MENLO PARK, Calif., Oct. 8 /PRNewswire/ -- The global financial crisis has dramatically reshaped the financial services industry in the United States and beyond. The impact of recent events such as the subprime meltdown, government intervention in global financial markets, mergers of large, global financial institutions, and other central bank and government responses will continue to affect companies and their customers for years to come. For some companies, there will be many business challenges and difficult decisions ahead, while for others, there will be opportunities in the resulting global economic conditions.
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To assist companies with understanding the new landscape and managing the uncertain times ahead, Protiviti Inc., a leading global provider of internal audit and risk and advisory services, announces the formation of the Protiviti Financial Crisis Team. This cross-disciplinary group is comprised of seasoned professionals with deep industry, financial risk management, restructuring and litigation support experience. Coordinated by Protiviti's global industry and solutions leaders, this strategic team will provide clients with advice on responding to these market conditions, as well as updates about market and regulatory changes, and will work closely with the firm's client service teams to help clients deal successfully with the unfolding global economic environment.
"Never before has there been such a need for prudent financial risk management," said Carol Beaumier, a Protiviti executive vice president and leader of the Financial Crisis Team. "Even the strongest of companies will find themselves subject to increased market pressures and regulatory scrutiny. Others may need to seek additional capital and liquidity or even merge with other organizations. The Protiviti Financial Crisis Team will help clients assess their current financial condition and help them navigate the uncharted waters of this economic turmoil."
What Should Companies Do Now?
There are a number of steps that companies should be taking now to address current challenges and prepare themselves to plan for and withstand future market disruptions more effectively. The Protiviti Financial Crisis Team recommends the following:
-- Undertake a detailed review of your financial condition, with a focus on asset quality, liquidity, capital strength and financing alternatives -- Understand and evaluate the financial options available under various government programs and private sector alternatives and determine the viability of such options -- Prepare financial projections and forecasts based on the best options available -- Stress test financial models, including resulting credit and market risk exposures -- Undertake a review of the current risk management framework, with a focus on processes for assessing credit and counterparty risk and liquidity risk -- Adjust and take actions to mitigate unacceptable financial risk -- Assess financing and capital adequacy and options for raising additional capital, if necessary -- Conduct due diligence on underlying assets considered for disposition/acquisition -- Explore strategic alternatives, including options for mergers, acquisitions and restructuring.
For additional information about the Protiviti Financial Crisis Team and the global economic crisis, please visit http://www.protiviti.com/economiccrisis. The team is currently working on a frequently asked questions overview of the global financial crisis. Complimentary copies of this thought leadership material will be available soon at this same web address.
About Protiviti
Protiviti (http://www.protiviti.com/) is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. The firm helps solve problems in finance and transactions, operations, technology, litigation, governance, risk, and compliance. Protiviti's highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.
Protiviti has more than 60 locations worldwide and is a wholly owned subsidiary of Robert Half International Inc. . Founded in 1948, Robert Half International is a member of the S&P 500 index.
Protiviti is not a law firm and is not licensed or registered as a public accounting firm. The company does not issue opinions on financial statements or offer attestation services.
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