenda: Global regulatory reform Product intervention Consumer protection agenda: Global regulatory reform 1 Product intervention Consumer protection agenda: Global regulatory reform In pursuit of its objectives to protect consumers,

More information

Building and operating the UK s infrastructure. Establishing your roadmap to success

Building and operating the UK s infrastructure. Establishing your roadmap to success Building and operating the UK s infrastructure Establishing your roadmap to success Building for the future The UK government has issued a challenge to the sector to remedy a 50 year backlog in investment

More information

Why digital governance matters

Why digital governance matters insights for 5executives Why digital governance matters In a digital world, new approaches to governance are vital for minimizing risks and maximizing performance Of special interest to Chief operating

More information

Disruption and resilience in agricultural supply chains

Disruption and resilience in agricultural supply chains EY Assurance Tax Transactions Advisory For more information, contact: Veli Ivanova Ernst & Young, LLP Principal +1 720 931 4416 veli.ivanova@ey.com About EY EY is a global leader in assurance, tax, transaction

More information

Driving sustainable performance in the oil and gas sector. Supporting your health, safety, environmental and social goals

Driving sustainable performance in the oil and gas sector. Supporting your health, safety, environmental and social goals Driving sustainable performance in the oil and gas sector Supporting your health, safety, environmental and social goals EY s Climate Change and Sustainability Services (CCaSS) focus on health clients,

More information

Effective implementation of COSO s new anti-fraud guidance

Effective implementation of COSO s new anti-fraud guidance Effective implementation of COSO s new anti-fraud guidance In September 2016, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a new Fraud Risk Management Guide (Anti-fraud

More information

Session 059 L - Integrated Financial Planning and Stress Testing. Moderator: Chad R. Runchey, FSA, MAAA

Session 059 L - Integrated Financial Planning and Stress Testing. Moderator: Chad R. Runchey, FSA, MAAA Session 059 L - Integrated Financial Planning and Stress Testing Moderator: Chad R. Runchey, FSA, MAAA Presenters: Michael Bohm Steven J. Pummer, FSA, MAAA Chad R. Runchey, FSA, MAAA SOA Antitrust Compliance

More information

Turbulent times in executive remuneration. Is it time to rethink your approach?

Turbulent times in executive remuneration. Is it time to rethink your approach? Turbulent times in executive remuneration Is it time to rethink your approach? The spotlight is on executive remuneration What are the alternatives? Should you be making changes? Where to from here? With

More information

At Law, we are a team of dedicated legal advisors with extensive experience and specialist skills in various areas.

At Law, we are a team of dedicated legal advisors with extensive experience and specialist skills in various areas. Law at EY At Law, we are a team of dedicated legal advisors with extensive experience and specialist skills in various areas. Law at EY We provide legal services independently or in close collaboration

More information

Agenda. Enterprise Risk Management Defined. The Intersection of Enterprise-wide Risk Management (ERM) and Business Continuity Management (BCM)

Agenda. Enterprise Risk Management Defined. The Intersection of Enterprise-wide Risk Management (ERM) and Business Continuity Management (BCM) The Intersection of Enterprise-wide Risk (ERM) and Business Continuity (BCM) Marc Dominus 2005 Protiviti Inc. EOE Agenda Terminology and Process Introductions ERM Process Overview BCM Process Overview

More information

Sarbanes-Oxley Act of 2002 Can private businesses benefit from it?

Sarbanes-Oxley Act of 2002 Can private businesses benefit from it? Sarbanes-Oxley Act of 2002 Can private businesses benefit from it? As used in this document, Deloitte means Deloitte Tax LLP, which provides tax services; Deloitte & Touche LLP, which provides assurance

More information

CITIBANK N.A JORDAN. Governance and Management of Information and Related Technologies Guide

CITIBANK N.A JORDAN. Governance and Management of Information and Related Technologies Guide CITIBANK N.A JORDAN Governance and Management of Information and Related Technologies Guide 2018 Table of Contents 1. OVERVIEW... 2 2. Governance of Enterprise IT... 3 3. Principles of Governance of Enterprise

More information

Go global: positioning your family business expansion across borders. Key considerations for accelerating your growth

Go global: positioning your family business expansion across borders. Key considerations for accelerating your growth Go global: positioning your family business expansion across borders Key considerations for accelerating your growth 1 Stay true to your vision When looking to grow your family business, it s just as important

More information

See your auditor clearly. Transparency report: How we perform quality audit engagements

See your auditor clearly. Transparency report: How we perform quality audit engagements See your auditor clearly. Transparency report: How we perform quality audit engagements February 2014 Table of contents 1) A message from the CEO and Managing Partner Assurance 2 2) Quality control policies

More information

Digital transformation in underwriting: what it means and how to get there

Digital transformation in underwriting: what it means and how to get there Digital transformation in underwriting: what it means and how to get there Every part of the insurance industry is talking about digital transformation. Underwriting, the traditional heart of the insurance

More information

Developing high performance teams. 2 3 October 2017

Developing high performance teams. 2 3 October 2017 Developing high performance teams 2 3 October 2017 Contents Introduction 04 Registration form 06 Introduction Program overview Every individual wants to form part of a winning team, however when dealing

More information

Catching Fraud During a Recession Through Superior Internal Controls. FICPA s 25 th Annual Accounting Show. J. Stephen Nouss September 29, 2010

Catching Fraud During a Recession Through Superior Internal Controls. FICPA s 25 th Annual Accounting Show. J. Stephen Nouss September 29, 2010 Catching Fraud During a Recession Through Superior Internal Controls FICPA s 25 th Annual Accounting Show J. Stephen Nouss September 29, 2010 1 Session Objectives Fraud Facts (2008 Association of Certified

More information

In times of uncertainty, where can governments find opportunity?

In times of uncertainty, where can governments find opportunity? In times of uncertainty, where can governments find opportunity? EY Global GPS Macroeconomic and Policy Outlook 2018 At EY Global Government and Public Sector, we take pause each New Year to consider the

More information

Success peak performance and personal branding December 2017

Success peak performance and personal branding December 2017 Success peak performance and personal branding 10 11 December 2017 Day 1 The psychology of success and peak performance The definition of success The barriers to success Harnessing your inner most power

More information

Developing an Integrated Anti-Fraud, Compliance, and Ethics Program

Developing an Integrated Anti-Fraud, Compliance, and Ethics Program Developing an Integrated Anti-Fraud, Compliance, and Ethics Program Establishing an Effective Anti-Fraud, Compliance, and Ethics Function 2018 Association of Certified Fraud Examiners, Inc. Discussion

More information

Supporting local public services through change. Contract optimisation

Supporting local public services through change. Contract optimisation Supporting local public services through change optimisation Getting value for money from contracts and spend with third parties is an ongoing challenge for most organisations. This is increasingly true

More information

Governance Guideline SEPTEMBER 2013 BC CREDIT UNIONS.

Governance Guideline SEPTEMBER 2013 BC CREDIT UNIONS. Governance Guideline SEPTEMBER 2013 BC CREDIT UNIONS www.fic.gov.bc.ca INTRODUCTION The Financial Institutions Commission 1 (FICOM) holds the Board of Directors 2 (board) accountable for the stewardship

More information

Governance and decision rights. HR Business Partner and Centers of Expertise. The HR Chief Operating Officer. HR Organization

Governance and decision rights. HR Business Partner and Centers of Expertise. The HR Chief Operating Officer. HR Organization 5 HR Business Partner and Centers of Expertise 6 Governance and decision rights HR Organization 4 The HR Chief Operating Officer 5 HR Business Partners and Centers of Expertise HR is at a turning point.

More information

Supplier risk compliance obligation or source of competitive advantage? Improve supplier reliability to lift business performance

Supplier risk compliance obligation or source of competitive advantage? Improve supplier reliability to lift business performance Supplier risk compliance obligation or source of competitive advantage? Improve supplier reliability to lift business performance Steps to reduce supplier uncertainty and uncover cost savings An unreliable

More information

The credit card industry: navigating an evolving environment. EY Advisory Services

The credit card industry: navigating an evolving environment. EY Advisory Services The credit card industry: navigating an evolving environment EY Advisory Services The credit card industry: navigating an evolving environment The path to profitability for card issuers has been increasingly

More information

Integrated reporting. Communicating sustainable value creation

Integrated reporting. Communicating sustainable value creation Integrated reporting Communicating sustainable value creation What is Integrated Reporting (IR)? IR is a significant evolution in corporate reporting, providing a business s investors and other principal

More information

Digital Twin & Augmented Reality. Usage of digital product models for product development, production and. service

Digital Twin & Augmented Reality. Usage of digital product models for product development, production and. service Digital Twin & Augmented Reality Hannover, 26th April 2017 Usage of digital product models for product development, production and service Marco Liesegang, EY Advisory Service IoT / I4.0 Team Lead GSA

More information

EY Alumni Network Portal. How to register

EY Alumni Network Portal. How to register EY Alumni Network Portal How to register EY Alumni Network Portal Visit the EY Alumni Network Portal then follow these five steps. Accept data privacy Set content EY Alumni Network Portal 1 1. From the

More information

Deloitte s High-Impact HR Operating Model: Business HR. Deloitte Consulting LLP

Deloitte s High-Impact HR Operating Model: Business HR. Deloitte Consulting LLP Deloitte s High-Impact HR Operating Model: Business HR Deloitte s High-Impact HR Operating Model: Business HR The business of Human Resources (HR) is the business HR has a mission: High impact. A new Operating

More information

EY Advisory: Driving business performance

EY Advisory: Driving business performance EY Advisory: Driving business performance Advisory EY s consulting practice Helping clients grow, protect and optimize their businesses Page 1 EY Advisory by the numbers 15,000+ Americas 20,000+ EMEIA

More information

Automation for the Intelligent Enterprise

Automation for the Intelligent Enterprise Automation for the Intelligent Enterprise Robotic Process Automation's role in today's tax department Sharda Cherwoo Disclaimer This presentation is provided solely for the purpose of enhancing knowledge

More information

Risk Advisory Services Developing your organisation s governance for competitive advantage

Risk Advisory Services Developing your organisation s governance for competitive advantage Advisory Services Developing your organisation s governance for competitive advantage The Deloitte Advisory Platform of Services can help you to govern your strategic plan to guide your operations measure

More information

Implementing risk transformation in financial institutions Governance and culture

Implementing risk transformation in financial institutions Governance and culture Implementing risk transformation in financial institutions Governance and culture Know the worth of risk. Risk transformation can enable a financial institution to elevate risk management from a functional

More information

Transparency Report. EY Nigeria

Transparency Report. EY Nigeria Transparency Report 2016 EY Nigeria Contents Message from the Country Managing Partner and the EY Nigeria Assurance Leader... 3 About us... 5 Legal structure, ownership and governance... 5 Network arrangements...

More information

Compliance Program Effectiveness Guide

Compliance Program Effectiveness Guide Compliance Program Effectiveness Guide June 2017 This Guide is a comparison of: Compliance Program Elements New York State, Social Services Law 363-D Office of Inspector General (OIG) Compliance Program

More information

Insights for boards. King IVTM update Comments on the Municipalities supplement

Insights for boards. King IVTM update Comments on the Municipalities supplement 5 Insights for boards King IVTM update Comments on the Municipalities supplement 1 The draft King IVTM Report (King IV) was released on 15 March 2016 (available at https://c.ymcdn.com/sites/iodsa.site)ym.com/

More information

International Financial Reporting Standards (IFRS) Seminar. IFRS in practice the global experience Tehran, April 2017

International Financial Reporting Standards (IFRS) Seminar. IFRS in practice the global experience Tehran, April 2017 International Financial Reporting Standards (IFRS) Seminar IFRS in practice the global experience Tehran, 24 25 April 2017 Sponsor Securities & Exchange Organization 2 Introduction The harmonization of

More information

Turning Strategy Into Action: Why Many Organizations Are Not Fit to Deliver

Turning Strategy Into Action: Why Many Organizations Are Not Fit to Deliver Volume XIX, Issue 65 Turning Strategy Into Action: Why Many Organizations Are Not Fit to Deliver Many companies find turning strategy into action very challenging, not because of a weakness in the strategy

More information

Benchmarking 101: Shaping your E&C Program for Maximum Value

Benchmarking 101: Shaping your E&C Program for Maximum Value Benchmarking 101: Shaping your E&C Program for Maximum Value Presented on November 15, 2016 Copyright 2016NAVEXGlobal,Inc. AllRightsReserved. Page 0 Presented by Mary Bennett Vice President, Advisory Services,

More information

Transparency Report Kost Forer Gabbay & Kasierer (EY Israel)

Transparency Report Kost Forer Gabbay & Kasierer (EY Israel) Transparency Report 2016 Kost Forer Gabbay & Kasierer (EY Israel) Contents Message from the EY Israel Chairman... 3 Message from the EY Israel Managing Partners and Assurance Leaders... 4 About us... 5

More information

Risk Management and Regulatory Examination/Compliance Seminar October 27, Eric Young CCO-Americas and CCO-IHC

Risk Management and Regulatory Examination/Compliance Seminar October 27, Eric Young CCO-Americas and CCO-IHC Risk Management and Regulatory Examination/Compliance Seminar October 27, 2015 Eric Young CCO-Americas and CCO-IHC I. Volcker Rule: Overview of the Compliance Program 2 The Volcker Compliance Program:

More information

26th Annual Health Sciences Tax Conference

26th Annual Health Sciences Tax Conference 26th Annual Health Sciences Tax Conference Driving greater tax function effectiveness and December 5, 2016 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms

More information

Finance for non-finance managers. Delhi Mumbai Bengaluru

Finance for non-finance managers. Delhi Mumbai Bengaluru Finance for non-finance managers Delhi Mumbai Bengaluru This is a three-day program that gives you valuable insight on important financial areas and is extremely relevant for decision making. Knowledge

More information

Managing complex services in SAP and Ariba from a client perspective. Ariba Live 2018

Managing complex services in SAP and Ariba from a client perspective. Ariba Live 2018 Managing complex services in SAP and Ariba from a client perspective Ariba Live 2018 Agenda Overview and main message Plan to play design overview Supplier qualification Contract management Managing procurement

More information

As meters get smarter, who gets the power?

As meters get smarter, who gets the power? As meters get smarter, who gets the power? The better the question. The better the answer. The better the world works. Of special interest to: Chief executive officers Managing directors Strategy directors

More information

Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Practices. The use of compensation tools to address misconduct risk

Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Practices. The use of compensation tools to address misconduct risk Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Practices The use of compensation tools to address misconduct risk 9 March 2018 The Financial Stability Board (FSB) is established

More information

INTEGRITY MANAGEMENT CONTINUOUS IMPROVEMENT. Foundation for an Effective Safety Culture

INTEGRITY MANAGEMENT CONTINUOUS IMPROVEMENT. Foundation for an Effective Safety Culture INTEGRITY MANAGEMENT CONTINUOUS IMPROVEMENT Foundation for an Effective Safety Culture June 2011 Foundation for an Effective Safety Culture describes the key elements of organizational culture and business

More information

USC Compliance and Ethics Program Governance and Standards

USC Compliance and Ethics Program Governance and Standards Background The following elements of an effective compliance program come from the Federal Sentencing Guidelines, but also are incorporated into federal and state regulations and administrative guidance.

More information

The past, present and future of service organization control reporting

The past, present and future of service organization control reporting The past, present and future of service organization control reporting Key takeaways from EY s Annual SOCR Client Conference March 2016 Study the past if you would define the future. Confucius b 1 Conference

More information

Business resilience in the provider care sector. Actively adapting to a changing environment

Business resilience in the provider care sector. Actively adapting to a changing environment Business in the provider care sector Actively adapting to a changing environment There has never been a greater need for a company to assess its own business and nowhere is this more true than in the provider

More information

Enterprise risk management Protecting and enhancing value Advisory

Enterprise risk management Protecting and enhancing value Advisory Enterprise risk management Protecting and enhancing value Advisory October 2016 kpmg.co.za 2016 KPMG Services (Pty) Ltd, a South African company and a member firm of the KPMG network of independent member

More information

Powering the future. EY capital and infrastructure services for power and utilities organizations

Powering the future. EY capital and infrastructure services for power and utilities organizations Powering the future EY capital and infrastructure services for power and utilities organizations The pressure to perform Overspending and delays threaten performance The infrastructure iceberg Investment

More information

Best practice workshop. Training course outline

Best practice workshop. Training course outline Best practice workshop Training course outline Overview This course aims to provide participants with a thorough understanding of how to construct a financial model using leading approaches towards model

More information

CFO attestation: building a sustainable process

CFO attestation: building a sustainable process CFO attestation: building a sustainable process This regulatory briefing highlights the challenges faced by firms in establishing their CFO attestation supporting capabilities, as well as the priorities

More information