Risk Advisory Services
Crucial for companies operating under constantly changing market conditions is the efficiency of all their activities in terms of the costs incurred and the consideration of relevant risks. A possible solution can therefore be the use of external specialists who can provide, within the required timeframe, suitable expert opinions, methodologies and tools for dealing with business problems.
Pricewaterhouse Advisory offers business advisory services in the following main areas:
- Accounting Advisory
- Business Performance Services
- Financial Risk Management
- Information Risk Management
- Actuarial Services
- Regulatory Services
- Project Management
- Accounting and Payroll
Accounting Advisory
Organisations are often required to report their financial results according to various sets of rules (requirements of local legislation, International Financial Reporting Standards, US GAAP, etc.) and to provide management with reliable information to manage the business. Both these needs impose a significant burden on the accounting system, which has to be able to provide reliable information in an appropriate format, and on the knowledge of the employees who prepare financial statements. Individual standards are often updated and their interpretation and application to different types of transactions is not easy. Pricewaterhouse Advisory has a number of experts specialising in different standards and their application in specific industries.
Existing accounting systems may not be able to meet new standards or fulfil business requirements. The results are inefficient processes which can be prone to error. The organisation may also have problems keeping deadlines set by the management, owners or regulatory bodies.
These services include:
- Accounting standards conversions and implementations
- Interpretation and implementation of accounting principles and regulations
- Reconciliation Process Management
- Definition of the functional requirements for accounting systems
- Rapid Close
Business Performance Services
Our Business Performance Services group provides an integrated service approach to our clients by focusing on fundamental business issues which must be addressed in all industries: improving strategies and processes, increasing revenues, controlling costs, and managing risk.
We offer a wide range of such services to help deal with these issues and to better manage the financial and operational functions:
- Performance Management
- Process Improvement Services
- Cost Management Services
- Budget, Forecasting and Financial Modelling
- Rapid Close
- Enterprise Risk Management
- Energy Trading Risk Management
- Strategic Review of Corporate Governance
- Software Support for Capital Adequacy and Regulatory Reporting
Financial Risk Management
Structural changes and uncertainty in financial markets have forced both financial institutions and other organisations to more effectively manage their financial risks.
It has become a key factor in competition. As organisations plan for the future, they must evaluate their risk management strategies on a daily basis. Pricewaterhouse Advisory has 350 professionals throughout Europe, who provide financial risk management services and thus help organisations to improve efficiency while taking into account a level of acceptable risk.
Our services include:
- Liquidity Risk Management
- Credit Risk Management
- Market Risk Management
- Operational Risk Management
- Advisory on Capital Adequacy Methodology and other reports for central banks
- Software Solutions for Capital Adequacy
- Valuation of Financial Derivatives
- Treasury Management
- Advice regarding Accounting for Complex Derivative Transactions
- Risk Adjusted Efficiency Measurements
- Verification of Internal Models (e.g. VAR)
Information Risk Management
For a number of businesses the most important asset is the data stored in their computers. The security of this data as well as its effective use is therefore vital. Information Risk Management seeks to achieve a balance between these issues.
Managers must be certain that their information systems are adequately protected from system failures, theft or loss of control of the data for which they are responsible. Both system reliability and data integrity are crucial. Still, managers must also embrace new technologies to stay competitive.
To help them achieve their goals, Pricewaterhouse Advisory provides services in the following areas:
- Risk Analysis
- Policies and Procedures
- Security Audit
- Internal IT Audit and its outsourcing
- IT Management, IT Efficiency and Economy
- Software Licensing
- E-business Services
- Security Architecture
- Operating Systems Security, security of database environment and networks
- Data Classification and Protection
- Business Continuity Management
- Legislation and IT
- Benchmarking
Actuarial Services
In order to improve the decision-making process of an organisation, Pricewaterhouse Advisory has broadened its complex advisory services offering to include actuarial services. Our professionals capitalize upon experience gathered from working in both the insurance market and other countries in Central and Eastern Europe.
These services include:
- Asset and Liability Management
- Valuation of businesses and/or portfolios
- Product Development
- Review of life assurance policies and reassurance contracts
- Portfolio Modelling and Profit Testing
Regulatory Services
Pricewaterhouse Advisory offers a number of services which assist clients in complying with individual areas of legislation. We can assist in implementation of processes which will ensure compliance with regulatory requirements.
These include:
- Strategic Compliance Analysis
- Implementation of Efficient Compliance Systems
- New Business Advisory
- New Media Regulation
- Training, Learning and Development
- Review of data privacy procedures and assistance during implementation of data privacy compliance systems
Project Management
Pricewaterhouse Advisory's Project management services help organisations to manage their projects and identify and mitigate the risks of project failure. By cooperating with project or programme management offices, we assure or evaluate the deliverables of system integrators, contractors, planners and estimators for quality, completeness and timeliness (QA or IV&V). We also help to facilitate the development of new products, as well as the management of a portfolio of projects.
Project management services are targeted to any organisation or institution with large development projects; any business managing product development or revenue generators; and any executive with responsibility for a portfolio of projects.
Our product portfolio covers:
- Project Management
- Project Risk Management
- Project Quality Assurance
- Solution Selection
- Acquisition Process Management
- Coordination of Projects (Programme Office)
- Third Parties Relations Management
Accounting and Payroll
Accounting Systems and Directives Advisory Services
Sound accounting systems and procedures are crucial for companies to ensure that their accounting is being conducted correctly, that information is reported in a useful manner, and to ensure that the company`s accounting staff have access to information and guidelines concerning the company`s accounting methods.
Payroll Outsourcing
Recent trends indicate that an increasing number of companies active in the market are outsourcing part or all of their payroll accounting function.
The move towards outsourcing is based on the desire of companies to have a risk-free solution to a function that in most cases is purely administrative and not part of the company`s core business.
legal entities are required to perform their financial accounting and payroll according to standards, yet these often differ quite significantly from the standards used elsewhere. Our team of dedicated financial and payroll accountants are prepared to help you navigate these standards. However, our work does not end there - in addition to providing our clients with accounts and reports that are clear, concise, and useful for running their businesses, we also strive to provide them with proactive solutions to the accounting issues they face. This approach sets us apart from our competition.
Build and Transfer Accounting Projects
New investors entering the Republic often require a significant amount of advice and guidance in the areas of accounting and finance. The Republic imposes on investors a new set of requirements,new approaches to accounting and a different view of the role of the regulatory agencies.
Furthermore,investors receiving investment incentives face an additional level of reporting and scrutiny to justify the subsidies they receive from the state.
With this in mind,Pricewaterhouse Advisory`s Accounting and Payroll Department in the Republic offers services designed for its clients "Build and Transfer accounting projects".
Payroll Audit Services
Payroll accounting is a distinct and specific pose significant risks for a Company if it is not done correctly. The potential risks in this area are significant not only because of the potential impact of mistakes on the Company vis-a-vis the social authorities and health insurance agencies, but also because of the potential impact on the relationship between employer and employee. If mistakes are made in the regular calculations, this can create dissatisfaction among the Company's employees and if the related payroll paperwork is not completed correctly, this can create far more serious difficulties for your employees in the long term.
General Accounting Advisory and Review Services
The financial and accounting environment within which companies must operate in the Republic is becoming more and more complex due to both increased statutory requirements and a general trend towards increased control at a corporate level. It is increasingly common for companies to have insufficient resources, knowledge, or time to deal with everything themselves and more and more companies are therefore turning to outside advisors to help them navigate their way through the statutory and corporate accounting requirements. Pricewaterhouse Advisory`s Accounting and Payroll Department in the Republic has extensive experience of assisting its clients with a wide range of accounting issues.
Real Estate Accounting
Accounting for real estate investments in the Republic is not a simple task - it requires a specific set of skills, a creative approach, and a thorough knowledge of the tax law. Furthermore, many institutional real estate investors in the Republic do not have employees in the Republic and therefore need someone to handle the company's administration in addition to its accounting.