19 June 2018: In anticipation of major legal and regulatory changes in financial services and other sectors, Deloitte CEO Cindy Hook today welcomed a team of 32-strong data analytics specialists from widely respected firm, Connected Analytics to join Deloitte’s Risk Advisory specialists.
Deloitte CEO Cindy Hook said: “Deloitte has invested in this team of data scientists and senior business risk experts to help our clients go to market with the confidence to meet the changes and deadlines of new legislative requirements that are aimed at protecting customers from risk.”
Deloitte Managing Partner Risk Advisory, Dennis Krallis said: “Connected Analytics’ technical and business knowledge will combine with our own experienced team of risk analytics partners to support clients meet the impact of the proposed changes. As many of the team have already experienced some of these changes internationally, they understand the need for efficient implementation in tight deadlines.”
Incoming Deloitte Partner and founder of Connected Analytics Mike Jones, said: “We are very excited by the opportunities presented by joining forces with Deloitte. Our skillsets and strong cultural alignment mean that we can capitalise on our deep industry experience in financial services to the benefit of our clients and our team.
“Many of the team, like Marcus, Roy and I, have previously held senior roles in the credit industry and understand the challenges our clients are facing.1 Through these roles, and more recently through Connected Analytics, we have developed extensive relationships across the credit risk landscape in Australia and New Zealand.
“We will draw on our combined capabilities with Deloitte to significantly enhance our joint financial services clients’ competitiveness and capability with solutions that can support and advise them on the topics that matter most to them, and especially those with long reaching implications.”
They include the introduction of legislation on Comprehensive Credit Reporting in July 2018; the imminent introduction of Open Banking in Australia; the strong regulatory focus in the sector on Responsible Lending and Conduct; the Banking Royal Commission; and supporting the reporting requirements of IFRS9, as well as Financial Crime.
Jones added: “I am also pleased to say our team is 50:50 female/male - which is still pretty rare in our industry. So our links with Deloitte on a culture and people basis, as well as a business one is an exceptional fit.”
Rita Gatt, Partner Risk Analytics Deloitte said: “The team at Connected Analytics are people with a rare combination of skills and experience that has enabled them to rapidly establish a leading position in the market. Their smarts will ensure we can bring our financial services clients the best and most competitive outcomes for their customers, their businesses, and the regulators.”
Krallis pointed out that the capability of the team at Connected Analytics extends past the financial services industry credit sector in that their advanced mathematical, data science and modelling skills are all transferable to other industries and themes.
As a mathematician himself, Krallis said: “This depth of capability and experience in advanced analytics will help us super-charge our offerings in machine learning, model development and data science programing languages, that are fast becoming the analytical norm in the industry.”
Marcus Oakley, incoming Deloitte Partner and a co-founder of Connected Analytics with Mike Jones and Roy Pugh said: “From our perspective we have a real thirst for data and solving those interesting in-depth problems. So being exposed to all the areas of the Risk Advisory business, from forensics, climate change, sustainability and safety risks is of real interest to us.”
This investment comes on the back of Deloitte recently hiring two partners, Will Chan in Credit Risk and Mike Ritchie as Financial Services Risk leader as well as joining forces with CBIG Consulting, leading specialists in big data and analytics solutions, that operates in Australia, New Zealand and across South East Asia from Sydney, Melbourne, and Singapore. Led by Cameron Price and Gerard Skybey, that 42 strong team, together with the incoming Connected Analytics and Deloitte’s existing Risk Analytics team, has boosted Deloitte’s capability in the big data and analytics area to be Australia’s biggest experienced team in the country.
The current IDC estimates for the Big Data and Business Analytics in Asia Pacific, were worth $14.7bn (an increase of 14.4% over 2017). IDC estimates that the Asia Pacific market (excluding Japan and including Australia and New Zealand)) is growing at a CAGR of ~15% through to 2020 (as this is one of the fastest growing regions in the world).
1. Marcus Oakley was former Chief Risk Officer - Consumer GE Capital in Australia 2010-2014 prior to which he was head of Risk Management GE Money A&NZ 2003-2010.
Roy Pugh was former Head of Global Retail Credit – ANZ 2007-2011, prior to which he was Head of Retail Credit Analytics ANZ 2004-2007
Mike was Head of Quantitative Modelling at ANZ 2008 to 2011 and Head of Professional Services at FICO in Singapore 2004 to 2008.