Advisory

Increasingly, value is created across a complex network of partners, suppliers, customers, regulators and stakeholders. Survival and success depends on collaboration amongst these entities.

The PwC Advisory practice helps organisations design, manage and execute lasting change in order to maximize value. Our team brings together a full range of functional and industry skills to help you succeed in the current environment.

We provide our clients with:
  • Experience, technical knowledge and informed points of view in their industry sector;
  • Relationships with a range of leading technology and service providers, which give us practical insight while we maintain our independence;
  • A proven track record in advice and implementation;
  • A unique approach to designing, managing and executing lasting change; and
  • Access to a talented team of over 17,000 consultants operating in 140 countries.

Our professionals are able to provide expertise on the following issues:

Over 150 countries will have adopted International Financial Reporting Standards (IFRS) by the end of 2011. In many of the others, IFRS reporting considerations are already impacting business decisions. IFRS may significantly affect any number of a company’s day-to-day operations and can have a major impact on the volatility and reported profitability of the business. Conversion is much more than a technical accounting issue.

If this is your situation

  • You need to understand how the standards are likely to impact on your industry or the changes affecting specific areas such as financial instruments and hedging.
  • You want to know the impact on reported performance measures and whether your profit is likely to be more volatile.
  • You need to ensure you have enough people with the right skills to complete the transition and embed the changes within the company.
  • You are unsure of the additional data you are required to collect, whether your systems are able to capture it or if your controls are adequate.
  • You want to ensure that all decisions are the best for the business and that any wider business opportunities are considered as part of this exercise.

How PwC can help you

PwC has a proven track record in helping companies successfully understand, complete the transition to, and work day-to-day with new accounting standards. Our Transition IFRS methodology, to assist with conversions, has been applied to several hundred conversion projects in the last few years. This methodology, as well as getting the numbers right and guiding companies through operational problems, focuses on effective knowledge transfer to ensure lasting benefits.

Our conversion specialists bring technical, training, communications and change management expertise to the project – reflecting the complexity of the task at hand. And while a lot of the issues are common across all businesses, some impact more on certain sectors so we’ll make sure our industry specialists are involved. We have technical accounting, treasury, tax, human resource, M&A valuations and project management specialists to scope out and assist with your company’s conversion to IFRS.

Click here to see how PwC can assist you.

The imminent regulatory overhaul in Europe promises to have both direct and indirect impacts on Bermuda’s (re)insurance community. At the same time, progression of the Bermuda Monetary Authority’s goal to achieve international equivalence for its own regulatory framework has started to significantly change the way companies are supervised.

PwC has worked with over 60 insurance companies in the UK to help them assess the implications of Solvency II on their business and plan for the detailed requirements of implementation.

We have gained tremendous understanding of the Solvency II requirements, developed considerable Intellectual Property and produced a large number of implementation accelerators which help our clients understand and think about what their individual requirements for Solvency II need to be. We have helped our clients cut months off the implementation process and save significant costs by being able to move quickly from high level requirements to detailed design and implementation.

In the face of market uncertainty and growing demands from regulators, shareholders, rating agencies and others, a disciplined, formalized, but effective approach to managing risk can help companies become risk resilient – avoiding unanticipated losses and providing the clarity and framework necessary to enable confident, risk informed decision making.

Risk resilient organizations objectively assess their existing risk management capabilities, evaluate their organizational culture with regard to risk, performance and reward, and implement sustainable risk management practices.

If this is your situation

  • You want to identify and assess risks that may prevent the achievement of your business objectives.
  • You need to assess the effectiveness and efficiency of current risk responses against the full breadth of strategic, operational, financial and compliance risks.
  • You need to reduce cost and improve effectiveness of governance, risk and compliance activities.
  • You want to design and implement a practical or best-in-class Enterprise Risk Management (ERM) program.
  • You need to evaluate the effectiveness of your risk culture.

How PwC can help you

Whether your key risks are strategic, commercial, financial, operational, investment or transaction specific, PwC ERM professionals can help you identify the nature of risk exposures, quantify these risks and establish an appropriate risk management framework. By helping you truly understand an embedded ERM framework we can help you make informed risk decisions - such as which risks you can live with and which ones require active management. We focus on optimizing opportunities, growth and returns, as opposed to just avoiding risk.

Extending Enterprise Risk Management

In the past several years, many large scale events that were once thought unlikely, distant, or isolated -climate change, energy supply volatility, overhaul of technology, and the global liquidity crisis, to name a few - have manifested and changed the course of business for many organizations.

Such global or "emerging" risks are systemic in nature and typically span beyond the capacity of a single enterprise to contain. While their likelihood may have once been deemed low, their impact is so significant - potentially franchise destroying or opportunity generating - that they cannot be ignored. Not surprisingly, understanding unknowns has become a boardroom issue.

For those companies who have already embedded ERM in their culture, our team can discuss with you a systematic approach to emerging risk identification, assessment and management as part of their overall approach to ERM.

Click here to see how PwC can assist you.

In a post Sarbanes-Oxley era, the finance function is under increasing pressure to move beyond its traditional activities to deliver enhanced value to its stakeholders. Historically, finance departments were organized around activities such as processing transactions, maintaining accounting records and delivering month end reporting. As the finance function has evolved, CFOs are re-defining their organizations to be business advisors, support their companies' strategic plans as well as rationalize systems and processes throughout the organization.

As the role of the finance function continues to evolve, companies are finding that they may be able to improve their efficiency and effectiveness by taking direction from some of the best-in-class companies. A best-in-class finance organization will have an impact not only on the office of the CFO, but also contribute to the success of the organization as a whole.

If this is your situation

  • Your finance organization is comprised of inefficient, manually intensive processes, diverse policies and practices, disparate systems and data structures that are not integrated.
  • You want to enhance integration across the reporting supply chain (data collection, subsystems, ledger close, consolidation and analysis).
  • You need to provide executive management with the information it needs to manage and monitor the business effectively.
  • You want to increase the involvement of the finance function in influencing business outcomes and helping key stakeholders apply financial data to strategic decision making.
  • You would like your finance team to assume a larger role in identifying and maximizing the drivers of shareholder value.
  • You see value in creating a competency model for finance function employees and implementing programs for developing finance competencies.

How PwC can help you

PwC experts can improve all round finance effectiveness by helping you align your finance organization structure and processes with your business strategy. Our experience working across industries can bring you insight into the relative performance of your finance function as compared to your peers and identify performance gaps.

Our team has the capability to advise on performing tasks in a timely and cost effective manner, simplifying and standardizing systems, leveraging existing technology, and eliminating non-core activities through shared services and outsourcing.

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Anti-money laundering has become a critical compliance and business issue. Along with costly litigation, large fines and long prison sentences, successful penetration by money launderers can cause incalculable damage to jurisdiction and corporate reputations, and professional careers.

Although a number of financial institutions have had anti-money laundering (AML) and economic crime control programs for quite some time, many still do not have sustainable, cost-effective processes. Boards and senior management are increasingly seeking to build integrated, risk-based and efficient AML compliance control programs.

Not only are institutions concerned about avoiding enforcement actions or remedying weaknesses and failures, many are learning that by treating these initiatives as long-term investments, they can capitalize on these opportunities.

If this is your situation

  • You want to create an effective, efficient and sustainable AML compliance control program, leveraging technology and using the right tools.
  • You need to improve the function and performance of your automated suspicious activity monitoring systems and processes.
  • You would like to improve the quality of AML internal audits.
  • You need to design and implement effective customer due diligence processes.
  • You would like to train directors, senior executives and employees on topics ranging from specific aspects of compliance to regulatory expectations and industry trends.
  • You want to create leading-edge customer risk models.

How PwC can help you

At PwC we have professionals that perform money laundering vulnerability assessments, compliance program evaluations, and gap analyses. We can develop a recommended approach for reducing risk, enhancing risk management, and implementing operational solutions.

We can also work with you to help you gain greater confidence that your AML compliance controls are specifically designed, efficiently implemented, and sufficiently robust to effectively manage their multitude of risk and regulatory requirements.

Click here to see how PwC can assist you.