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Financial Services

Financial Services

As financial services continue to recover from the crisis and strengthen risk management, the focus remains on regulations and cost reduction.

Financial services continue to recover from crisis...

The financial services industry is characterized by complex accounting issues, tight regulation, and rapid developments in capital markets, making it one of the most challenging to serve – recent economic conditions have added greatly to the challenge. 

KPMG member firms collectively employ approximately 10,000 professionals to manage financial services clients. Of these, approximately 5,000 are dedicated to banking clients. The seven partners and over one hundred employees managing KPMG Somekh Chaikin’s Financial Services Department also draw on the accumulated knowledge of KPMG Global to offer a variety of services to leading Israeli financial institutions from the areas of banking, insurance, provident funds, and pension and other funds. 

We assist clients in implementing regulatory instructions and complex accounting rules such as:

  • The Supervisor of Banks regarding problematic debt
  • Basel 2
  • Measurement of fair value – FAS 157 and implementation of alternative fair values – FAS 159
  • Government corporations
  • IFRS
  • Financial risk management

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