What is the story about?
What's Happening?
EY has announced the appointment of John Owen as a UK consulting partner, tasked with expanding the firm's financial services risk practice. Owen brings a wealth of experience from his two-decade tenure in the UK government, including roles at the Ministry of Justice, the Cabinet Office, and HM Treasury. His expertise in managing complex risks, such as those posed by Brexit and the Covid-19 pandemic, positions him to guide financial services firms through evolving regulatory landscapes. Owen's role will involve helping these firms navigate new risks and plan for future challenges, particularly as technology and geopolitical tensions continue to evolve.
Why It's Important?
The appointment of John Owen is significant as it comes at a time when the UK consulting market faces pressure from reduced public spending on external advisors and the increasing use of AI by financial firms to handle consulting services internally. Owen's deep understanding of the UK regulatory environment and his experience in managing strategic changes are expected to be invaluable to EY's clients. His insights will help firms maintain stability and resilience in a competitive global market, ensuring they can adapt to regulatory changes and emerging risks effectively.
What's Next?
With Owen's appointment, EY is likely to strengthen its position in the financial services sector by offering enhanced risk management solutions. The firm may focus on leveraging Owen's government experience to provide strategic advice on regulatory compliance and risk mitigation. As financial services firms continue to face challenges from technological advancements and geopolitical shifts, EY's expanded risk practice could play a crucial role in helping clients navigate these complexities.
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