Joining a setup used at other EY member firms, the New Zealand branch of professional services firm EY has brought together its financial services capabilities under one multidisciplinary roof.
The new dedicated Financial Services Office (FSO) in New Zealand will bring together a group of over 100 local professionals and draw on the expertise of existing FSO teams in Oceania and Asia-Pacific, to provide industry clients with financial services an end-to-end professional services offering.
The new business division serves clients in banking, insurance, wealth and asset management, financial regulation and fintech, among others.
The financial services office is led by Paul Roberts, who previously ran the firm’s risk and advisory practices in New Zealand.
“Now more than ever, the financial services industry faces an increasingly challenging operating environment, with competition from new market entrants, higher levels of regulatory scrutiny and rapidly changing customer demands,” Roberts said. “To stay relevant, financial services organizations must embrace disruption and transform to become more digital, agile and automated.”
Roberts, a thirty-year veteran at EY. continued; “The Financial Services Office was created to help EY clients meet these needs, bringing together the deep industry experience and skills that will support their business transformation. “This is a new addition to FSO’s already established network around the world and will allow us to bring the best of our deep expertise to the New Zealand financial services industry.”
In a press release, EY said it plans to rapidly expand its talent pool in financial services, which includes specialties in tax and insurance, people consulting, strategy and transactions, and business advisory professionals and in technology. Its current team will also be supported in this new endeavor by the knowledge and skills of the company’s 9,000 dedicated financial services professionals in the Oceania and Asia-Pacific region.
Welcoming projects already underway and existing proposals within its fold, the Financial Services Office is currently working on several major transformations in the areas of risk and regulation, technology, strategy and business transformation, IFRS 17, open banking, cybersecurity, data and analytics.
“Having a dedicated multi-disciplinary team in place is key to helping financial services clients navigate the complex challenges they face,” said Grant Peters, head of financial services at EY Oceania.