EY Hanyoung Executes Organizational Restructuring... Expands Consulting and Strategy Functions

[Asia Economy Reporter Minji Lee] Global accounting and consulting firm EY Hanyoung announced on the 4th that it has carried out an organizational and brand restructuring to significantly strengthen its consulting and strategic advisory functions. EY Hanyoung changed the name of its existing 'Advisory' division to 'Consulting.' This is the first name change in 12 years since the Advisory division began operations in 2008. Additionally, the existing 'Financial Advisory Division' was renamed the 'Strategy and Financial Advisory Division.'

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This restructuring is a decision to approach the market and customers with a more familiar brand. EY Consulting plans to focus on digital and new technology consulting fields such as big data, artificial intelligence (AI), and cloud, in addition to its existing manufacturing innovation, marketing, and financial consulting areas. In particular, EY Consulting aims to provide services that help clients innovate and develop by staying ahead of rapidly changing market trends.

In the case of the Strategy and Financial Advisory Division, the proportion and role of the strategy sector have been greatly expanded. The intention is to provide comprehensive solution services from the strategy formulation stage to execution from the client's perspective. To this end, EY Hanyoung newly established 'EY Parthenon' within the Strategy and Financial Advisory Division, consolidating the organization's strategic consulting capabilities in one place. Parthenon is a consulting firm specialized in strategic advisory, acquired by EY Global in 2014. This structure integrates strategic capabilities and combines them with major services previously offered, such as restructuring and M&A (mergers and acquisitions).

This organizational restructuring is part of EY's global 'Next Wave' initiative. Next Wave is a strategy for EY to leap forward as a 'leader of change' capable of providing customized services suited to market conditions amid rapidly changing times due to COVID-19 and the Fourth Industrial Revolution. EY Global has been dedicating efforts to the Next Wave strategy over the past year.

Park Yong-geun, CEO of EY Hanyoung, stated, "This organizational restructuring is EY's innovation to practice EY's core value of 'building a better working world.' It reflects our determination to reorganize roles and functions in step with the rapidly changing world to create new opportunities and added value that meet market demand."

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