Connecting opportunities, people (and food!) in Asia

Connecting opportunities and people in Asia and globally is a priority in PwC’s approach to clients and is a key pillar in the 2020 strategy. The Risk & Regulation team has lived this philosophy, using their technical expertise and diverse cultural insights to help solve a problem for German client Fresenius Medical Care (FMC).

FMC is one of the top stocks on both the Frankfurt and New York Stock Exchanges. Its purpose is to care for patients undergoing dialysis from chronic kidney failure, through research and development, manufacture of dialysis products and therapy in its own clinics.

Connecting opportunities, people (and food!) in Asia

"The diversity within the Australian team was one of the assets most highly valued by FMC and PwC Germany."

To improve compliance in its finance and accounting functions, FMC wanted to standardise the controls which govern its finance and accounting functions. With a global network, FMC had to consider local and industry-specific requirements.

PwC Germany was appointed to analyse the existing internal control practices in more than 46 countries. As the project progressed, our Risk & Regulation Team in Sydney, including Mark Driessen (partner), Annika Herlitz (manager, seconded from PwC Germany) and Jasmine Tan (associate), was asked to complete the implementation reviews in Sydney and Melbourne.

The client was so impressed with the value the team delivered and the relationship that was developed, that PwC Germany handed over the majority of the Asia Pacific implementation reviews and remediation to the Australian team. Annika Herlitz, Lynn Ko (senior associate), Sarah Tiong (associate) and Jasmine Tan led this work in Korea, Malaysia and the Philippines.

The diversity within the Australian team was one of the assets most highly valued by FMC and PwC Germany. It meant the team could deliver not only the technical skills but could navigate the cultural and language requirements for every country.

"This impressive teamwork and expertise, along with seamless cooperation with the German team, ensured a unified, one-firm approach and has meant the Australian team will now support the next phase of work in 2017."

The Australian team presented Korea’s review results to the corporate CFO of FMC, Mike Brosnan as well as the PwC Risk Consulting Leader Germany/EMEA, Christof Menzies. Lynn and Annika demonstrated impressive knowledge of the FMC’s Korean entity and presented advice and commentary on the status of the project. Similarly, Sarah and Annika showed detailed knowledge and formed strong bonds with the Malaysian entities based on familiarity with the culture and operating styles of the client.

This impressive teamwork and expertise, along with seamless cooperation with the German team, ensured a unified, one-firm approach and has meant the Australian team will now support the next phase of work in 2017.

Overall, the project was a phenomenal success and a remarkable experience. Some of the most important takeaways from their journey included:

  • Kuala Lumpur won the battle for the best food
  • Seoul won the ‘cleanest city’ title
  • Manila was voted the city with the friendliest people

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