Please see below selected recent intelligence about EY.
- EY is to launch a next-gen predictive analytics hub to help consumer products and retail companies unlock growth. EY announced the launch of its Commercial Analytics Services Hub (EY CASH). This cloud-based analytics platform helps consumer products and retail (CPR) companies accelerate growth by predicting consumer choice to inform key decisions.
- Society Consulting, a US-based analytics and big data consulting firm based in Seattle, has joined the US affiliate of Ernst & Young. Society Consulting provides services across the areas of web development, dynamic content strategy, content management, personalization, segmentation and campaign execution. This adds to EY’s other recent digital services acquisitions that includes Seren, NorthPoint Digital, Intuitive Company, Bedrock Consultants, Bluestone Consulting and C3. EY
- EY and OpenText formed a strategic alliance to deliver enhanced enterprise information management approaches. EY announces a strategic alliance with OpenText, a global leader in enterprise information management (EIM).
- Big companies and their outside auditors often have close professional relationships. But now, for the first time, US regulators have taken enforcement action over relationships that became a little too close: it has fined professional services firm Ernst & Young $9.3m for failures including an auditor’s romantic involvement with a client. Investigations by the Securities and Exchange Commission have found that a senior EY partner involved in the audit of a New York-based public company forged an improperly close friendship with the company’s chief financial officer and spent more than $100,000 on corporate entertainment for the executive. Another partner on the team who was auditing a different public company became romantically involved with its chief accounting officer.
- EY announced a new Global Deputy Vice Chair of Advisory Services, Errol Gardner.
- Meanwhile EY promoted 714 new partners worldwide.
- EY launches legal offering in Chile and Argentina and hired a partner from Norton Rose Fulbright in Toronto to lead its Canadian business law team. The accountant has hired Jorge Garnier from Argentine power company Genneia, where he was senior legal counsel, as an executive director to build a team focusing on corporate law.
- EY appointed Andy Baldwin as area managing partner for its Europe, Middle East, India and Africa practices, which include more than 102,000 people across 99 countries. Baldwin is currently the regional managing partner for EY's Financial Services Organisation in EMEIA & will assume his new role on July 1.
- In Ireland, EY announced plans to boost its 1800-strong workforce, adding 270 new jobs across its offices in Dublin, Cork, Limerick, Waterford and Galway. The firm said growth is being fuelled by high demand for cybersecurity and fraud investigation services. 220 of the new jobs will be for experienced hires, with another 50 coming from an increased graduate intake in September. EY has grown its business in Ireland by 16% every year over the past three years, and its workforce has increased by a quarter since 2014.
- In Japan, more than 30 companies have decided to terminate their contracts with Ernst & Young ShinNihon since the accounting firm was punished by authorities in December for signing off on Toshiba's books.
- For the sixth consecutive year, top analyst and research firms recognised Deloitte with prominent accolades for its depth and breadth with Consulting services. In recently released reports, ALM Intelligence ranked Deloitte #1 in Global Business Consulting, the IDC MarketScape named Deloitte a leader in Global Business Consulting, and Gartner ranked Deloitte #1 in consulting service providers by market share, worldwide. Deloitte's capabilities were examined across a multitude of businesses, including consulting, risk, advisory, tax and audit.
- Deloitte announced that it had acquired substantially all the assets of Casey Quirk, the world's largest strategy consultancy devoted exclusively to serving the asset management industry. Terms of the deal were not disclosed. The move combines the strengths and global reach of Deloitte, a leader in business transformation ranked number one in global strategy and operations consulting, with Casey Quirk, a leader in asset management strategy that has served a majority of the world's 50 largest asset managers. The Casey Quirk partners and existing team will transition to Deloitte and will now operate under the "Casey Quirk by Deloitte" brand.
- Deloitte is targeting fast-growing start-ups and SMEs with a new accounting and analytics service, the latest example of how cheaper access to technology is allowing the Big Four professional services firms to expand their reach. The new cloud-based service is called Propel and has received £2.5m in funding from Deloitte’s Innovation Investments scheme, which encourages its entrepreneurial employees to turn start-up ideas into businesses. As well as a core accounting service, clients have their own “dashboard”, which gives a real-time view of how their business is performing, in areas including its cash position, trends in web traffic and how sales are correlated to the weather.
- Allen & Overy announced the launch of MarginMatrix™, a new digital derivatives compliance system to help major banks deal with new regulatory requirements that will come into force for the USD500 trillion over-the-counter (OTC) derivatives market from 1 September 2016. The system is being deployed as an end-to-end managed service in collaboration with Deloitte, which will manage and resource the client outreach and counterparty negotiation process.
- Matt Ellis was appointed as Deloitte’s new managing partner for tax in the UK and Switzerland. Ellis has held a variety of positions in Deloitte, including in regional offices in Southampton and Reading as well as London. Most recently he led Deloitte UK’s global employer services business (GES) and served as talent leader for tax. He succeeds Andy Hodge, who has led the practice for the past five years and is retiring from the firm.
- Deloitte Africa announced four senior appointments to its leadership, aimed at strengthening the firm's presence in West and East Africa. The new appointees are, Sihlalo Jordan, Deputy CEO of Deloitte Africa, Mike Jarvis, COO of Deloitte Africa, Fatai Folarin, CEO of Deloitte Nigeria and Regional Leader for Deloitte West Africa region and Joe Eshun, Deputy CEO of Deloitte East Africa.
- In Ireland, Deloitte announced it will set up an EMEA-region financial services Blockchain Lab, as part of its fintech initiative called ‘The Grid’. The firm will assemble a team of 50 people over the next 18 months, including blockchain developers and designers. Meanwhile, Deloitte in Germany integrated its innovation, digital and analytics business knowhow in "The Garage".
- Deloitte's new DataUSA team consists of faculty and former graduate students from MIT Media Lab, programmers and designers from Datawheel, and Deloitte's own experts in data and analytics, and experts in government. Bringing together this range of skills, expertise, and connections enabled the team to make sense of government data streams, combine them in new and (importantly) robust ways, and create a platform that both tells stories and allows users to explore their own questions.
- Deloitte has entered the Myanmar market, the last of the Big Four to commit to the country, after providing limited services for several years. The firm is now represented in every ASEAN country. Deloitte said its partner firm, Myanmar Vigour, was now officially integrated with Deloitte Southeast Asia after three years of partnership.
- Deloitte named its highest-ever proportion of female partners in its annual round of promotions but the pool of senior employees is still more than 80% male. The firm said 24 of 80 new partners in its UK business, which includes offices in Switzerland, are female. The figure means that 30% of the prized positions went to women, up on last year‘s 29% and just 20% in 2014. But while the proportion of new female partners has been increasing, Deloitte is still a long way off gender parity. This year’s intake means that just 16% of the 1,054 partners in the firm’s UK division are female, a slight increase on 15% before the latest batch of promotions.
- Deloitte Consulting LLP has agreed to pay $11.38 million to resolve allegations it submitted false claims under a U.S. government contract, the U.S. Justice Department said. Deloitte allegedly failed to comply with a price reductions clause in a contract awarded in 2000 by the General Services Administration for information technology services, the department said in a news release.
Please see below selected recent intelligence about McKinsey & Co.
- Kazakhstan signed a deal with Google and McKinsey to harness the power of “big data” analysis and improve efficiency in its mining industry. A government fund finalised an agreement to set up a centre for collecting and analysing data from across the mining sector, based in the commercial capital, Almaty, working in partnership with the US technology and consulting groups.
Please see below selected intelligence about Capgemini.
- Capgemini announced an alliance with German blockchain specialist, Ascribe, to develop a blockchain database solution, enabling bank customers to combine loyalty points from various programs & redeem in real time.
Please see below selected intelligence about Boston Consulting Group.
- Boston Consulting Group announced a partnership with startup accelerator, MassChallenge. The two firms will collaborate to connect BCG's clients with leading startups in the US, the UK, and Israel. MassChallenge will help BCG support the digital transformations of its clients across industries and give insights into the latest trends and innovations. BCG staff will take part in judging and mentoring MassChallenge startups and will participate in MassChallenge innovation workshops, its Global Bridge Summit, and other events with startups throughout the year.
Please see below selected intelligence about BDO.
- BDO USA announced an expansion into the Utah market through the addition of 64 staff, including 10 partners, from Mantyla McReynolds, LLC. Founded in 1989, Mantyla McReynolds provides a full range of accounting and consulting services to a diversified client base of public and private businesses.
Please see below selected recent external intelligence about IBM.
- IBM and Deloitte Financial Crime Strategy and Response Network teamed up on mitigating financial crime in Asia. Deloitte will use the IBM Counter Fraud Management (CFM) platform to deliver advanced financial crime data analytics services across the region. IBM CFM is an integrated set of solutions that are designed to address all phases of enterprise financial crime measures. A modular set of analytics, intelligence, and visual technologies will expand and reinforce the fight against financial crime.
- Debra A. Polishook has been appointed Group Chief Executive, Accenture Operations. She succeeds Michael J. Salvino, who will retire and join Carrick Capital Partners, an investment firm focused on technology-enabled businesses. Accenture has also named Manish Sharma as Group Operating Officer, Accenture Operations, succeeding Polishook. The changes are effective 1 September 2016. Polishook, is currently Group Operating Officer for Accenture Operations, one of the firm’s five businesses with more than $7 billion in annual revenues and 100,000 staff globally. Polishook will also join the company’s Global Management Committee. Sharma, based in Bangalore, India, is currently Senior Managing Director, Global Delivery & Solution Development for Accenture Operations. Sharma will continue as a member of Accenture’s Global Leadership Council.
- Accenture opened a new centre in Málaga, Spain, to help its European clients develop quality digital marketing content at speed and scale, and in a multitude of digital formats and languages. Over the next two years, the Accenture Interactive Centre of Excellence is expected to create 150 new jobs. The new facility specialises in accelerating the production of digital marketing content from banner ads and social media posts to websites and videos for marketing organisations. A growing team of front-end developers, designers, copywriters, and content managers, supported by industrialised production and quality management processes, will help clients move faster from digital marketing content vision to execution.
KPMG appointed Darren Burton as Vice Chair, Human Resources. Burton succeeds Bruce Pfau, who is retiring from the Vice Chair role after 12 years. Pfau will join the firm’s Advisory practice in a senior consulting role. Burton joins KPMG from Raytheon Company, where he most recently served as Vice President, Human Resources and Security for Raytheon Intelligence, Information and Services Company. Prior to Raytheon, Burton held senior HR positions at Williams Lea, IBM, the Campbell Soup and DuPont.
The union representing more than 4,500 government financial officers has lodged two formal complaints of professional misconduct against KPMG over its work in setting up offshore tax structures on the Isle of Man. The Association of Canadian Financial Officers wants the Ontario and Quebec chapters of the self-regulating Chartered Professional Accountants, or CPA, to assess KPMG's behaviour against the profession's code of conduct, bylaws and regulations.