Point of view* Shared Service Center - the 2nd Generation Taking the next step to reach a more efficient level of evolution. Shared Service Center - the 2nd Generation Improving business through sourcing and individual responsibility Shared Service Center - the intelligent 2nd Generation Improving business through intelligent sourcing and individual responsibility The challenge The challenge The challenge Shared Center (SSC) (SSC) are are internal internalservice serviceproviders providerswhich whichbundle bundle Shared Service Service Center competencies andprovide providestandardized standardizedservices services different business competencies and forfor different business divisions Shared Service Center (SSC) areThe internal service which bundle divisions the company. main goal ofproviders implementing shared within thewithin company. The main goal of implementing shared services is toservices competencies provide standardized servicesat for different business divisions is to achieve aand higher level of service lower cost level. This has achieve a higher level of service qualityquality at a lowera cost level. This has prompted within the company. The main goal of implementing shared services is to prompted companies in variousand industries and different countries to move companies in various industries different countries to move towards shared achieve a higher level of service quality at a lower cost level. This has prompted towards shared services in the recent years. Butbenefits leveraging their services in in the recent years. But leveraging their in the longbenefits run companies various industries and different countries to move towards shared in the long run requires more than just a one-off effort. Companies which requires more than just a one-off effort. Companies which have already services in the recent years. But leveraging their benefits in the long run have already established aa than SSC are with a anumber ofof challenges (Figure 1).1). established SSCjust areaconfronted confronted with number challenges (Figure requires more one-off effort. Companies which have already established a SSC are confronted with a number of challenges (Figure 1). Company Internal and external challenges Internal and external challenges Company • Corporate strategy Competition and cost •• Corporate strategy pressure and cost • Competition • Improvements in technology pressure Cost development of •• Improvements in technology locations • Cost development of locations in legal regulations • Changes •• Changes in legal regulations Labor turnover •• Labor turnover M&A activities •• M&A activities Organic growth • Organic growth Service Service requirements requirements Business Business units units Service delivery Service delivery (according to service (according levels) to service levels) SCC SCC Figure 1: Challenges for companies Figure 1: Challenges for Figure for companies companies to overcome overcome these challenges and generate sustainable benefits, In overcomethese these challenges and generate sustainable benefits, In order order to challenges and generate sustainable benefits, a a a to constantly review the services it provides, including the service SSC needs to constantly review the services it provides, including the SSC needs to constantly review the services it provides, including the serviceservice 2),as aswell wellas organization. levels (Figure 2), 2), as well astheir theirorganization. organization. levels (Figure Finance Finance Accounts • Accounts payable payable • Accounts Accounts receivable receivable • Credit Credit and and collections collections •• Financial Financial reporting reporting •• Fixed Fixed asset asset accounting accounting • General • General ledger ledger • Inter• company Intercompany reporting reporting • Planning and • forecasting Planning and Procurement Procurement Administrative • • Administrative procurement procurement • • Contract Contract management management • • Logistic Logisticand and goods goods management management • • Purchase Purchase Order Order processing processing • Supplier • Supplier management Sales HRHR IT IT Sales • Billing • Application • Billing Applicant data • Application • •Applicant data development • Complaint administration development administration • Complaint • Hosting • •Payroll management • Hosting management Payroll of of• Customer • Operating • •Personnel Personnel • Customer • Operating datadata data service data service administration processing • Order administration processing • Order center, datadata • •Travel management center, management Travel collection and and• accounting collection Technical accounting • Technical datadata filingfiling support support • User help • User help desk desk management forecasting Figure 2: Examples of Shared Service Center offerings Figure offerings Figure 2: 2:Examples ExamplesofofShared SharedService Servicecentre Center offerings To ensure ensure aa long-term value, thethe SSC needs to anticipate changes in To long-termadded added value, SSC needs to anticipate changes in To ensure a long-term addedtovalue, the needs to anticipate requirements and adjust its SSC service portfolio in an in effective and in and requirements andfurthermore furthermore to adjust its service portfolio anchanges effective requirements efficient way. efficient way. and furthermore to adjust its service portfolio in an effective and efficient way. This point of view aims to present adequate solutions to face these challenges. This point of view aims to present adequate solutions to face these challenges. This point of view aims to present adequate solutions to face these challenges. 1 2 Design and Design andand implementation Design ofimplementation a Shared Service Centre of a implementation of a Shared Service Center Shared Service Center Companies state two major reasons for implementing a SSC: Companies state two two major major reasons reasons for Companies state for implementing implementing aa SSC: SSC: 1. Increase of quality 1. Increase of quality • Standardization and optimization of • Standardization and optimization of processes • processes Improvement of services • Improvement of services 2. Reduction of operating costs 2. Reduction of operating • Human resources costscosts •• Human resources costs Infrastructure costs • Infrastructure costs The first first step step towards SSC isistotodetermine which services shall The towardsimplementing implementingaaaSSC SSCis determine which services shall The first step Generally, towards implementing to determine which services shall be provided. all transactional processes which can be standardized be provided. Generally, Generally, all all transactional transactionalprocesses processes whichcan canbebe standardized be standardized areprovided. suitable for a migration into a SSC. The secondwhich step is to conduct an are suitable for a migration into a SSC. The second step is to conduct an are suitable for a migration a SSC. Theshould secondbestep is to conduct analysis to determine whichinto process steps performed by thean SSC and analysis to determine which process steps should be performed by the SSC analysis to determine which processSSCs steps are should performed by the units SSC and which should remain decentralized. oftenbeseparate business with and which should remain decentralized. SSCs are often separate business units which remain decentralized. SSCs are often separate business units with an ownshould organizational and operational structure. Therefore the SSC may even with an own organizational and operational structure. Therefore the SSC may an own to organizational and operational Therefore theprovider. SSC may even decide transfer selected processes structure. to an external service even decide to transfer selected processes to an external provider. decide to transfer selected processes to an external serviceservice provider. Company Company Business units Business units • Accounts payable receivable • Accounts payable Financial reporting • Accounts receivable Fixed asset accounting • Financial reporting ••Payroll Fixed asset accounting • ... •Payroll • ... Services and communication Services and communication • Feedback Requirements • Feedback • Requirements SCC SCC Organizational structure Organizational structure Processes Processes IT-infrastructure IT-infrastructure Workflow-management Workflow-management Control and monitoring system Control and monitoring system External External service provider service provider Selective Outsourcing Selective Outsourcing Documentscanning Documentscanning Payroll Payroll Figure 3: Organizational set-up of a Shared Service Center Figure 3: Organizational set-up of a Shared Service Center Figure 3: organisational set-up of a Shared Service centre In order to deliver the services defined in service level agreements (SLAs), it is In order to totodeliver deliver the services services defined inservice servicelevel level agreements (SLAs),it itisis the defined (SLAs), essential implement an adequate IT in infrastructure, aagreements workflow management to implement an adequate IT infrastructure, a workflow management essential to implement an adequate IT infrastructure, a workflow management system and an information management system. Focusing on these major system and management system. Focusing onon these major and an an information information management system. Focusing these major implementation issues ensures that all services and communications provided implementation issues ensures that all services and communications provided implementation issues ensures all services and communications provided are performed via clearly definedthat interfaces. are performed performed via are via clearly clearly defined definedinterfaces. interfaces. Problems of existing Problems of existing Shared Serviceofcentre Problems existing Shared Service Center Shared Service Center 2 Requirements will change over time which often leads to a compromise in the Requirements willobjectives. change over time which often leads to a compromise in in the quality and cost Increasing transaction volumes or changes Requirements change over time which often leads to a compromise in the thethe quality and costwill objectives. Increasing transaction volumes or changes in scope of service, for example, can result in increasing costs changes per unit or a quality and cost objectives. Increasing transaction volumes in to the scope of service, for example, can result in increasing costsorper unit or to a decrease in quality the organizational structure andcosts processes areornot scope of service, forififexample, can resultstructure in increasing per unit toflexible aflexible decrease in quality the organizational and processes are not enough. This quality loss in turn could entail increases in: decrease in quality if the organizational structure and processes are not flexible enough. This quality loss in turn could entail increases in: enough. This time, quality •processing time, loss in turn could entail increases in: • processing processing time, ••system • system downtime, downtime, downtime, •• system error rates, and •error and and •• error costsrates, per •costs per unit. unit. • costs per unit. Furthermore, SSC optimization often focuses only on narrowly defined service Furthermore, SSC optimization often focuses only on narrowly defined service requirements. changes tothese these requirements occur, processes have Furthermore, optimization often focuses only on narrowly defined service requirements.SSC IfIf changes to requirements occur, processes have toto be be adjusted ad hoc. As a consequence, corporate-level standardization requirements. If changes to these requirements occur, processes have to be adjusted ad hoc. As a consequence, corporate-level standardization benchmarks cannot sustained.The The capabilitytoto avoid these critical issues adjusted ad hoc. As be abe consequence, corporate-level standardization benchmarks cannot sustained. capability avoid these critical issues benchmarks cannot be sustained. The capability to avoid these critical issues depends on the level of evolution of the SSC. depends on the level of evolution of the SSC. depends on the level of evolution of the SSC. The evolution of a SSC can be divided into multiple levels (Figure 4). The evolution of a SSC can be divided into multiple levels (Figure 4). Characteristics 1 Local departments (no SSC) • Duplication of effort 2 SCC • Process optimization • Inconsistent service - Bundling of • No consistent - Economies of scale standards management culture • Redundant structures competencies - Standardization and harmonization • Implementation of - Performance Measurement System (incl. KPIs) - Service Level Agreements (SLAs) - Workflow- 3 Optimized SSC SSC operations are stable 4 2nd GenerationSSC • Continuous • Establishment of • Development of • Modular improvement process Performance Measurement System (incl. KPIs) • Quality management service culture expandability of services • Professionalization of management • Refinement of • Quality • Reward and incentive • Self dependent • Selective sourcing • Systematic human controlling tools/instruments systems management Focus Evolution process Evolution process of a of a Shared Service Shared Service centreCenter SSC operations are efficient and effective improvements through Six Sigma optimization resources development SSC maximizes added value for entire company Figure 4: Evolution process of a Shared Service Center Figure 4: Evolution process of a shared service centre (Level 2) has been In recent recent years yearsaanew newtrend trendininSSC SSCimplementation implementation (Level 2) has been observed, namely that the frequent decision to base site selection on of observed, namely that the frequent decision to base site selectionaspects on aspects quality rather than cost tends to provide far better possibilities to realize a of quality rather than cost tends to provide far better possibilities to realize a continuous improvement Typically, once thethe SSC is implemented, a continuous improvementprocess. process. Typically, once SSC is implemented, continuous improvement of processes and service levels is initiated by the SSC a continuous improvement of processes and service levels is initiated by the (Levels 2 and23). On3). theOn one hand review of the operational structure,structure, together SSC (Levels and the oneahand a review of the operational with identification and exploitation of optimization potential, is key. On the other together with identification and exploitation of optimization potential, is key. hand the organizational and management structure including staffing is put to the On the other hand the organizational and management structure including test. In order to provide services of significantly optimized cost and quality, staffing is put to the test. In order to provide services of significantly optimized appropriate payment models and structures should be established. These cost and quality, appropriate payment models and structures should be measures are essential in order to keep staff motivated and its future established. These measures are essential in order to keep staff motivated development at a high qualitative level. and its future development at a high qualitative level. extent that all all thethe processes are are performed If the the SSC SSC isisoptimized optimizedtotothe the extent that processes performed efficiently, the scope of of thethe services it provides. ThisThis efficiently, theSSC SSCcan canextend extendthe the scope services it provides. stage is typically the starting point for considering selective outsourcing of of stage is typically the starting point for considering selective outsourcing specific services. According to our experience, however, selective outsourcing specific services. According to our experience, however, selective outsourcing often proves than expected. Major reasons are are the profit often provestotobe beless lessbeneficial beneficial than expected. Major reasons the profit margin of the outsourcer, loss of business flexibility and a number of margin of the outsourcer, loss of business flexibility and a numberspecific of specific risks related risks relatedto tooutsourcing. outsourcing. A 2nd Generation Generation SSC SSCgoes goesone onestep stepfurther further(Level (Level4). 4).ItsItsfocus focusisisnono longer A 2nd longer limited to internal internalSSC SSCoptimization optimization- it- itencompasses encompasses added value entire limited to added value for for thethe entire company. The SSC SSC develops developsinto intoan aninternal internalservice serviceprovider provider which increasingly company. The which increasingly assumes the role role of ofan anoperational operationaland andstrategic strategicconsultant. consultant. The basis assumes the The basis forfor this is this is the establishment of a service-oriented culture the through the systematic the establishment of a service-oriented culture through systematic development ofhuman humanresources. resources.Thus Thusthe theSSC SSCcan cangain gain competencies development of competencies in in anticipating changes service requirements. anticipating changesrelated relatedtotoaacompany's company’s service requirements. Moreover, the SSC onon itsits own SSC is is able able to toimplement implementservice serviceadjustments adjustments own authority and to introduce process optimization proactively. authority and to introduce process optimization proactively. 3 In order level of maturity of anofinternal service provider In ordertotoassess assessthethe level of maturity an internal service provider PricewaterhouseCoopers has developed a SSC-Capability-Maturity Model Model PricewaterhouseCoopers has developed a SSC-Capability-Maturity (Figure 5). (Figure 5). Local departments (no SSC) SCC Optimized SSC 2nd Generation "Independent company" Business processes No standardization, harmonization or automation Wide standardization and harmonization Optimization and automation of business processes Crossorganizational optimization Systems and Technology Multiple systems Partially standardized system environment Standardized system environment Optimized and modular designed system environment Human resources Inconsistent, non-uniform management Concentration of competencies and focus on professional know-how Professional know-how and development of management Establishment of service-orientated culture and leadership Internal customer relationship Inconsistent, non-uniform management Standardized routine processes and transactions Focus on efficiency Focus on added andeffectiveness value proposition within the SSC for the entire company Figure 5: SSC-Capability-Maturity Model Figure 5: SSC-Capability-Maturity Model The assessment level is based on four key key criteria. The assessmentofofthe thematurity maturity level is based on four criteria. 1. Businessprocess processoptimization optimization 1. Business The first criterion is the level of business process optimization. The first criterion is the level of business process optimization. Before Before shared shared services areimplemented implemented (Level 1) most processes are performed locally services are (Level 1) most processes are performed locally and are often neither standardized nor harmonized. In the course of business and are often neither standardized nor harmonized. In the course of business process transfer a SSC (Level 2) a2)standardization and harmonization of the of the process transfertoto a SSC (Level a standardization and harmonization relevant processes should be realized. Standardization includes, for example, relevant processes should be realized. Standardization includes, for example, the the implementation company-wide charts costs centers or or software implementation ofofcompany-wide chartsofofaccounts, accounts, costs centers software standards. Harmonization focuses on the optimization of processes, standards. Harmonization focuses on the optimization of processes, systems and systems and interfaces between departments. The main objectives of both interfaces between departments.are Thequality mainimprovement objectives ofand both standardization standardization and harmonization cost reduction. and harmonization are quality improvement and cost reduction. As soon as the As soon as the SSC has been implemented and is operating, the focus SSC hastobeen implemented and is operating, the provision focus changes to a continuous changes a continuous improvement of the internal of services. improvement internal provision services. the SSC maturity Depending on of thethe SSC maturity level theofinitiative for Depending optimizationon is taken either by thethe internal customer (Level 3) orisbytaken the SSC (Level 4). internal At this level the SSC level initiative for optimization either by the customer (Level is working autonomously on At thethis continuous of cross-organizational 3) or by the SSC (Level 4). level theoptimization SSC is working autonomously on the process structures. continuous optimization of cross-organizational process structures. 2. Systemsand andtechnologies technologies 2. Systems The systemsand andtechnologies technologies in use represent the second assessment The systems in use represent the second assessment criterion. Level1 1is is often characterized a heterogeneous criterion. Level often characterized by a by heterogeneous systemsystem environment including pre-systems, ERP-platform andERP-platform workflow solutions. The environment including pre-systems, and workflow solutions. implementation of the SSC often leads to aleads standardization and consolidation The implementation of the SSC often to a standardization and of the systems (Level 2). systems For example, proprietary applications are replaced by consolidation of the (Level 2). For example, proprietary applications modular standard software which simplifies the restructuring of processes. are replaced by modular standard software which simplifies the restructuring Level 3 comprises further optimization, automation and possible expansion of of processes. Level 3 comprises further optimization, automation and possible the systems. SSCs which are confronted with changing service requirements expansion of the the changes systems. which system are confronted with service have to reflect in SSCs their existing landscape. Thechanging more requirements have to reflect the changes in their existing system landscape. modular systems there are, the easier it is to make adjustments to the service The more modularAsystems there are, the easier it is to make adjustments scope and content. SSC at level 4 implements adjustments autonomously and to the service scope and content. A SSC at level 4 implements adjustments provides an added value to the entire company. autonomously and provides an added value to the entire company. 4 3. Human resources An essential condition for a sustainable enhancement of SSC competencies is 3. Human resources An essential condition for a sustainable enhancement of SSC competencies is the development of human resources. At level 1, before implementing the SSC, the development of human resources is performed locally and often not according to company-wide standards. At level 2 shared services are established and the focus is moved to the accumulation of specific knowhow in order to control operational processes and thus enable a more efficient provision of services. Level 3 is characterized by the fact that in addition to specific know-how, the development of management in particular becomes more important. Vital for the success of shared services are both the professionalization of management and the establishment of a serviceoriented culture. Therefore at level 4 the emphasis shifts to leadership, as a principle of responsibility for the entire SSC staff. The management’s focal points are the strengthening of employees’ competencies and motivation in order to encourage proactive and customer-oriented behaviour. Suitable actions to develop strong human resources and retain qualified staff are for instance the implementation of: •A Performance Measurement System (including KPIs) in order to track and benchmark employees’ performance, •performance-related remuneration, •team compensation, •involvement of the team in the recruitment process in order to improve teamwork, •flexible working hours (work-life balance, individualized working hours, home office), or •improvements to the working atmosphere (e.g. through increased responsibility for processes and process reengineering). Appropriate human resources measures as stated above, a service-oriented culture, and the proactive quest for improvement are all crucial in stepping up a SSC to the 2nd Generation level. 4. Internal customer relations The final criterion is the internal customer relation. While the management of customer relations at level 1 is often non-uniform, the interfaces and communication channels of the SSC and its internal customers at level 2 are broadly standardized. The SSC emphasizes on the delivery of operational and standardizable transactions and processes. SSCs which have achieved level 3 already implement measures to optimize internal customer relations by the utilization of customer surveys, complaint management and suggestion systems. At level 3 the focus is still on improvements of the SSC internal efficiency and effectiveness. SSCs at level 4 have gone one step further and focus on added value to the entire company. At this stage, the SSC is now acting as a professional service provider and optimizing its operations strictly with regard to the customer’s benefit. All four criteria together determine the medium- and long-term cost and service quality level of a SSC. The development of the cost and quality trends in relation to the SSC’s maturity level are illustrated in Figure 6. 5 systems. At level 3 the focus is still on improvements of the SSC internal efficiency and effectiveness. SSCs at level 4 have gone one step further and focus on added value to the entire company. At this stage, the SSC is now acting as a professional service provider and optimizing its operations strictly with regard to the customer's benefit. All four criteria together determine the medium- and long-term cost and service quality level of a SSC. The development of the cost and quality trends in relation to the SSC's maturity level are illustrated in Figure 6. Local Departments Cost/time per unit SSC SSC 1 Optimized SSC Phase 1 2nd Generation-SSC Phase 2 1 Scenario for an "as is"-SSC 2 Scenario for a 2nd Generation-SSC 1 Performanceadvantage 2 n Generationd SSC 1 Costadvantage 2 n Generationd SSC 2 Service/quality 2 2 Increasing SSC maturity Figure 6: Cost and quality trend of a Shared Service Center Figure 6: Cost and quality trend of a Shared Service Center 6 The figure shows that at the beginning, learning curve effects and economies of scale lead to decreasing costs and to increasing quality. If, however, the SSC is confronted with changing service requirements in Phase 1, this could result in an unwanted development. In this case two different scenarios can be distinguished. Scenario 1 is typical of a SSC which is not sufficiently prepared to anticipate changes to service requirements. The organizational structure of the SSC has been designed and optimized at a particular time for an efficient and effective provision of all contracted services. As a result of company growth a need for adjustment can arise. If a specific transaction volume is exceeded, the lack of human and technical resources results in a backlog of optimization measures. As a result of this lack of resources - and insufficient flexibility - various tasks concerned with implementation, adjustments and optimization can only be executed partially. In the course of time this leads to sub-optimal service delivery and under utilized synergies. Consequently, improvements in efficiency and quality can not be fully realized. Scenario 2 - in contrast to scenario 1 - illustrates a 2nd Generation SSC which anticipates changes in requirements over time and which is able to adjust its internal structures flexibly and autonomously. This is a significant basis for the sustainable realization of medium- and long-term cost and quality objectives. Characteristics of a 2nd Generation Shared Service Center 6 To ensure that a SSC is able to anticipate future service requirements and reacts adequately, it is important to develop the SSC gradually into an ”independent” organization by focusing on the following issues: •implementation of a customer-oriented service culture, •expansion of decision-making authority in order to carry out service adjustments proactively and autonomously (e.g. adjustments to the service portfolio), •development of human resources to safeguard and improve internal competencies, •implementation of a professional customer management to optimize and further develop customer relations (e.g. implementation of a complaint management system), •commitment to continuous process improvement as an ultimate objective. Service Center • • • • expansion of decision-making authority in order to carry out service adjustments proactively and autonomously (e.g. adjustments to the service portfolio), development of human resources to safeguard and improve internal competencies, implementation of a professional customer management to optimize and further develop customer relations (e.g. implementation of a complaint management system), commitment to continuous process improvement as an ultimate objective. The combinationofofmultiple multiple SSCs into a service organization which provides The combination SSCs into a service organization which provides different servicesseems seemstotobebefavourable favourable from organizational point of view different services from an an organizational point of view (Figure 7). The The scope scopeof ofservices servicesdelivered deliveredbyby such a service organisation (Figure 7). such a service organisation cancan be expanded expandedfar farbeyond beyondfinance finance and accounting. Generally almost all nonand accounting. Generally almost all non-core core operations such as IT, tax, treasury or HR are feasible operations such as IT, tax, treasury or HR are feasible options.options. Group department Strategic relations Customer C1 C2 Chief Finance Officer Chief Service Officer Supplier Chief Operation Officer ... S1 S2 ... Service organization Transactional/operational relations SCC 1 SCC 2 ... Figure 7: Integration of a Shared Service Center into the entire organization Figure 7: Integration of a Shared Service Center into the entire organization Over time an SSC could gain the ability to deliver a broader scope of services. A Over time an SSC could ability to company deliver a broader scope service organization adds gain valuethe to the entire by enabling localof services. A serviceunits organization adds value the entire company by enabling business to focus on their core to business. The SSC evolves togetherlocal with business to focus their core business. The SSC evolves together the entire units company as anon integral component in accordance with corporate with the entire company as an integral component in accordance with strategy. corporate strategy. 7 7 8 Your benefit A number of advantages and benefits can be realized by companies which develop their SSC towards the 2nd Generation standard. The company is able to focus on its core competencies. The SSC optimizes itself autonomously, itinitiates the implementation of new technologies and it acts as a professional service provider. On the other hand the extension of the SSC competencies is a basis for further internal SSC optimization and future make-or-buy decisions. The adjustment of SSC services according to the changing service requirements of the company enables safeguarding of long-term cost and quality advantages. Therefore a 2nd Generation SSC is particularly suitable for ensuring a holistic end-to-end process view. Our expertise Companies which have already implemented a SSC are confronted with the question of how to ensure the long-term cost and quality advantages of their SSC. PricewaterhouseCoopers has been supporting clients for many years in implementing and operating Shared Service Center. Our emphasis on high quality is complemented by our future-oriented thinking on behalf of our clients. This means going beyond the mere completion of a task to anticipate their needs and provide a forward-looking solution. In doing so, we give our clients added security in an increasingly complex world. About us PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 155,000 people in 153 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. About us Paul Horowitz Principal Charles Aird Managing Director Tel.: +1 646 471 2401 E-Mail: paul.j.horowitz@us.pwc.com Tel.: +1 704 344 7651 E-Mail: charles.l.aird@us.pwc.com pwc.com © 2008 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. *connectedthinking is a trademark of PricewaterhouseCoopers LLP. (US) DH-09-0251