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Financial Services Industry
Deloitte’s financial services industry (FSI) practice offers a wide array of services that are specifically designed for financial institutions in the banking, securities, insurance, and investment management sectors.
Actuarial & insurance solutions
The new century has been a period in which there has been enormous pressure on the insurance sector throughout Europe. The forces involved are crushing - asset values have plummeted; government and regulatory intervention has intensified; distributors are taking the lion's share of income in key markets. The traditional operating model for insurers is unequal to the challenges the industry faces. New models must emerge.
Actuarial & insurance solutions are the specialist insurance and actuarial consulting group. Deloitte member firms' actuarial practice is strongly represented throughout North America, Europe, Middle East, Africa and Asia/Pacific.
Actuarial centre of excellence (ACE) has been created in Deloitte Central Europe to further advance and strengthen our position in actuarial work in Central Europe. We are committed to providing the skills, expertise and experience that will help our clients transform themselves. Our emphasis is on providing:
- The very best actuarial and consulting people, techniques and thinking, applied with the right focus to the commercial imperatives of our clients
- The ability to analyse markets, to give data-driven shape to their future and to translate these into the financial implications
- Ever-improving understanding of risk patterns and risk drivers, not just for insurers but for financial services organisations more widely
- Actuarial and business modelling software in the world, including TSM
- Practical help, drawing on the world class professional services provided by Deloitte, in implementing the transformation programmes
Deloitte addresses the globalisation of businesses by means of a proprietary international audit approach that is used by all DTT member firms. Our global audit approach, known as AuditSystem/2 (AS/2), was the first to include a fully integrated audit methodology, standard documentation, and enabling software.
Although the approach is consistent throughout the world, it recognises that clients are unique and that financial reporting and professional requirements vary from country to country. As such, our international audit approach and software are designed to facilitate tailoring to a particular client’s operations and financial reporting requirements, as well as a particular country’s professional requirements. Our services focus on the auditing of stand-alone entities and consolidated financial statements of domestic and international companies.
In Romania, our specialist FSI audit team audits two of the three largest banks as well as a number of other banks, asset management companies, leasing companies, real estate investments insurance companies and pension funds.
Our audit and assurance services for financial institutions include:
- Audit and review of financial statements prepared primarily in accordance with international financial reporting standards and local standards
- Assurance services related to regulatory reporting
- Accounting advisory services regarding international financial reporting standards
- Coordination of international engagements
- Audit of banks and financial institutions
- Audit of pension funds
- Audit of charities connected with large banking groups
- Internal audit outsourcing and co-sourcing
- Internal audit quality assurance reviews
Our services also include advice in and expertise for:
- New business start-ups
- Mergers and acquisitions
- Stock exchange listings (IPOs)
- Assistance in the preparation of financial statements in accordance with international standards (IFRS, US GAAP)
- First time adoption of IFRS
- Due diligence procedures
- Fraud prevention related services
- Risk management related services
We work with financial institutions tackling a broad range of issues, from enhancing operational performance to improving sales, or getting better returns on technology.
Our dedicated financial services team offers unrivalled technical and business expertise; and because of the way in which we recruit, train and team with colleagues from different disciplines, Deloitte stands apart from its competitors.
Our unique ability to bring together multi-disciplinary teams, including HR, tax, regulation, forensic and industry experts, means we deliver a comprehensive solution tailored to fit your particular business environment.
Enterprise risk services
The need to effectively manage risk has never been more important. Our team of capital markets experts in Romania and across Central Europe helps clients improve their ability to manage the risks associated with operating in the traded markets.
Using sophisticated tools and methodologies, we can improve the reliability of risk management systems and processes. Through our member firms, our professionals can help develop and implement enterprise wide, quantitative approaches to managing market, operational and credit risks.
Services offered include:
- Risk strategy
- Market risk
- Credit risk
- Operational risk
- Enterprise wide
- Business process strategy and redesign
- Quantitative methods
- Risk assurance and accounting
- Transacting and risk systems
We help our clients identify, develop and test internal control policies and procedures within business process and information technology environments.
These services may come as part of an internal audit or audit of financial statements or as individual projects resulting from major organisational changes, implementation of new technologies or reliance on third-party service providers.
We provide assurance in connection with custom system development projects and applications requiring the testing of data quality and integrity. In addition, we conduct examinations of company web sites to evaluate whether they meet the prescribed business practices and control criteria.
Assessing and managing process, project and technology risks is vital in the current climate of rapid change and uncertainty. Our risk management specialists can assess an organization’s ability to control these risks and can help develop and implement an improved framework of controls to reduce risk to an acceptable level.
Our services include:
- Strategic risk assessment
- Internal audit planning
- Assessment of existing internal audit function
- Reconstruction of internal audit function
- Temporary specialised staffing
- Expanding coverage, improving quality and streamlining processes
Our forensics team in Central Europe has established itself as the undisputed market leader consisting of local and international forensic auditors, lawyers, security experts and investigators. The forensics service line in Central Europe now consists of a dedicated, multidisciplinary, cross-border mobile group.
Our services include:
- Investigation of fraud
- Quantification and recovery of damages
- Tracing and recovery of assets
- Reconstruction of books and records
- Fraud risk reviews
- Fraud prevention and detection policies
- Management monitoring controls
- Business intelligence services
Financial advisory services
Acquisition advisory (buy and sell side), including advice on:
- Market analysis
- Target search and evaluation
- Bid strategy and formulation
- Competitor analysis
- Scenario analysis
- Business plan formulation
- Negotiation assistance
Valuation and business modeling, including stand alone and merger valuations, complex budgeting and controlling models.
Strategic assistance, including:
- Market analysis/research
- Preparation on sophisticated analysis of future market development
- Assistance in development of strategy
- Financial benchmarking
- Preparation of strategic plan/model
Assistance in structured and project finance including:
- Model reviews
- Due diligence
- Preparation and review of feasibility studies
Every transaction has a tax effect. At Deloitte, our tax practitioners work hard to help our financial services clients increase their bottom line by delivering a full range of tax services that help minimise the effect of many taxes our clients face. In addition, to give our clients peace of mind, we help them comply with local tax regulations wherever they operate in the world.
Our services include:
- International corporate tax services
- Local corporate tax services
- Indirect tax services – VAT and customs duty
- Transfer pricing services
- Merger and acquisition services
- Personal tax services
- International assignment services
- Employee benefits services
- Business services
- Legal services