Financial services organizations are making strides managing third-party risk, even as challenges persist. Read key findings from our 2016 financial services third-party risk management survey.
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Finding the balance. Improving performance.
As the world evolves, so do your business issues. The catalysts vary: from geopolitical events to regulatory reform, from new technologies to emerging markets.
And their impact can be swift and far-reaching. Our approach — grounded in industry-specific experience and committed to delivering measurable, sustainable results — can help you adapt and succeed. Even in an uncertain environment.
We can help you with:
- A clearer vision for finance
The roles of the CFO, finance executives and the finance organization have changed significantly in the past five years.
In a recent EY study, 79% of senior business decision makers indicate that finance is now either much more or somewhat more strategically involved. But less than half want finance to play a bigger role.
Often, it’s because finance doesn’t have its priorities aligned to the business.
As the priorities of the business shift to meet market demands, business executives expect finance’s priorities to change with them. If they do not, finance will quickly lose its relevance. And possibly its hard-won seat at the table.
- Improving supply chain results
The world is becoming more complex. Planning cycles are shrinking. Customer expectations have forced operations to move to mass customization of goods and services.
Once-agreed-upon business assumptions are being questioned and doubted. Global volatility is matched with domestic uncertainty. And future growth opportunities are hard to quantify and visualize.
In this context of rapid change, management practices that have worked in the past may not bring the desired results in today’s new environment.
The companies that will prosper and grow in this environment will be those that use flexibility, efficiency and differentiation to pave the way forward.
The results of our 20th annual trends and issues in logistics and transportation study suggest that firms must direct much more effort toward increasing their operational flexibility.
- Cutting costs, not customers
It costs as much as six times more to get new customers than to keep an old one. Yet too often companies take their customers for granted or don’t look for opportunities to increase revenue from perfectly satisfied customers.
Containing costs is a necessity but organizations can never “cost cut” their way to leadership.
Customers have long memories. They will not forget (or forgive) opportunistic actions, but they will remember excellent customer service.
Now is the time for leaders to focus on their reputation with each of their core customers.
Our report, Cutting costs not customers looks at ways to improve the efficiency of your customer retention management.
- The new role of IT
Information technology functions need to strike a balance between risk and performance.
But reality often falls short of this goal.
That’s because IT’s influence on the business has evolved so quickly that many IT functions are still struggling with how to marry their technical expertise with a new business perspective.
- If you were under cyber attack, would you ever know?
Actively defending against cyber attacks is the only way to get ahead of cyber criminals and gain the trust of your customers.
Cybersecurity is more than a technology issue and it cannot remain in the IT domain. It also cannot be the responsibility of any one member of the board – it affects every level of a business and every part of the C-Suite in different, often subtle and not easily recognized, ways.
Our annual Global Information Security Survey 2015 explores the crucial role played by cybersecurity in enabling a safer digital world. Businesses need to learn to spot the subtle signs that could indicate a cyber breach and employ an Active Defense approach to identify threats and neutralize the attacks.
For more information, go to ey.com/cybersecurity.
- Turning risk into results
Events of the last decade have fundamentally shifted how organizations think about risk. They have made substantial investments in personnel, processes and technology to help control business risk.
In making their risk investments, organizations have primarily focused on financial controls and regulatory compliance. What these investments often do not address are the more strategic risk areas.
Those who have addressed strategic risk, and have developed more mature risk management practices, are out performing their peers.
Insights on governance, risk and compliance is an ongoing series of thought leadership reports focused on IT and business risk and its many related challenges and opportunities. These timely and topical publications are designed to help you understand the issues and provide you with valuable insights about our perspective.
- The future of internal audit
With technology and the world economy changing at an accelerating pace, organizations need to adapt swiftly and efficiently. Many businesses face increasing levels of risk due to expanding operations in emerging markets and developing countries. Meanwhile, regulatory requirements are escalating and the intertwined forces of globalization and advances in technology are creating new opportunities, but also new risks.
This volatility and velocity have had a profound impact on the Internal Audit (IA) function. IA must balance priorities and resources to help the organization address the risks it faces today, anticipate emerging risks and stay in the game.
See ey.com/internalaudit for details about how we can help.
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New threats appear daily, and you need to get ahead. View our resources and learn how to anticipate cyber attacks.
Read advice and insights for future technology executives.
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