NEW YORK, April 22, 2013 /PR Newswire/ -- Ernst & Young LLP announced today that for the fourth year in a row it has received the award for best overall consultancy by Operational Risk & Regulation and a group of financial services industry experts. The firm was singled out for its innovative and practical operational risk management services, integrated financial services advisory practice and deep regulatory knowledge.
"This award is a credit to our outstanding team of dedicated risk professionals that have contributed to developing Ernst & Young LLP's distinct enterprise risk management framework," said Hank Prybylski, Global Financial Services Risk Management Leader, for the Ernst & Young organization. "We see the needs of a global client base becoming increasingly complex, and in order to deal with the rising tide of new risk, Ernst & Young will continue to invest in the expansion of our capabilities and innovative risk service offerings."
One key initiative underpinning Ernst & Young's industry leadership in risk management was the formation of the Global Regulatory Network. Since the financial crisis, the agenda at most financial services firms has been driven by the new financial regulatory landscape. Recognizing the linkage between global regulatory reforms and the risk management priorities of many clients, the global Ernst & Young organization brought together an executive team of former senior regulators from around the world to advise clients on regulatory themes impacting global banks, including capital, liquidity, recovery and resolution planning, risk governance and other emerging topics.
Additionally, Ernst & Young has provided a breadth of risk management services to the world's largest and most complex financial institutions, including operational risk management, enterprise risk governance, capital management, data management and reporting and anti-money laundering and regulatory compliance services.
Prybylski added, "There is no doubt that the past few years have challenged the ability of banks, asset managers and insurance companies to respond to the new regulatory environment. But we believe that financial institutions have moved their focus to developing strategies for growth. Success in the future financial services industry landscape will hinge on understanding an evolved and rapidly changing customer agenda, leveraging analytics for competitive advantage, as well as developing efficient and forward-looking risk management capabilities that will support and enable sustainable profitability."
The Operational Risk & Regulation Awards aim to recognize companies and individuals that have demonstrated innovative thinking and provided useful solutions to the operational risk challenges faced by the financial industry in addition to excellence in operational risk management across the financial sector.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of 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 www.ey.com.
Ernst & Young is a leader in serving the global financial services marketplace
Nearly 35,000 Ernst & Young financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, Ernst & Young is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Office today includes more than 4,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America.
Ernst & Young professionals in our financial services practices worldwide align with key global industry groups, including Ernst & Young's Global Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, Ernst & Young's financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide.
It's how Ernst & Young makes a difference.
This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.
SOURCE Ernst & Young LLP