Third-Party Vendor Services for Banks: Managing Risks in Today’s Regulatory Environment

Eugene Kublanov, Managing Director, Shared Services and Outsourcing Advisory Greg Matthews, Managing Director, Risk Consulting For today’s banks, managing third-party vendors and suppliers has never been more challenging. We would like to talk about these challenges, effective ways to address them, and the tools available to help banks mitigate risks related to third-party vendors. First [...]

A Telling Tale about Talent

Stan Lepeak, Global Research Director, KPMG LLP Advisory KPMG recently completed its semiannual global market study on the state of the finance function. KPMG released the first of an ongoing wave of findings and analysis from this study in early November.  In addition to assessing organizations’ finance functions’ performance levels, key issues and needs, and [...]

Three Operational Improvement and Cost Savings Tips for Insurers

Joe Zanko, Director, Shared Services & Outsourcing Advisory In the face of increasing regulatory scrutiny, decreasing margins, and the need for better controls, today’s insurance companies are seeking ways to gain operational improvements and realize cost savings to bolster their bottom lines. Following are three KPMG recommendations to help insurers achieve these goals:  Rebalance contractor/employee [...]

Dodd-Frank: The Accounting Implications

Jim Low, FS Audit Partner / Leader Americas FS Center of Excellence, KPMG LLP (US) Signed into law in July 2010, the Dodd-Frank Act places regulation of the financial industry in the hands of the federal government. With its overarching goals of promoting the financial stability of the United States through improved accountability and transparency, [...]

Is VAT Destroying your Business Case for Outsourcing and Shared Services?

Noel Cullen, Principal Advisor, KPMG in the UK Many business cases for shared services and outsourcing in the finance and insurance sectors overlook the substantial impact of VAT. KPMG’s experience in working with member firm clients in developing their business cases for outsourcing and shared services is that savings of 20 – 40 percent on [...]

Dodd-Frank is Coming! Should Sourcing Professionals Care?

Stan Lepeak, Director, Research, KPMG SSOA practice Jim Low, Partner, KPMG Audit practice The “Dodd-Frank Act” is not top of mind among many sourcing professionals.   Officially labeled the “Dodd–Frank Wall Street Reform and Consumer Protection Act (H.R. 4173)”, this Act was introduced in the US Senate in 2009 and signed into law in July 2010 [...]

The UK Independent Banking Commission’s Interim Report – and Outsourcing

Noel Cullen, Principal Advisor, KPMG in the UK The recently published UK Independent Banking Commission’s (IBC) interim report has recommended that major banks separate their retail operations from higher-risk activities. Were such a requirement introduced, changes on this scale would have a significant impact on banks’ IT strategies. Change of this nature would almost certainly [...]

UK IT Service Provider Performance and Satisfaction Study Findings – the Financial Services Sector Perspective

Tony Rawlinson, Managing Director, Financial Services Advisory, Europe & Asia Demand for outsourcing remains strong in the UK Financial Services (FS) sector with almost 70 percent of FS organisations in this year’s study planning to increase their use of outsourcing. There is also evidence that outsourcing is increasingly being used as a strategic tool to [...]

Why Going Green is Helping to Keep Financial Institutions’ IT Organisations Out of the Red

Phil Brooke, Principal Consultant, Financial Services Practice ‘Going green’ is a key component of most financial institutions’ corporate social responsibility policies, but there is increasing recognition that it has the potential to deliver much wider business benefits including bottom line cost savings and investment avoidance. The financial services sector has been slower than many other [...]

What Will Increased Regulation Mean For Outsourcing in the Financial Services Sector?

Tony Rawlinson, Managing Director, Financial Services Advisory (Europe & Asia Pacific) Outsourcing is becoming more and more mission critical for many financial institutions and increasingly important core processes as well as commodity services are being externalised to partners. Given the legacy of the credit crunch and the renewed emphasis on controls and accountability it’s not a [...]