“Managed Services Center of Excellence” for financial institutions
EY to support banks and insurance companies in the industrialization of their business processes
Effective immediately, EY Switzerland is offering banks and insurance companies an additional service package. The new EY Managed Services Center of Excellence (CoE), led by Adrian Widmer and André Kohler, provides Swiss financial institutions with support in the industrialization, digitalization and automatization of selected business processes. In doing so, EY is underlining its leading position in the Swiss financial services sector.
Zurich, 21 April 2016 – With its extended Managed Services Center of Excellence service package for Swiss financial institutions, EY is set to provide Swiss financial institutions with a comprehensive service for optimizing their risk control and support functions. The package is focused primarily on tax advisory services and reporting, internal audit, advice on cross-border mobility, regulatory monitoring, model validation, analytics, risk management (including cybersecurity) and client file assessment. Each service package is tailored flexibly to the individual client – from planning and analysis through to implementation, reporting and monitoring.
“To continue operating successfully in a challenging and volatile market environment, Swiss financial institutions will have to focus on their core tasks and implement other selected business processes efficiently and to a high standard, while also saving on resources. EY has 25 years of experience in the industrialization of business processes at financial institutions and, with the Managed Services Center of Excellence, EY offers its clients a strategic partnership with individual and flexible solutions,” says Adrian Widmer, Partner and Leader of EY Performance Improvement for Financial Services Switzerland.
Sweeping changes in regulatory and compliance requirements, major innovative pressure and rising customer expectations are having a significant impact on the complexity, risks and costs of the business processes of financial institutions. As a result, many financial institutions have already outsourced elements of their business processes, such as financial accounting, personnel management and IT.
“For us, the extended Managed Services Center of Excellence service package is not only about outsourcing additional services, but also helping financial institutions to carry out these processes more efficiently by industrializing, digitalizing and automatizing them where it makes sense” explains André Kohler, Partner and Leader of EY Managed Services Center of Excellence.
An EY survey carried out among members of boards of directors and management from the industry regarding their strategic agenda in the years ahead revealed that the old reality of manual processes is increasingly being replaced by the new reality of highly automated and digital processes. Financial institutions will only be able to cope with this change successfully if they review their business strategy on a continuous basis, consistently develop their risk control and support functions and – not least – adjust their IT infrastructure and data management.
On top of tax advisory services, internal audit and advice on cross-border mobility, the EY Managed Services Center of Excellence will therefore now feature the following additional services:
Cybersecurity: Vulnerability assessments and Managed Security Operations Centers enable preventive identification of cyber risks and security vulnerabilities in technologies, data centers and existing processes.
Client file assessment: Design and execution of complex projects involving review of client records, taking into consideration the applicable legal framework, and reporting to stakeholders to allow informed decisions and remediation actions.
Analytics: Innovative and data-driven analytics processes based on machine learning methods to create competitive advantages, by bringing a sustainable improvement in risk management. Use of precise forecast, early warning and optimization models.
Model validation: Independent validation of quantitative models to ensure accuracy and reliability of the applied methods. Beyond compliance with increasing regulatory requirements, this creates trust in the model results on which business decisions are based.
Regulatory monitoring: Automated and sector-specific monitoring of legal/regulatory developments and changes as well as their potential implications on the respective value chain. The results will be made available to the client directly via a web-based application (personalized web-based access).
“Swiss financial institutions are being closely monitored on various fronts. The sheer density of regulations has increased drastically in recent years. In addition, financial institutions have been exposed to considerable cost pressure. EY’s Managed Services Center of Excellence helps our clients to redirect their focus to their core business processes and drive their business forward,” adds André Kohler, Partner and Leader of EY Managed Services for Financial Services Switzerland.
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The EY organization is represented in Switzerland by Ernst & Young AG, Basel, at ten locations, as well as by Ernst & Young AG, Vaduz, in Liechtenstein. In this publication, “EY” and “we” refer to Ernst & Young AG, Basel, a member of Ernst & Young Global Limited.