1. 124 | EUROPEANCEO EUROPEANCEO | 125
FINANCE
Tax
FINANCE
Tax
RSM is the seventh-largest global network of
independent audit, tax and consulting pro-
viders. On October 26 2015, RSM rebranded
globally.Thesuccessfulunificationoftheglobal
brand resulted from RSM putting significant
thought into how its international reputation
already stood, and how a rebrand could best
convey its core strengths and differentiators.
Brand research confirmed that clients rec-
ognise RSM internationally for its focus on
collaboration, having a deep understanding
of what matters most to clients, and insight
sharing by senior partners. RSM’s new brand
positioning, The Power of Being Understood,
captures this. European CEO spoke to global
CEOJeanStephensabouthowRSM’snew,uni-
fiedglobalbrandreflectsitsinternationalethos.
Heavy emphasis is placed on having
a global outlook. “We host several interna-
tional training programmes, as well as other
people initiatives, such as our annual and
regional conferences and RSM World Day,
which are designed to bring together people
from across the globe and unite them with
the common purpose of providing outstand-
ing client services under the RSM brand”,
said Stephens.
This international outlook has allowed
RSMtobecomeaunifiedglobalbrand,enabling
thenetworktobetterpromoteitsresourcesand
expertise,andprovideanenhanced,seamless
service to clients all over the world. Last year
RSM’s international referral work grew by
18 percent.
Thinking globally
RSM’ssingle,unifiedglobalbrandisofprimary
importancetothedevelopmentofthenetwork
andeachofthememberfirms.It allowsthem
to better communicate their service proposi-
tiontoclientsandprospectiveaudiences,and
differentiate their offerings while competing
moreeffectivelyagainstalternativeproviders.
However, many of RSM’s member firms had,
untilnow,beentradingunderrecognisedlocal,
distinct or legacy names, some of which had
been held for 50 years or more. While firms
couldseethebusinessbenefits,theyalsoneeded
tobesurethataglobalsolutioncouldworkfor
their clients and their market needs.
To address this, RSM began by focusing
on the business reasons for a common brand.
Thegroup’sjourneytowardsbrandunification
beganbyconductingextensiveglobalresearch
to ensure decisions were primarily based on
facts and not emotions. This was achieved
through commissioning a leading independ-
entinternationalbusiness-to-businessresearch
specialisttoconductextensivequalitativeand
quantitative surveys of clients and prospects
worldwide,overboth2013and2014.Thefeed-
back from these endeavours not only helped
toshapeallaspectsofthenewbrand,butalso
enabledRSMtotakeintoconsiderationcultural
differences,specificcountryneedsandrequire-
ments,andanyconcernsfrommemberfirms.
AlthoughmemberfirmsnowtradeasRSM,
each firm is an independent member of the
network and a separate legal entity. However,
Accounting for the world
thereisacommonstrategyforgrowth,values
and methodologies, and the focus on quality
and best practice is shared. “We all believe in
differentiationthroughcollaboration,establish-
ingadeepunderstandingofwhatmattersmost
to clients”, Stephens said. “It is these attrib-
utes that really form the foundation of our
united brand.”
A changing world
Following the financial crisis, and during
the ongoing economic volatility, the need for
rigorousaccountingandreportingiscrucial.
Regulatorsandstakeholdersrequiregreater,
moredetailedinformation,bothfinancialand
non-financial,aboutcompanies.TheInterna-
tionalAuditandAssuranceStandardsBoard
has new auditor reporting standards, which
underlinetherisingimportanceofhigh-qual-
ity accounting and transparent reporting.
RSM anticipates that tax and risk depart-
ments will also increase in importance, with
a global focus on transparency. Auditors are
very conscious of their role in serving public
interest, and public interest will continue
to propel the numerous global movements
towards financial transparency.
Forinstance,intheaftermathoftheEnron
scandal,itbecameevidentthattransparencyin
theprofessionisnotonlycrucial,butamatter
ofpublicinterest.Followingthedissolutionof
Arthur Andersen, taking the Big Five down
totheBigFour,manyfearthatanothercatas-
trophe resulting in a Big Three would send
shockwaves through the financial markets.
The total revenues of the Big Four were over
$120bn in 2014.
AccordingtoStephens,thelandscapeofthe
global accounting marketplace can be unpre-
dictable.Thisprovidesfrequentopportunities
for growth, alongside increased risk. At RSM,
theneedtounderstandtheeconomictrendsof
themarketplaceandthechangesintheprofes-
sion is well understood. This understanding
helps to ensure RSM’s member firms are in
the best possible position to anticipate client
needsandtothenadviseandserveaccordingly.
Furthermore,thegrowingimportanceof
the internet and digital technology provides
otherareasforgrowth.AsStephensnoted:“We
seeopportunitiestosupportourclientsintheir
riskmanagementprocesses;thisiscrucialfor
our middle-market clients, particularly with
thedevelopmentsinbusinesstechnology.”With
cybercrime and online fraud on the rise, and
cloud-based data systems growing, the needs
of clients are continually changing. RSM is,
Globalisation is now a reality, not a trend. Working with
a single, internationally focused advisory partner is more
important than ever in a truly connected world
therefore, growing its ability to assist clients
in these specialist areas, as well as expanding
the transaction services it offers, providing
trusted advice during the defining stages of
client business development.
Nothing left unaccounted for
RSM currently operates in many emerging
anddevelopingeconomies,wherethenetwork
is seeing evidence of growth. In volatile mar-
kets,transparencyiscrucial;companiesneed
accurateinformationandkeyfiguresatatime
when things are fraught. RSM is well estab-
lishedincountriessuchasChina,butAfrican
markets are often difficult places in which to
expand.Africais,however,oneofRSM’sareas
ofgrowth,duetoariseinclientdemandstem-
ming from investment in infrastructure and
telecommunications.
Ongoing social, political and economic
developments in the Middle East and North
Africahave,similarly,presenteduniquemarket
conditions.“AtRSM,weseegreatinvestment
opportunitiesacrosstheworldasgovernments
aim to position their countries for future
growth across a number of sectors, including
tourism and leisure, food, pharmaceuticals,
andoilandgas.Weensurethatourclientsare
readytotakeadvantageoftheseopportunities
when the time is right”, Stephens said.
RSM also focuses heavily on the middle
market in advanced economies, specialising
in supporting clients’ business needs and
requirements. International business can be
complex; companies need to be aware of the
risksinvolvedandhowtomitigatethem.Some
companies tend to underestimate the costs
of doing business, the complexity of repatri-
ating profits, and the difficulty of navigating
localregulationsandtaxregimes.Complying
withthevaryingrequirementsofmultipletax
jurisdictionsiscomplicated,time-consuming
and fraught with danger. Transfer pricing
strategies have, therefore, become one of the
mostimportanttaxissuesfacinginternational
companies,whatevertheirsize.Thisiswhere
RSM comes in.
By offering services which can improve
operational capabilities and productivity,
RSM helps clients navigate their cross-bor-
der operations or international expansion
plans. Yet the global network provides more
than just compliance-based services. “Our
clients”, Stephens concluded, “don’t just want
an accountant or auditor; they want a trusted
business adviser, to help them move their
business forward.” n
Interview with Jean Stephens
CEO, RSM International