Vatican City - The Vatican is enlisting more big-name consulting firms to advise it on structural and financial reforms, tapping McKinsey & Co. to help modernize its communications operations and KPMG to bring its accounting up to international standards.
The decision was announced Thursday by the commission of inquiry into the Vatican's financial and organizational health created in July by Pope Francis as part of his plans to overhaul the antiquated and often-times dysfunctional Vatican bureaucracy.
Already, regulatory compliance firm Promontory Financial Group has installed two dozen people at the troubled Vatican bank to review its accounts and make sure they conform to international norms to fight money-laundering and terror financing. Promontory is also advising the Vatican's other main financial institution, APSA, which administers the Vatican's real estate.
Meanwhile, the Vatican City State, which controls the money-making Vatican Museums and duty-free department store, appointed consulting firm EY to check its books.
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.