Companies across all industries can act now to start addressing the
potential impact of the current crisis
MENLO PARK, Calif., Oct. 8 /CNW/ -- 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
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
"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
-- 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
-- Stress test financial models, including resulting credit and market
-- Undertake a review of the current risk management framework, with a
focus on processes for assessing credit and counterparty risk and
-- 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
-- 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.
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. (NYSE: RHI). 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.
For further information:
For further information: Kathy Keller of Protiviti Inc.,
+1-650-234-6252, email@example.com Web Site: http://www.protiviti.com