After Pope Francis promised to clean its ranks with respect to the Vatican bank, the Holy See has tapped big-name consulting firms like McKinsey & Co., Promontory Financial Group, and EY to name a few, to help the world's smallest state restructure and reform its finances, according to a report by the Associated Press.
The decision to get the services of professional consulting firms was announced Thursday, December 19, by the commission in charged with the Vatican's financial and organizational health, the report said.
Francis formed a panel of 8 cardinals, commonly referred to as the Pope's "kitchen cabinet", as part of the pontiff's plans to overhaul the dysfunctional Vatican bureaucracy.
McKinsey would review the Vatican's communications operations after which would make recommendations. The review is expected to help the Vatican more functional, efficient and modern, the report said. Rev. Federico Lomabardi, Vatican spokesman said it would take about two to three months.
On the Vatican's regulatory compliance needs, the Promontory has already installed 24 of its staff at the Vatican bank. The troubled bank's accounts will now be subject for review to ensure they conform to international norms to prevent money-laundering and terror financing. Promontory was also tasked by the Vatican to advise APSA, another Vatican financial instution that administers the Holy See's real estate.
EY, another consulting firm, will check the books of the Vatican City State, which controls the money-making Vatican Museums and duty-free department store.
Pope Francis was elected to the papacy with a mandate form cardinals to reform the Vatican bureaucracy. In his short period of being pope, Francis is leading the Catholic Church to become more responsive to the needs of the 21st Century Catholics. The pope, who was just recently chosen as Person of the Year 2013 by Time magazine, has been at the forefront of effecting changes in the perceptions of people about the Catholic Church, while cleansing the internal structures of the Vatican bureaucracy.
The key cardinals from around the world whom Francis tapped to advise him are expected to give the pontiff proposals in January 2014.
Francis was elected pope on a mandate from cardinals to reform the Vatican bureaucracy and make it more responsive to the needs of the 21st Century Catholic Church. He has tapped eight key cardinals from around the globe to advise him, and appointed a handful of study commissions to offer expertise. The first main proposals are expected to be floated when the cardinals meet for a third time with Francis in January.
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