Report on “Deloitte” Company Operations

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Executive Summary

Deloitte Company has been in operation since 1907, offering consulting services to the companies. Several changes have occurred as the company expands to reach more customers to gain more profit. One of the major moves for the company is the acquisition of Rice Warner, which was announced on March 1, 2021. Rice Warner is an insurance company started in 1987, and it is currently under the leadership of Andrew Boal. The acquisition story will be applied in determining the macro-environmental factors influencing the operation of Deloitte Company as well as giving recommendations on how to counter prevailing risks within the macro environment of the company.

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Introduction

Deloitte Company is a global professional services firm that was founded in 1907 under the name Ramsay and Gill Company. Deloitte is one of the top four audit firms in the world, with clients from a variety of industries. It offers specialized services to a wide range of businesses, including advice, evaluation, budgetary consulting, risk management, and other administrative tasks. All of the most prestigious companies listed on the regional and international stock exchange are served by it.

Deloitte has been focused on expanding its market every day to ensure it can have a wide market coverage, with the changes being driven by consumer demand. To grow, the company has the authority to remove or reallocate resources. The firm is expected to undergo organizational changes, which will expand the market for the company by absorbing those customers which Rice Warner already serves.

In 34 years since its founding, Rice Warner has grown to become one of Australia’s largest independent actuaries. Deloitte will hire 26 new consultants to help with mergers and acquisitions, acting and benchmarking, life insurance, public policies, market research, analytics, and fintech, among other services. Rice Warner has agreed to join Deloitte as a consultant. Deloitte management will work closely with the management of Rice Warner. The team consists of Andrew Boal, Rice Warner’s CEO, Stephen Freeborn, Superannuation Director, and Jennifer Baxter, Insurance Managing Director, as the lead consultants in the actuaries companies (Edmund, 2021). Deloitte will also welcome Michael Rice, a founding member of Rice Warner. Ellen Derrick, managing partner and consulting firm at Deloitte Australia, said that Rice Warner has extensive industry knowledge and relationships, as well as highly valued public policy and research capabilities. According to Adam Powick, managing partner, consulting for Deloitte Asia Pacific, the transaction will bolster Deloitte’s actuarial capabilities across the region.

Identification and Analysis of Macro-Environment Factors

Deloitte is a future-oriented company that grabs every opportunity that comes its way. There is a possible decline in the market due to the Covid-19 pandemic, as seen in the graph found in the appendices. Deloitte believes in the power of merging and acquisition as a way of expanding the market base. There are now over thirty partners and over 900 employees working for the company around the world, in over a hundred different countries (Dixon et al., 2019). The profits of Deloitte have been increasing annually due to its expansion and merging activities with other large firms. The US market accounts for the majority of the company’s revenue each fiscal year. Deloitte is trusted in collaboration by many independent businesses because of its brand. The oldest firm, Deloitte, provides a wide range of professional services. It has offices all over the globe, including in Africa, America, UK, and Australia (Edmund, 2021). The company relies on its partners to assist them in resolving their customers’ technological and business issues.

Deloitte now has over 30 partners where 900 workers are employed worldwide in over a hundred different countries. The company reported total sales of $36.8 billion at the end of 2019. At the end of each year, the enterprise’s profitability increased. There were 182 000 employees in 2011, including those working in their partners’ offices. The number of workers has been growing each year as the company expands to other countries. Each fiscal year, the United States market accounted for the lion’s share of its revenue.

Deloitte has gained trust in the market, and its brand makes it possible for independent companies to work with them. The company has had a good reputation over the years and has been trusted by large organizations that work in areas. These include product disclosure and design, insurance, private reporting and monitoring, tenders, and benchmarking and compliance. Since Deloitte is an international firm, its employees are subject to international laws, customs laws and rules, and domestic laws. Deloitte is the oldest firm that provides businesses with a wide range of professional services. It operates in a number of countries, with the vast majority of them being in Africa. The company enlists the help of its partners to find technological and business solutions to its customers’ problems.

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In Australia, Rice Warner is a well-known superannuation consulting and research firm. Rice said that for the past thirty years, their talented team across the company had assisted its customers in navigating an increasingly difficult environment. Deloitte has assisted in the formation of numerous successful fund combinations and has expertise in a variety of areas, including group insurance, financial advice, and retirement planning. The services of Rice Warner will have global recognition after its acquisition by Deloitte.

Rice Warner, a leading acting financial services firm, has been acquired by Deloitte. According to the company, Rice Warner’s employees in Sydney and Melbourne will be retained and relocated under the Deloitte umbrella as part of the firm’s broader superannuation consulting services (Edmund, 2021). Rice Warner has a strong presence in the superannuation industry, having been active for 27 years. In 2019, one of the company’s founders, Michael Rice, was named CEO, but he remained an active executive and board member; thus, he will still appear in the film. According to Edmund (2021), Rice Warner CEO Andrew Boal, Stephen Freeborn, CEO of supra-annulation, and Jennifer Baxter, CEO of Insurance, will join Deloitte as consultation partners, according to a press release. Michael Rice, on the other hand, founded the consulting firm Deloitte.

Challenges and Solutions

The acquisition has its challenges to the company; change frequently causes employees to become disoriented and upheaved. The human resource must communicate effectively and openly with all employees throughout the transition (Tung & Jordann, 2017). Employees should be informed about the need for change, the benefits of the change, and how to deal with the stress that comes with it (O’Leary, 2019). Rice Warner should ensure its employees are well informed about the changes. From problem analysis to content implementation, Deloitte provides a wide range of services, including diagnostics, analysis, research, internal and external communication advice, visualization, and online presentations.

Deloitte’s expertise spans the public and private sectors, as well as economic, social, and environmental research and analysis. The company has been able to deliver advisory projects designed to define and measure the effects, as well as independent reports on the impact of regulations on companies, trade associations, and government administration. This has been facilitated by its combination of expertise, skill, and understanding of the distinct characteristics of the private and public sectors.

In public debate, trade associations and special interest groups represent their members by collaborating to increase persuasion power and adhere to evidence-based policies. Deloitte can help firms highlight their company’s commercial and social impact. By conducting independent research and analyses tailored to the needs of various stakeholders, Deloitte will lay the groundwork for customer debate. Deloitte should offer tips on how to present a case effectively and manage one’s brand image.

Conclusion

The acquisition of Rice Warner by Deloitte is a great achievement to its expansion. A centralized management structure and a single point of contact for all operations are required. To a central office, all agencies around the world should report on their performance and development strategy since a well-coordinated office network benefits customers the most. The acquisition of Rice Warner, which is an active business for the firm, fund mergers, and increased regulatory scrutiny, would significantly strengthen Deloitte’s presence in the superannuation space. According to Ellen Derrick, the managing partner for Deloitte Consultancy in Sydney, Rice Warner’s team of 26 professionals will expand their presence in Australia in a variety of financial services industries, including superannuation funds.

References

Dixon, S., Irshad, H., Pankratz, D. M., & Bornstein, J. (2019). The 2019 Deloitte City mobility index. Deloitte Insights.

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Edmund, T. (2021). Deloitte buys actuarial firm, Rice Warner. Australian Financial Review. Web.

O’Leary, D. E. (2019). Enterprise crowdsourcing innovation in the big four consulting firms. Journal of Emerging Technologies in Accounting, 16(2), 99-118.

Tung, W. F., & Jordann, G. (2017). Crowdsourcing social network service for social enterprise innovation. Information Systems Frontiers, 19(6), 1311-1327.

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BusinessEssay. 2022. "Report on "Deloitte" Company Operations." June 24, 2022. https://business-essay.com/report-on-deloitte-company-operations/.

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BusinessEssay. "Report on "Deloitte" Company Operations." June 24, 2022. https://business-essay.com/report-on-deloitte-company-operations/.