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Financial services organizations around the world face extraordinary challenges related to profitability, complexity and new regulations in an economic environment we refer to as one of “permanent volatility”. With return on equity below historic norms, many firms are undergoing fundamental restructuring of their business models while trying to deal with the impact of regulations such as Dodd-Frank, Basel III, and Solvency II, which can increase both capital requirements and compliance costs. These pressures may force some firms to exit particular lines of business or specific geographies.
Many firms are also dealing with layers of complexity – a legacy from years of rapid growth – and with the consequences of under-investment in technology during the recent years of cost-cutting. In this challenging environment, the integration of risk and finance can be a source of competitive advantage for financial services firms.
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Accenture’s Finance & Risk Business Service can help financial services firms focus upon the three key challenges of increasing profitability, reducing complexity and managing regulations. Accenture draws upon its end-to-end transformation capabilities as well as core strengths in management consulting, technology, analytics and outsourcing to help firms address complexity and volatility and create sustainable competitive advantage.
We help firms make needed structural changes in core processes such as data management, accounting and reporting, employing global capabilities in consulting, technology delivery, shared services and business process outsourcing. We invest heavily in research and thought leadership across all three major financial services sectors (banking, capital markets and insurance) and have developed a powerful collection of reusable business design components including operating model configurations, capability definitions, and capability assessment models.
Finance & Risk Business Services is at the center of the transformation of the financial services industry, able to respond quickly to address the industry challenges of lower returns, increased regulation and significant internal complexity.
Finance & Risk Business Services can help clients better connect, integrate, and manage these two critical business functions to support long-term, sustainable growth in the following key focus areas:
Increasing Profitability – Helping firms re-define their business and operating models to keep them relevant in the changing economic environment and business needs and drive long-term, profitable growth.
Reducing Risk Exposure – Redefining the client’s risk methodology and operating model to reduce portfolio risk exposure and integrate risk culture in business functions.
Reducing Internal Complexity– Leveraging our insights from large-scale transformation experience and our deep industry knowledge to design and implement pragmatic solutions, using flexible, scalable models supported by streamlined processes, data and reporting excellence, automation, world-class infrastructure and a shift to lower-cost shared services.
Managing Regulatory Change– Enabling clients to shape and deliver a comprehensive, coordinated, end-to-end response to regulatory requirements, implementing new finance and risk standards to effectively and efficiently meet emerging compliance and risk management requirements.
Fresh Ideas to help banks address complexity and volatility and create a sustainable competitive advantage through the integration of risk and finance.
Read Rethinking Risk in Financial Institutions Making the CFO-CRO Partnership Work[PDF, 1.09MB]This report reviews Accenture’s research findings on how global financial firms worldwide have been changing how the way the risk and finance functions work together, particularly since the global financial crisis.
Related Client Successes:
Large Malaysian Bank: New Consumer Lending Model Accenture helped this large Malaysian bank respond to changing market conditions by developing a new operating model, thus equipping it to achieve high performance.
Large Italian Bank: Integrated Risk Management and Forecasting for Basel IIAccenture helped this large Italian bank develop an improved, integrated framework for risk management to achieve Basel II compliance and, more importantly, operate more effectively.
Large APAC Bank: Finance and Procurement BPO This ongoing relationship has seen a large Asia Pacific bank outsource its finance and accounting and procurement processes to Accenture.
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