The Business Year Special Report
NAVIGATING UNCERTAINTY
With uncertainty on the rise as a result of trade tensions and a global pandemic, EY’s suite of solutions for every situation helps clients address challenges and turn them to their advantage.
THE COVID-19 PANDEMIC has resulted in an unprecedented level of disruption. In these very challenging and difficult times, EY has developed the Reframing the Future—Now, Next and Beyond framework that provides a map for navigating uncertainty and complexity. Now—safeguards business continuity through effective crisis response planning. Next—ignites recovery through business adaptation and stronger enterprise resilience. Beyond—focuses on delivering long-term value creation by reframing and transforming business.
A brief description of some of our services under the Reframing the Future framework is listed below.
GLOBAL TAX STIMULUS TRACKER TOOL: This tracker, which is updated daily, provides details of policy changes that have been announced in jurisdictions around the world in response to the global COVID-19 pandemic. It provides details about policies that have been proposed or implemented in almost all key jurisdictions. Other tax and law trackers are also available on our website.
TAX AND FINANCE OPERATE (TFO): Tax and finance departments are being impacted by global legislation, technology disruption, and evolving skills requirements. To achieve efficiencies, they are exploring alternative sourcing from discrete services to complete outsourcing. TFO is EYs technology-driven delivery model that pairs highly skilled resources with best-in-class processes to help companies achieve their strategic vision.
NEXTWAVE GLOBAL TRADE SOLUTIONS: The NextWave Global Trade solutions overview highlights how EY’s solution helps clients address today’s challenges (from trade tensions to COVID-19) and opportunities as well as allowing them to turn trade disruption into a strategic advantage. It convenes clients across sectors to explore ways to build trust both within their organizations and across their broader trade networks.
COST OPTIMIZATION FOR VALUE CREATION:
Rapid Profit Transformation (RPT) helps our clients stabilize, recover, and reimagine their business for profitability. We are helping our clients to address profitability levers across revenue, cost, and capital to address liquidity and unlock value, for a more flexible, cost-effective, and resilient organization. The current COVID-19 crisis creates lasting effects requiring all industries to reevaluate their business across the value chain, realize cost savings and reinvest differently for the future.
MANAGED TREASURY SERVICES: Managed treasury services can help increase operational performance and gain enhanced insights and greater comfort through access to the global EY network of specific treasury and treasury accounting knowledge and tools, on a continuing basis allowing organizations to focus on strategic activities.
FINANCE AS A SERVICE (FAAS): Finance as a Service uses cutting-edge technology, subject-matter professionals and EY Shared Service Centers that can support statutory, regulatory and tax reporting and compliance; and lease accounting and contract management. It can also help with consolidation of financial statements, treasury, pensions and HR or management reporting.
LEGAL MANAGED SERVICES: Legal managed services provide technology-enabled support, including automation for high-volume repetitive or event-driven legal work, to legal departments. These services include multilingual, compliance and governance, contract lifecycle management, research and regulatory mapping and managed review and functional analysis.
GLOBAL PAYROLL OPERATE: Payroll Operate is a global payroll solution that provides a
single framework that can be scaled by you as your business needs evolve operating as a managed service from data collection, preparation and source-to-gross right up to statutory reporting, payment preparation and employee communication.
GLOBAL PAYROLL SOS: Payroll never closes, and especially during this challenging time (with COVID-19), it is even more important that employees continue to receive their payroll. This solution powered by ServiceNow is leveraging on GDS and global EY teams in over 120 countries to help clients navigate their payroll business continuity issues and challenges.
INTEGRATED MOBILITY: EY Mobility Pathway brings an end-to-end, technology-enabled, integrated mobility solution for mobile employees and corporate users. The solution is integrated within an ecosystem of service providers which empowers employers and their global workforce and puts mobility at the heart of the people agenda. With a commitment to reducing cost, improving compliance, providing greater workflow management and insights, and enhancing the user experience, EY is ready to offer fully managed integrated mobile service to our clients.
OPERATING MODEL EFFECTIVENESS (OME): The OME service offering helps clients optimize the after-tax benefits of business transformation. In this way companies can achieve a competitive and sustainable effective tax rate that is driven by the business operating model.
AGILE TAX: EY’s Agile Tax is an SAP-powered end-to-end transformation and technology enablement solution that addresses all the tax implications of the client’s entire enterprise transformation. This includes the transformation of the tax function itself to align tax processes, technology and people. Agile Tax is a pillar of EY’s Agile Business Transformation solution.
CYBER BREACH RESPONSE PROGRAM (CBRP): COVID-19 has seen a sharp increase in cyber-security breaches. A centralized, enterprise-wide CBRP is the focal point that brings together the wide variety of stakeholders that must collaborate to resolve a breach. It needs to be run by someone who is equipped with in-depth legal, compliance and technology experience, and is able to manage the day-to-day operational and tactical response. CBRP goes beyond the capacity of a traditional program management offce
(PMO). In its coordination and oversight role, the CBRP can help ensure that an organization’s business continuity plan is appropriately implemented, develop and enforce a communication and briefng plan among all internal stakeholders, and centrally manage all breach-related inquiries received from external and internal groups.
EY-Microsoft Modern Workplace: EY in collaboration with Microsoft, has a proven methodology that enable organisations to reinvent ways of working. This approach drives productivity and collaboration in an engaging way that is uniquely suited to the current crisis.
RESILIENT AND RESPONSIVE RISK: The COVID-19 pandemic has exposed companies to a unique set of risks and challenges. It is important these risks are well managed without necessarily having to increase precious spend. We are seeing companies move risk management functions from fixed to variable cost models, with the flexibility to expand and contract spend based on business circumstances. We are helping clients operate a new normal with a transformed risk function focused on the risks that matter.