Ernst & Young named top consulting firm for financial services by Operational Risk & Regulation

Ernst & Young, a global leader in assurance, tax, transaction and consulting services, is the top ranked consulting firm in the Operational Risk & Regulation's annual rankings. This is the second successive year that they named Ernst & Young top consulting firm. The company was ranked top in six out of 12 categories that were included in the rankings.

Here are the categories in which Ernst & Young placed first:

• Basel II/III
• Corporate governance
• Fraud/Financial crime prevention
• Operational risk
• Operational risk software selection and implementation
• Treating customers fairly

Hank Prybylski, Global Financial Services Risk Management Practice Leader and Americas Financial Services Advisory Leader, said, "Demand for consultancy services has increased in this era of regulatory change, and in turn, we have seen a continued up-tick in demand worldwide for advisory services across asset management, banking and capital markets, and insurance sectors. Being recognized by Operational Risk & Regulation as a top financial services consulting organization demonstrates Ernst & Young’s commitment to stay ahead of the changes the industry faces and address the evolving needs of our clients."

He added, "As our clients come out of the financial crisis and look at how they will improve business processes — and, ultimately, gain a competitive advantage — we will work with them on defining and implementing business strategies that are consistent with the emerging regulatory landscape."

To view the full Operational Risk & Regulations consultancy rankings, please visit www.ey.com/us/financialservices.

To browse and apply for the latest finance consulting jobs, visit Consultancy Role Finder.

Government spending on consultants on a sharp rise

The Home Office spent £140 million on external consultants in 2008/09 despite having thousands of experts on staff. This is a 46 percent increase over the previous year.

The consulting firms that benefited the most were PA Consulting (£24.5 million), Deloitte (£21 million) and Ernst and Young (£13.8 million).

PA Consulting was contracted to work on the national identity scheme and the Interception Modernisation Programme (IMP). Deloitte and Ernst & Young also won contracts for the national identity scheme, a project that has since suffered a climb down.

The government has been criticized for spending so much money on external advisors. “Whenever anyone questions the large salaries paid out to Home Office staff we are told it is because they are the best people for the job,” said Mark Wallace, the campaign director of the TaxPayers' Alliance. “If that is the case why on earth are we paying an army of consultants to tell them how to do their job properly? Whitehall must drastically rein in spending on consultants if it is ever going to control its costs, especially at a time of recession.”

A Home Office representative responded: "The Home Office spend with consultancy firms is comparable with other large scale and complex service delivery organisations. All Home Office contracts are subject to a competitive process.”