Ernst & Young boosts UK credit risk services

Ernst & Young, the international professional services firm, has ramped up its risk management services practice headed by Tim Pagett, by hiring ING Barings’ former global head of risk management infrastructure Robert Endersby.

Endersby will spearhead a specialised UK credit risk management team that will cater to clients in that country. Endersby will spearhead a specialised UK credit risk management team that will cater to clients in that country. To date, UK clients’ credit needs have been serviced by consultants in the US and Switzerland. Two members of Endersby’s old ING Barings team, Christine Palmer and Steve Rooney, have been hired to work in Ernst & Young’s London credit team under Endersby, who said he has room for another seven hires.

Difficult market conditions and changes in credit-related regulatory capital requirements to be brought about by Basel II – the new set of banking capital adequacy proposals set to be enforced in 2005 – are expected to spark major credit systems overhauls at a number of financial institutions in the coming months. Interest has also been seen in the insurance and investment management sectors.

“We expect there will be an awful amount of work… and we want to be well positioned,” Endersby told RiskNews. He added that Ernst & Young would work with a number of software providers and potentially rating agencies, but is cautious about allying with any individual institutions.