Former Federal Reserve official Jim Embersit joins Ernst & Young LLP’s Financial Services Office
New York, 14 January 2011 — Jim Embersit has joined Ernst & Young LLP’s Financial Services Office as an Executive Director within its Advisory practice as of January 3rd.
Embersit brings over 25 years of bank supervisory experience to Ernst & Young, including 20 years spent at the Federal Reserve. Most recently, he served as the Deputy Associate Director for Credit, Market, Liquidity and Operational Risk Policy in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System.
Throughout his career at the Federal Reserve, Embersit held leadership positions in developing and overseeing bank regulatory and supervisory programs that addressed capital markets, trading, counterparty credit risk, investment and asset/liability management activities. He was intimately involved in the Federal Reserve’s efforts surrounding Basel III capital and liquidity standards, Basel II market risk capital rules for trading activities and aspects of the Dodd-Frank Act surrounding trading and derivatives activities of both bank and non-bank financial institutions.
“We are extraordinarily pleased to welcome Jim Embersit to Ernst & Young LLP’s Financial Services Office,” said Hank Prybylski, Advisory Leader, Financial Services, Ernst & Young LLP. “His extensive regulatory experience will be invaluable for our clients as they adjust to the myriad of recent changes, including Dodd-Frank and Basel III. Jim reinforces our already strong team of prudential supervision advisory professionals.”
Embersit’s arrival bolsters Ernst & Young’s prudential supervision experience within its expanding advisory services. The financial reform agenda, with the passage of the Dodd-Frank Act and its implementation through the regulatory rulemaking process, will have a far-reaching impact on the financial services industry in the US and globally. The ability to navigate the changing competitive landscape and extensive rulemaking process is an essential component of large financial institutions’ business strategy. Institutions that are best able to manage these changes will improve their competitive advantage.
The Ernst & Young Financial Services Office includes prudential supervision advisory professionals who counsel organizations in addressing these pressing issues. These former senior bank and bank holding company supervisors closely monitor evolving supervisory policies and practices. They provide guidance on the practical implications of these broad developments and related supervisory directives for governance, risk management and internal control. These professionals support client service teams dedicated to the measurement and management of specific dimensions of risk and related technology and control matters, including credit, market, liquidity, operational and compliance risks, and capital management and regulatory reporting.
Embersit has an MBA in finance from George Washington University, an MA in economics from Boston College, and a BA in economics from American University.
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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 practices today include 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 cover 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.
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