75
Understanding of consulting profession September 16, 2015
Understanding of consultingprofession
September 16, 2015
Page 2
Lets Review the Blue-sheet
Microsoft ExcelWorksheet
Page 3
Agenda for Todayq Account Managementq Managing Professional Services
Firmq Understanding & Managing Client
Expectationsq Quotation, negotiation and
fixation of fees, includingparticipation in success
q Project Lifecycle Managementq Outsourcing of specialised
servicesq Knowledge management and
training
Page 4
Account Management
Page 5
Client vs Account
Page 6
Account management framework
► Account Management Framework (AMF) refers to five behaviors that helpteams to stay connected, responsive and insightful towards clients:► Understanding company strategies and issues► Building high-impact relationships► Investing in accounts for success► Developing longer term revenue plans► Developing well-coordinated action plans
► Everyone has a role in understanding the company, strategicallymaintaining company contacts, and executing the applicable accountmanagement action plans
Page 7
Building blocks for Account management
• Pro-activelypursue with clienton key issues
• Innovativecommercialsupport
• Frequent formal &informal contactpoints
• Ability to havepeople working onclient sites
• Tapping into Globalknowledge network
• Relevant ThoughtLeadership isreaching the client
• Frequent formalContact Point
• Providing InternalSupport
• AccountMonitoring &support
Investment Insight
InitiativeInformalInteraction
Source: Source Information Services
Page 8
Account management roadmap
Understanding company strategies and issues
►Annual account planning team workshop to refresh account plan with new opportunities►Identifying and understanding the initiatives/programs a client is driving to implement its
business strategies and aligning the service offerings accordingly►Including the client in the account planning process
Building high-impact relationships
►Develop a relationship map as well as individual client calendars for all key executives &buyers across service lines
►Relationship managers to be aligned to the client and their diverse background(s)►Advancing relationships within the C-suite
Page 9
Account management roadmap
Investing in accounts for success►Understanding the accounts exposure/dependency on all service providers►Developing a business plan outlining resources needed to become the dominant services
provider at the account
Developing longer term revenue plans►Accuracy in revenue planning & forecasting resource needs►Having a longer-term revenue forecast that is aligned with the account’s total services
spend & our investment plan
Developing well-coordinated action plans►Have a rolling 90 day action plan for the account team with monthly update and
monitoring by leadership►Evaluating the track record at managing and closing top opportunities in pipeline
Page 10
Account management diagnosticProcess Current state evaluation Improvement plan
1.Understand client strategiesand issues
o o o 1.
o o o 2.
o o o 3.
2.Build high-impact relationships
o o o 1.
o o o 2.
o o o 3.
3.Invest in accountsfor success
o o o 1.
o o o 2.
o o o 3.
4.Develop longer-term revenueplans
o o o 1.
o o o 2.
o o o 3.
5.Developwell-coordinated action plans
o o o 1.
o o o 2.
o o o 3.
Page 11
ManagingProfessionalService Firm
ManagingProfessionalService Firm
Page 12
Producer , Manager
?
Page 13
Three Dimensions of a Professional Services Firm
► Revenue / Margin targets► Risk Management► Billing and Collection► Overhead Costs management► Accounting
► Pursuit Management► Relationship building► Managing Client Expectation► Project Management► Ensuring Service Quality
► Hiring & Retainingthe talent
► Team Management► Delegation► Feedback► Coaching &
Counselling
Firm
ClientPeople
Page 14
Understanding & ManagingClient Expectations
Page 15
Client Expectations
Page 16
Client Expectations (Video)
Understanding Customer Needs (Low).mp4
Page 17
How to gauge expectations of clients?
► Same need – expectations vary, why?
► Are expectations only a result of the need or are there other dynamics alsoinvolved?
► When understanding client expectations, how do you know how detailedyou have to be?
► What happens when there are multiple stakeholders at the client and allexpecting something different and unique?
Does the clients social style / behavior have a bearingon expectations?
Page 18
Video
TRACOMs SOCIAL STYLE Model HD Version (Low).mp4
Page 19
Assertiveness behavior
Slower ………………….. Pace of speech ……………………… Faster
Less …………………... Quantity of speech …………………..… More
Quieter .…………..…… Volume of speech ……………...…… Louder
Relaxed ……………..…….. Use of hands …………………… Directive
Lean back …………………. Body posture …………..… Lean forward
Less .…………………...…… Eye contact ……………..…...…… More
Asks Tells
Content for this page was provided by TRACOM Group. Copyright © 2005 by TRACOM Corporation.SOCIAL STYLE is a service mark and SOCIAL STYLE MODEL is a trademark of The TRACOM Corporation.
Slide 20
Responsiveness behavior
Controls
Emotes
monotone
Emotionin voice
inflection
task
Subjectsof speech
people
facts/data
Form ofdescriptives
opinions/stories
less
Use ofhands
more
rigid
Bodyposture
casual
controlled
Facialexpression
animated
Content for this page was provided by TRACOM Group. Copyright © 2005 by TRACOM Corporation.SOCIAL STYLE is a service mark and SOCIAL STYLE MODEL is a trademark of The TRACOM Corporation.
Page 21
Social Style Model™
analyticalseriousexactingindecisivelogical
drivingindependentformalpracticaldominating
expressiveanimatedforcefuladventurousimpulsive
amiabledependablesupportivepliableopen
Con
trols
Em
otes
Asks Tells
Content for this page was provided by TRACOM Group. Copyright © 2005 by TRACOM Corporation.SOCIAL STYLE is a service mark and SOCIAL STYLE MODEL is a trademark of The TRACOM Corporation.
Page 22
Improving your effectiveness with others
► Do something for others: Once you know what makesanother person comfortable, try to accommodate his/herpreferences
► Control yourself: Learn to be tolerant ofothers’ behavior without becoming tense, andhow to control your own style preferencesthat make others tense
► Know yourself: Know the impressionyou make on others, how yourbehavioral preferences can causetension for others
► Know others: Observe others' behaviors to learn abouttheir tension levels, how they respond to yourmessages, and what you can do to make theinteraction more comfortable and effective
Page 23
Activity
www.Socialstylenavigator.com/estimator
• Within your group identify one individual
• Log in to the link given above and make a quickassessment
• Do this individually within the group
• The selected individual would do his / her own selfassessment
Page 24
Various Social Styles: What to expect?
Attributes of the Personality How do you Position your proposition
Analytical
Driving
Amiable
Expressive
§ Strong in data and analytics; Believesmore in facts
§ Comfortable with questions and problemSolving Approach
§ Likes precise and to-the-point approach§ Interested in End-game and
Comfortable in solving problems
§ Weighs more towards Relationshipaspects
§ Interested in Big-picture and able to lookat the information from differentperspectives
§ Very excited and enthusiastic individuals§ Aggressive and spontaneous
§ Share the ‘End game’ up-front in yourconversation
§ Keep presentation in sharp Bullet formatAction
§ Focus on information, evidences, insightsand perspectives
§ Give time to reflect on your valueproposition
Thinking
§ Ask more open-ended question to setobjectives
§ Allow more time in Brainstorming
Relationship
§ Allow to spend more time in conversation§ Be flexible and be ready for different
approaches§ Allow for some ‘Humor’ (Smile at the
jokes!)
Spontaneity
Page 25
Versatility
Appropriate use of
Image8%
Presentation9%
Competence48%
Feedback35%
Leads To
High Versatility
Parameters for versatility:
Image – General demeanor, Dress, Organization of work area
Presentation – Comfort level, delivery, others feelings while presenting
Competence – Dependability, perseverance, Optimism, Creativity
Feedback – Listening, responding with empathy, adapting to others style, focus on
relationship
Page 26
Expectation of Service Quality (ESQ)
1. IntroductionUnderstand the nature of therelationship with the client, clientexpectations, their business strategyand key priorities and how we can alignour services to their needs.
5. Conclusion and Next StepUnderstand the priority the clientplaces on the expectations discussedin the meeting and ensure you havecaptured all relevant expectations.Co-develop next steps.
4. Being InsightfulPresenting high-value insightsproactively, delivering technicalexcellence and creating a business-orientated service offering.
3. Being ResponsiveResponding promptly to all clientcontact, raise our visibility with theclient and seek — and provide —continuous feedback.
2. Being connectedUnderstanding the client’sbusiness agenda, serving theclient in the way they want to beserved and using the power ofour global organization tointroduce high-calibre people.
Page 27
Expectation of Service Quality (ESQ)
The purpose of the ESQ discussion is to understand our clients view of Exceptional Client Service, andwhat it takes to meet and exceed their expectations.
► To understand what you need to do to deliver Exceptional Client Service and how you can meet andexceed your client’s expectations
► To better understand your client’s agenda over the next 12–24 months and ensure the way we areserving our clients meets their changing needs
► To build a stronger relationship with your client, strengthen our pipeline of opportunities of theright services for the client and grow profitable revenue
What a consultant does for his/her clients can be matched by the competitors, but howdoes he/she serve his/her clients is what sets him apart from the rest.
Quotation, Negotiation & Fixationof FeesQuotation, Negotiation & Fixationof Fees
Page 29
Business Proposal – What is it about?
• A business proposal is a written offer from a sellerto a prospective buyer. Business proposals areoften a key step in the complex sales process—i.e.,whenever a buyer considers more than price in apurchase.
• A proposal puts the buyer's requirements in acontext that favours the sellers products andservices, and educates the buyer about thecapabilities of the seller in satisfying their needs. Asuccessful proposal results in a sale, where bothparties get what they want, a win-win situation.
Page 30
D.I.V.E. – the workshop and deliverables
Page 31
Building a compelling value proposition
►A value proposition developmentworkshop should:
►Begin in advance of an RFP orat the start of a campaign
► Identify theme, messaging anddifferentiating statements to be usedpersuasively throughout the campaign
►Define and analyse internal and externaldrivers aligned with aspectsof our service approach, that will providethe most value to the target
Page 32
Elements of Proposal
► Executive Summary
► Value Proposition
► Deliverables & Benefits
► Costs & Payment Schedule
► Process & Timeline
► Credentials
Page 33
What would you be thinking at a proposal stage?
► How much effort would be required to execute the project? What are mycosts?
► How should I price it? How do I demonstrate value on investment?
► What can be the negotiation levers for the client? What elements should Ibring / strategy should I adopt to prevent extensive negotiation?
► Where do I need support from within the firm to make it a winningproposition?
► Is there a dialogue required? Whom should I meet, How, When, Where?
Page 34
Types of Cost
► Cost incurred on deploying the resources/subject matter experts for aparticular engagement
► Cost incurred in training the client’s, resources for the solution to beoffered in the engagement
Staff Cost
Training Cost
► Cost incurred in logistics, support services and other infrastructurerequired for a particular engagement
Overheads(Infrastructure)
► Cost incurred in controlling and directing the engagement but notdirectly tied with the operations
► Cost incurred by a resource for carrying our activities related to one’semployment or business
Administrative Cost
Out of PocketExpense
Page 35
Pricing Model - Fixed Fee Engagement
Client agrees to pay a pre-agreed fee for the assignment.
§ Certainty of fee for theclient
§ Flexibility to managemargin by bringing inefficiency
§ Scope creep is possible§ Estimation risk
DisadvantagesAdvantages
Page 36
Pricing Model – Variable Pricing Engagement
In this model, client agrees to pay based on the efforts/resources requiredin the particular engagement due to iterations or indefinite scope.
§ Scope creep is not aworry
§ Estimation risk ismitigated
§ Revenue estimation isdifficult
§ Less flexibility to managemargin – locked in
§ May be required to sharecost details
DisadvantagesAdvantages
Page 37
Pricing Model – Success Fee Pricing Engagement
In this model, client agrees to pay for the solution that is specific to theclient’s business requirements. It is a high risk high reward basedengagement for a consulting firm.
§ Outcome driven§ Client is assured of
returns for the cost§ Fair reward for the
efforts put in
§ Contingent – may benothing!
§ Bias may creep in – onboth sides
DisadvantagesAdvantages
Page 38
Negotiation (Video)
Getting to Yes (Low).mp4
Page 39
Negotiation Strategy
Develop a strategy for the negotiationN
egot
iati
onSt
rate
gy
Analyse Client Strength & Weakness as well as our Strength & Weakness inthe negotiation
Prepare rationale for client’s acceptance of the package or options from theirperspective
Develop the package of issues or MESO – Multiple Equivalent SimultaneousOptions to convey your story
Define timeline for the discussion with the client
Develop the Story: discuss the client’s business objectives
Confirm options are “equitable”
Page 40
Illustrative discussion points
► Financial - Is this only a price discussion? If yes, how much detail do I share?
► Third party assistance – Can I include sub-contracting to manage cost?
► Staffing –what level of resources would be working?
► Out of scope process – What is excluded? Is it possible to include the exclusions toprevent price reduction?
► Timing and Scheduling – How long would the team be working?
► Billing and contract process – what are the billing milestones? Working capital impact?
► Contract requirements – are there penalty? LD?
► Client assistance – is support required from the client / dependence clearlyarticulated?
Page 41
Tools for Negotiation & Fixation of Fees
► Pursuit teams often struggle to objectively establish the strength of the client'snegotiating position for a specific deal. It is a robust question that can more easilybe answered by analyzing key questions and criteria that help determine whetherthe client has a strong and viable alternative(s) to a negotiated agreement with EY.
► The criteria/questions are weighted to allow you to score the results to determinewhether the Client’s BATNA is strong, moderate or weak. It works best if the EYexecutives working on the deal to complete the tool separately and then discusstheir results as a team.
RelationshipPricing Enabler
NegotiationDiscussion Sheet
BATNAQuestionnaire
Project Management Lifecycle
Page 43
Qualities of a good project management leader
Project Managers are responsible for:
Project managementmethods and tools
Communicationand leadershipskills
Art Science
Stake-holders
RisksDead-lines
Quality
Budgets
Issues
ResourcesLeadership
Effectivecommunicationskills
Understandssubject area
Highlyorganized
Strongleadershipability
Skilled inprojectmanagement
Effectiveinterpersonalskills
Page 44
What are softer elements which are more important?
► Is the team motivated? How do I manage my team? Am I leading andteaming inclusively?
► How do I delegate? Is there a mechanism or is it purely based onavailability?
► How do I provide timely, constructive and meaningful feedback?
Page 45
What do you see?
Page 46
What do you see?
Page 47
How we interpret ‘reality’
Frame ofreference A
ý
► Your worldview is your interpretation of ‘reality’, your basic view of life► It is influenced by your frame of reference, a set of beliefs, values and behaviors you
have learned in your culture
Person A
Worldview A Frame ofreference B
ý
Person B
Worldview B
Page 48
Ladder of inference
Ladder of Inference (source: The Fifth Discipline Fieldbook by Peter Senge)
Add meanings
Select data
Observable data
Makeassumptions
Drawconclusions
Adoptbeliefs
Takeactions
Jane speaks once during theclient meeting
Jane is the senior and should speakup to support the team
Jane knows the issues and but lacks theconfidence to speak up
Jane can not lead the team
Jane has poor leadership skills
Jane only spoke once
I will not promote JaneFr
ame
ofre
fere
nce
Page 49
Change the ladder of inference
Ladder of Inference (source: The Fifth Discipline Fieldbook by Peter Senge)
Add meanings
Select data
Observable data
Makeassumptions
Drawconclusions
Adoptbeliefs
Takeactions
Jane speaks once during theclient meeting.
Jane pays close attention to keydetails talked about in the meeting
Jane has a good understanding of theissues and knows how to listen
Jane is one of our best seniors
Jane has excellent leadership abilities
Jane only spoke once and made avery insightful comment
I will promote JaneFr
ame
ofre
fere
nce
Page 50
Leading and teaming inclusively
Means you:► Observe the assumptions you make► Test your assumptions► Try to look at things from different angles► Be open to the fact that others look at things with a different
frame of reference than yours► Ask yourself what you can learn from this different perspective► Give others the benefit of the doubt
Page 51
Delegation
► Focus on what is important for you to do personally, not justthe urgent
► Effective managers work in quadrant 2 of the delegation matrix► They minimize time in quadrant 1 (the world of crisis
management) and push appropriate tasks into quadrants 3 and4 (the quadrants of delegation)
Priority
Impo
rtan
ce
low
high low
1
3
2
4
Tasks to do now Plan ahead: futuretasks to do yourself
Tasks to delegate now Plan ahead: future tasks todelegate
Page 52
Feedback Management
Feedback Video – 1
Feedback Video – 2 VS 10.1 Video coaching conversation.wmv
VS 9.3 Feedback scenario 3.wmv VS 9.4 Feedback scenario 3 cont.wmv
Page 53
How to deliver Effective Feedback
►Situation:Time and place where you witnessed the behavior
►Behavior:What you saw or heard
►Impact:The effect of what you saw or heard
►Alternative behavior:What could have been done differently
►Alternative impact:The greater or better effect of different behavior
Page 54
Effective Project Management Lifecycle
Plan
Execute
Initiate
Initiate
Plan
Execute
Close
Define and authorize the project scope,objectives and approach
Set the project up by developing project plan andmobilizing the team against it
Deliver against the project plan, amidstuncertainty and challenges, to ensure clientoutcomes are achieved
Formally close the project by validating that theproject objectives and client outcomes have beenachieved
Performed throughout the project to ensure theproject proceeds according to plan and deliversthe desired outcome
MonitorandControl
Close
MonitorandControl
Page 55
Phase 1 – Initiate: Key activities in Initiate
Capture the client requirements, project objectives, approach andoutcomes in a charter and obtain sponsor approval
§ Define high-level project objectives and outcomes§ Define preliminary project schedule, cost estimate and risks§ Develop project charter§ Secure planning resources§ Conduct initial stakeholder analysis and engagement
§ Approved project charter§ Project planning team resource assignments§ Stakeholder register
Aim of Initiate
Key activities
Key outputs
Page 56
► A charter describes the purpose of the project, its elements and decisions.► The detail depends on scale and complexity of the project.► The charter may evolve over time, depending on developments like scope changes.
Project Charters
Key components of a Project Charter may include:
Page 57
Phase 2 – Plan: What are the key activities?
Mobilize team and resources to develop a robust course of action toensure client outcomes are achievable
► Define project scope, schedule, cost estimate and risks► Develop Project Management Plan (PMP)► Establish project baseline► Secure project resources and mobilize key team members
► Project plan► Risks, assumptions, issues and dependencies (RAID)► Stakeholder register
Aim of Plan
Key activities
Key outputs
Page 58
Key questions for a robust project plan
Why?Rationale, goals and objectives for the project
What?Scope
DeliverablesOutcomes
When?How much time?
Schedule
How?Methodology
ApproachHow much money?
Who?Roles
ResponsibilitiesWho does what?
Page 59
Manage the delivery to plan, amidst uncertainty and change, toensure client outcomes are achieved
§ Conduct kick-off§ Integrate people and activities to perform according to approved plan§ Deliver project benefits and outcomes
§ Approved project work products§ Approved project change requests (PCRs)§ RAID – Risks, Assumptions, Issues and Dependencies
Aim of Plan
Key activities
Key outputs
Phase 3 – Execute : Key activities in projectexecution
Page 60
► Do not procrastinate► Get into the habit of planning — plan tomorrow’s activities today► Understand the value of your time and appreciate that people value time differently► Create and work from an action list► Schedule tasks as needed — strike off completed items► Evaluate and re-plan regularly to ensure the most productive use of your time► Check your calendar for time-sensitive activities and events► Do not waste other people’s time► Be flexible as the unforeseen can force you to change your plan
Self management and time management supportsproject management in Execute
Page 61
Effective model for time management
Time priority
Crit
ical
ity
Requires immediateattention
Try to eliminate these activities
Need to plan for these activities
Don’t bother
High Low
Hig
hLo
w
Page 62
Provide critical visibility and insight to project progress against planand initiate corrective action as needed
§ Define high-level project objectives and outcomes§ Manage scope, schedule, cost, risks, issues, stakeholders and project
team to achieve the project outcomes§ Conduct quality assurance§ Report performance§ Perform project change control
§ Project sign-off§ Project knowledge management
Aim of Plan
Key activities
Key outputs
Phase 4 – Monitor and Control : Key activities
Page 63
Monitor and control : The realm of effectivegovernance
Structure and roles► Key roles (e.g., sponsor)► Forums (e.g., steering committee)
Control processes► Risk and issue management► Budget management► Schedule and dependency control► Change control► Resource and vendor management► Quality assurance
Performance dashboard► Project progress and status reporting► Phase gate and milestone reporting► Benefits and outcomes tracking
Controlprocesses
Structureand roles
Performancedashboard
Page 64
Risk and issue tracking - A key aspect of projectmonitoring
What is a risk?► A risk is the potential of an undesirable
outcome resulting from a given action, activityand/or inaction.
What is an Issue?► An issue is an undesirable outcome
that has occurred.
How do you monitor risk?► Identify risks and periodically check in
to make sure they have not become issues.Identify potential ways to mitigate risk.
Example: Risks that we will go over budget due toclient changing scope – mitigated by monitoring forscope creep.
How do you monitor an issue?► Once something is an issue, identify
methods/action plans to resolve theissue, make sure the actions take placeand then determine whether the issue isresolved.
Page 65
Monitor and Control - RACI
RACI documents team agreements about roles and responsibilities. It is more robust thanmany other tools. It outlines accountabilities and displays displays interactions. It also helps
plan meeting agendas and determine sub-team configuration.
Definition
Who is RESPONSIBLE?R The person who has to doit (the doer)
Who is ACCOUNTABLE?A The person who makesthe final decision and hasultimate ownership
Who is CONSULTED?C The person who must beconsulted before adecision or action is taken
Who is INFORMED?I The person who must beinformed that a decisionor action has been taken
ProcessFacilitator
LineFacilitator Setter Operator
Plan activities R A I I
Prepare detail C A/R I
Change process documentsChange process documents A R I
Perform change I A R R
Sample RACI Matrix:
Activities
Functional RolesPROCESS: Making a process change
Roles = The primary function of the personResponsibilities = The obligation of the person
Page 66
Phase 5 – Close : Key activities
► Project sign-off► Project knowledge management
► Conduct project close meeting► Conduct project team debrief meeting► Communicate lessons learned► Conduct post-implementation review meeting
► Validate that the project objectives and client outcomes have beenachieved and lessons captured to aid future engagements
Aim of Close
Key activities
Outputs
Page 67
Outsourcing of SpecializedServices
Page 68
Outsourcing of Services
‘Outsourcing is the transfer of any business function or service to external vendors, suppliersor consultants that was previously or potentially performed in-house’
Benefits ofOutsourcing
ReduceControl of
Costs
PricingAdvantage
Competitive
Advantage
IncreasedEfficiency
Reducelabour costand access
highlyskilledlabour
Scalability
Focus oncore
business
Page 69
Types of outsourcing services
Outsourcing Co-Sourcing LimitedSourcing
• Reduces resource costs• Quick Start• More aggressive and goal
oriented
• May lack comprehensivebusiness view
• Risk for stalemate• Change Management
issues may creep in
• Dealing with highlyspecialized area ofexpertise
• In-house flexibility andcontrol in strategicplanning
• Confidentiality ismaintained
• Lack of Accountability ifthe responsibilities are notclearly defined
• Friction between varioussuppliers
• Continuous co-ordination
• Reduces cost due to PricingAdvantage
• Enables Scalability• Increased efficiency• Focus on core business
• Risk of exposingconfidential data
• Synchronizing deliverables• Hidden costs• Lack of customer focus
Adv
anta
ges
Dis
adva
ntag
es
Page 70
Knowledge Managementand Training
Page 71
► Knowledge management is to collect, package and share the vast experiences of peopleas well as the latest news, trends and regulations in the industry, operating geographiesand the greater market.
► Major usage of knowledge management is to:
§ Create a deeper understanding of the operating environment, opportunities,developments and threats
§ Use proven approaches and methodologies which allows to respond quickly andrelevantly to challenges, however common or unique.
§ Internal networks and communities connect teams around the world to shareexperiences, trends and approaches in real time.
§ Globally consistent platforms mean the team can access the same insights and toolsanytime, anywhere
Knowledge Management
Page 72
Knowledge Tools and Sources
Internal Sources External Sources
Knowledge Tools
E-learning content
Learning &Development throughin-house trainings
Town hall Meetings
MonthlyNewsletters
ThoughtLeadership
External Workshops/Masterclass session
Journals &Magazines
Enterprise socialnetworking portals
Page 73
Recapq Account Managementq Managing Professional Services
Firmq Understanding & Managing Client
Expectationsq Quotation, negotiation and
fixation of fees, includingparticipation in success
q Project Lifecycle Managementq Outsourcing of specialised
servicesq Knowledge management and
training
Financial consulting – An industry overview
Thank You!Thank You!
Ernst & Young LLP
EY | Assurance | Tax | Transactions | Advisory
About EYEY is a global leader in assurance, tax,transaction and advisory services. Theinsights and quality services we deliver helpbuild trust and confidence in the capitalmarkets and in economies the world over. Wedevelop outstanding leaders who team todeliver on our promises to all of ourstakeholders. In so doing, we play a criticalrole in building a better working world for ourpeople, for our clients and for ourcommunities.
EY refers to the global organization, and mayrefer to one or more, of the member firms ofErnst & Young Global Limited, each of whichis a separate legal entity. Ernst & YoungGlobal Limited, a UK company limited byguarantee, does not provide services toclients. For more information about ourorganization, please visit ey.com.
Ernst & Young LLP is one of the Indian client serving member firmsof EYGM Limited. For more information about our organization,please visit www.ey.com/in.
Ernst & Young LLP is a Limited Liability Partnership, registeredunder the Limited Liability Partnership Act, 2008 in India, havingits registered office at 22 Camac Street, 3rd Floor, Block C,Kolkata – 700016
© 2015 Ernst & Young LLP. Published in India.All Rights Reserved.
This publication contains information in summary form and istherefore intended for general guidance only. It is not intended tobe a substitute for detailed research or the exercise of professionaljudgment. Neither EYGM Limited nor any other member of theglobal Ernst & Young organization can accept any responsibility forloss occasioned to any person acting or refraining from action as aresult of any material in this publication. On any specific matter,reference should be made to the appropriate advisor.
