Oliver Wyman: Difference between revisions
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<br />This publication, the 16th edition, focused on what steps financial institutions can take to leverage the expansive volume of information at their disposal. |
<br />This publication, the 16th edition, focused on what steps financial institutions can take to leverage the expansive volume of information at their disposal. |
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''Oliver Wyman Risk Journal, Volume |
''Oliver Wyman Risk Journal, Volume 3''<ref name="Oliver Wyman Risk Journal, Volume 3">[http://www.oliverwyman.com/media/risk-journal-vol3-digital-edition.pdf Oliver Wyman Risk Journal, Volume 3].</ref> |
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<br />This publication studies emerging global risks and highlights those developing into pressing threats. |
<br />This publication studies emerging global risks and highlights those developing into pressing threats. |
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<br />This 2012 report combines financial analysis of sector trends with the results of a survey of more than 500 CMT executives. |
<br />This 2012 report combines financial analysis of sector trends with the results of a survey of more than 500 CMT executives. |
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''Global Risks |
''Global Risks 2013: World Energy Trilemma''<ref name="Global Risks 2013: World Energy Trilemma">[http://www.oliverwyman.com/world-energy-trilemma-2013.htm Global Risks 2013: World Energy Trilemma].</ref> |
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<br />The report describes what senior energy industry executives believe they need from policymakers to advance sustainable energy system. |
<br />The report describes what senior energy industry executives believe they need from policymakers to advance sustainable energy system. |
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Revision as of 19:34, 31 October 2013
| Oliver Wyman | |
| Company type | Subsidiary of Marsh & McLennan |
|---|---|
| Industry | Management Consulting |
| Founded | 1984; became Oliver Wyman in 2007 |
| Headquarters | 1166 New York City, U.S. |
Key people | Scott McDonald, President |
| Services | Management Consulting |
| Revenue | US$ 1.35 Billion in 2010 |
Number of employees | 3000 employees |
| Website | www.oliverwyman.com http://www.oliverwymangroup.com |
 |
Oliver Wyman is an international management consulting firm. Founded in 1984, the firm adopted its current form in May 2007, when Mercer Oliver Wyman joined with Mercer Management Consulting and Mercer Delta to become one firm named Oliver Wyman. Oliver Wyman is headquartered in New York City with 50+ offices in Americas, Europe and Asia Pacific and employs over 3,000 professionals. It is part of the Oliver Wyman Group, which is a business unit of Marsh & McLennan.
Oliver Wyman is an established leader in the financial services consulting industry and is said to provide Marsh & McLennan with an edge over other insurance brokers.[1]
History
Oliver Wyman was formed in May 2007 through the combination of three global consulting businesses :
- Mercer Oliver Wyman: specialized in Banks, insurance and Financial Services
- Mercer Management Consulting: management consulting firm for industry and services
- Mercer Delta: expert in organizational transformation, board effectiveness and CEO leadership development
Marsh & McLennan Companies (MMC) is the parent company of Oliver Wyman.[1]
In 1984, Oliver, Wyman & Company was founded by Alex Oliver and Bill Wyman - former partners from Booz Allen Hamilton. From 1984 to 1995, Christopher Meyer was Vice President and Group Head at Mercer Management Consulting. In 2003, Oliver, Wyman & Company was bought by MMC and became part of its Mercer Consulting businesses under the name Mercer Oliver Wyman.
Mercer Management Consulting was formed through the combination of Temple, Barker & Sloane, which was founded in Boston in 1970 and acquired by MMC in 1987, and Strategic Planning Associates, which was founded in Washington, D.C. in 1972 and acquired by MMC in 1990. The two companies merged in 1990 as Temple, Barker & Sloane/Strategic Planning Associates, which was renamed Mercer Management Consulting in 1992.
Mercer Delta was founded in New York in 1980 by David Nadler as Delta Consulting and was acquired by MMC in 2000.
In recent years, Oliver Wyman has been growing rapidly both organically and through acquisitions. In 2008, it acquired several consulting firms, including: ChapterHouse, Academee(UK), Hemeria(France), Celent, and Harbour Consulting.
Oliver Wyman Group
Oliver Wyman is part of Oliver Wyman Group which includes:
- NERA Economic Consulting (economic consulting)
- Lippincott (brand, image and identity consulting)
- Oliver Wyman (management consulting)
Controversies
It was reported that Oliver Wyman was the unnamed consulting firm that in 2005 recommended to Citigroup's "senior-most management" to expand parts of its fixed income business, including in collateralised debt obligations (CDO), which led to more than US$50 billion in losses and ultimately a rescue by the U.S. government.[2] However, "people familiar with the analysis provided to Citi say it included ample warnings about the risks of diving into the structured product market, as well as other precautions that should be considered".[3] At that time, Citigroup was led by Chuck Prince, a lawyer who had served as its general counsel and was described as having "relatively limited capital markets experience".[2]
Citigroup was reportedly not the only bank that raised its exposure to CDO based on the advice of external consultants. It has been reported that UBS, based partly on a strategic review of fixed income business by Oliver Wyman, identified large growth potential in structured credit and securitized products and consequently expanded its exposure in these areas. UBS suffered heavy losses subsequently and had to be bailed out by the Swiss government.[3][4]
Oliver Wyman in 2007 named Anglo Irish Bank as the best bank in the world in a piece of research published to coincide with the World Economic Forum in Davos, Switzerland.[5][6] The next year the Irish Government was forced to nationalise the Bank at a cost of €25 billion.[7][8][9]
Publications
State of the Financial Services Industry 2013[10]
This publication, the 16th edition, focused on what steps financial institutions can take to leverage the expansive volume of information at their disposal.
Oliver Wyman Risk Journal, Volume 3[11]
This publication studies emerging global risks and highlights those developing into pressing threats.
Volume-to-Value Revolution[12]
This report depicts the current state of the healthcare industry and describes how the health marketplace will be redesigned from the patient’s perspective.
State of the Communications, Media and Technology Industry 2012[13]
This 2012 report combines financial analysis of sector trends with the results of a survey of more than 500 CMT executives.
Global Risks 2013: World Energy Trilemma[14]
The report describes what senior energy industry executives believe they need from policymakers to advance sustainable energy system.
Non-profit partnerships
Oliver Wyman Group partners with non-profit organizations that work to improve the lives of people in the developing world through microfinance, healthcare, and education. Alliances with non-profits include:
- Kiva.org - the person-to-person microlending website
- Acumen Fund – a global venture fund that uses entrepreneurial approaches to solve the problems of global poverty
- Room to Read – an international non-profit organization devoted to breaking the poverty cycle by providing educational resources and opportunities to underprivileged children in the developing world
- Women's World Banking – a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services to poor women entrepreneurs to enable them to grow their businesses and lift their families out of poverty
Comparison to Competitors
Oliver Wyman was ranked 7th in the Vault Consulting 50 for 2011, combining Vault's "Best to Work For" ranking with overall prestige.[15] Consulting Magazine has ranked MOW one of the top 10 consulting firms to work for in 2005, 2006, and 2007.[16]
 | This section may contain information not important or relevant to the article's subject. (June 2012) |
Notable alumni
- J. Randolph Babbitt, Former Administrator, Federal Aviation Administration[17]
- Lisa Gardner, Best-selling crime novelist [18]
- Richard Lui, American journalist and news anchor for MSNBC. Previously a news anchor at CNN Worldwide.
- Christopher Meyer (author), Founder of Monitor Talent[19]
- Jeffrey Zients, Acting Director, Deputy Director for Management and President Obama's Chief Performance Officer[20]
- Puneet Pamnani, Chief Strategy Officer, PRGX
| This section may contain information not important or relevant to the article's subject. (June 2012) |
 | This section needs additional citations for verification. (June 2012) |
References
- ^ a b Treaster, Joseph B. "Trying to Find the Upside After a Scandal", The New York Times, May 23, 2007. Accessed October 21, 2007. "The Marsh & McLennan umbrella includes a number of big names in financial services, from the signature Marsh insurance division to Mercer Human Resource Consulting to Oliver Wyman, a leader in general business consulting, and Kroll, which advises on security and corporate intelligence. None of the other insurance brokers can match Marsh & McLennan with these broader resources, analysts say."
- ^ a b Francesco Guerrera and James Politi (2010-04-07). "Citi took outside advice on securities". The Financial Times. Retrieved 2010-04-08.
- ^ a b Megan Murphy, Justin Baer and Brooke Masters (2010-04-08). "Spotlight falls on role of consultancies". The Financial Times. Retrieved 2010-04-08.
- ^ David Gow (2008-10-16). "Switzerland unveils bank bail-out plan". The Guardian.
- ^ Comment | The Post
- ^ kathleen barrington: Our banks keep going back for more
- ^ "The cost of Anglo Irish Bank". The Irish Times. 2010-08-08.
- ^ 100 ways to spend the Anglo €25,000,000,000 | The Post
- ^ Mc Williams David, Follow the Money, Page 134,Gill & Macmillan Ltd 2010, ISBN 978-0-7171-4807-3
- ^ State of the Financial Services Industry 2013
- ^ Oliver Wyman Risk Journal, Volume 3.
- ^ Volume-to-Value Revolution
- ^ 2010 State of the Communications, Media and Technology Industry 2012.
- ^ Global Risks 2013: World Energy Trilemma.
- ^ Vault Consulting 50.
- ^ The Best Firms to Work, Consulting Magazine
- ^ [1][dead link]
- ^ "ConsultingMag.com". ConsultingMag.com. Retrieved 2012-07-17.
- ^ "Work – Chris Meyer :Future Agenda – A Global Debate". Futureagenda.org. Retrieved 2012-07-17.
- ^ "Obama's Big Gov SWAT Team". Businessweek. 2009-11-25. Retrieved 2012-07-17.