Financial Advisory delivered a strong performance in 2017/18 with an 11% revenue increase. The increase is based on high market demand, especially in the financial markets, and despite costs related to new investments, including a new business offering and more people.
In 2017/18, we consolidated the forensic and financial crime activities in Financial Advisory on a Nordic level. Historically, these activities have been divided across different business units in the Nordics. By unifying them in Financial Advisory, we get to strengthen our offerings, and thus put ourselves in a better position to become the undisputed market leader. We expect the market for forensic services to grow significantly in the years to come due to strict regulatory compliance, more sophisticated cyber crime activities, and rising security concerns. Focus will be on the financial services industry in particular, including banks, fintech businesses and insurance companies.
Concentrating forensic and financial crime in Financial Advisory was an obvious choice as the skill sets needed to manage these tasks have always been present in Financial Advisory, such as our ability to work with advanced analytics and due diligence. However, we will continuously develop our people and recruit more talents with strong statistical, numerical and technical competencies going forward.
Our people are our strongest asset, and talent management is a top priority in Financial Advisory. Therefore, we have onboarded three new high profile partners to drive the business forward with particular focus on Mergers and Acquisitions, the new financial crime unit and financial advisory in general.
We are also committed to establishing an inclusive, flexible and global culture in which our people feel connected, committed and engaged. Our flat organisation structure with small teams makes it possible for leaders to take an individual approach to performance consulting and give regular feedback. We will soon implement a leading performance approach and take further action to make Financial Advisory more attractive for females as we tap into the diversity programmes initiated in Deloitte.