EY EMEIA Financial Services Sustainability Report 2013
We advise our clients on how to meet their current needs without compromising the ability of future generations to meet theirs.
Emerging from the global financial crisis, the financial services industry continues to face unprecedented change, but is determined to learn from past failures and create a more sustainable approach to finance.
Collaborating with clients, we are committed to creating a better working financial services industry.
“Today’s environment calls for better management of sustainability risks, customer innovation and mastering the demands of regulatory change.”Andreas Freiling
EMEIA Insurance Leader
Embedding sustainability in core services
The industry is increasingly approaching sustainability as a strategic issue that presents risk as well as new business opportunities. We provide a number of services to help our clients progress their sustainability agenda, including:
“As the industry adapts to a new future and sustainable models for growth, fixing its reputation will be a major part of that process.”Robert Cubbage
EMEIA Banking & Capital Markets Leader
Supporting international development
EY appreciates how governments, corporate entities, multilateral and not-for-profit organizations are working to solve critical issues in the developing world. We want to add value to their efforts with a range of customized services, such as social due diligence, grant management planning, and social impact assessment.
We have also audited various external aid programs and projects funded by the European Commission from the European Development Fund.
“Investor demand for sustainable, responsible and ethical products continues to grow significantly. However, this has to be balanced against consistent performance of those products.”Roy Stockell
EMEIA & Asia-Pacific Wealth & Asset Management Leader
Contributing to public discourse
We understand our obligation to contribute to public policy and engage with the wider community, and we use our global reach and relationships with clients, governments and not-for-profit organizations to create positive change.
Collaborating with external organizations
We actively engage policymakers to promote reforms that contribute to increased investor confidence, better audits, and strengthened corporate governance.
On a global scale, we collaborate with organizations, such as the World Bank, the International Finance Corporation, the United Nations, the World Business Council for Sustainable Development and the World Economic Forum, to promote sustainable development, combat corruption and defend human rights.
At a country level, we work with organizations that understand their local markets and add value to public policy discussions. For example, for several years we have been auditor to the UN Global Compact (UNGC) network in Spain (El Pacto Mundial de las Naciones Unidas), and have provided our services pro-bono since 2012.
Examples of our work with the World Bank Group include:
- National Payment System modernization at the Central Bank of Congo
- EY has already completed two engagements for the Central Bank of Congo (BCC) on World Bank funding. We conducted preliminary studies leading to the design of BCC’s overall modernization plan and prepared terms of reference for the required systems. We are currently providing technical assistance to BCC and the national banking community on implementing a phase for a RTGS, ACH, associated data center and telecom.
- Helping the Bank of Mozambique implement International Financial Reporting Standards (IFRS)
- EY helped the Bank of Mozambique upskill its task force, implement IFRS and advise on-site and off-site examiners. We helped update procedures and regulations, and reviewed reports submitted in accordance with the IFRS regulation framework.
- External audit of the Emergency Banking Sector Reform Project in Iraq
- The World Bank Group and the Central Bank of Iraq signed an agreement to strengthen the supervisory framework for financial intermediation and build Iraqi financial institutions’ capacity to support implementation of Phase I of the Iraqi Banking Reform Strategy. We have been providing external audit services on the project for the last two years.
- Development of the new Tunisian investment code
- We performed a diagnostic of the existing Tunisian investment code and helped the dedicated executive committee project manage developing a new code. We helped:
- Asses Tunisia’s current investment framework
- Define and implement guiding principles
- Develop investment policy
- Organise a national consultation, and develop sharing and consensus organization