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Risk Advisory - managing risks in a digital era

Thomas Bruun, Risk Advisory Leader

When COVID-19 hit this year, our clients needed help in managing the new risk landscape and protect their business from cyberattacks and related threats, as a consequence of the work-from-home model and usage of new solutions. We instantly transformed our way of working with clients to a digital world, which enabled us to come closer to our clients – although from a distance – but as a trusted “travel companion” meeting the opportunities of the new tomorrow.

Although we did not reach the aggressive growth result we had hoped for, we are very happy to have achieved 16% revenue growth in these turbulent times. This is a result of a significant development across all our service lines, where especially Financial, Regulatory, and Strategic Risk have excelled by developing more comprehensive offerings that complement each other. Through this, we have been able to create an even bigger impact for our clients. The past year has also been a year of investments in future services, e.g. cloud, data-driven solutions, business continuity, and financial risk management, which we expect to see the results of in the years to come.

Expanding our cyber offerings

In February 2020, we acquired Draware, a company specialised in retail software within IT and cybersecurity. It is the first step towards integrating software offerings into our Risk Advisory business – a step no other accounting and advisory firm has taken before. With Draware onboard, we can offer our IT and cybersecurity clients access to a full eco-system of specialised competencies, consultancy, and software solutions – helping clients every step of the way from identifying needs to smooth software implementation.

“Technology and people are the future yin and yang – if done right, the outcomes will be greater than we can imagine,”

Thomas Brun, Risk Advisory Leader

Upscaling our tech skills

As we continue our quest to shape the future of risk management, we have invested in upscaling our more technical competencies within Artificial Intelligence (AI), machine learning, and software solutions. At the beginning of 2020, we also joined the AI Studio – a collaboration with Deloitte colleagues across EMEA. The AI Studio creates a unique platform where our young tech talents collaborate with international colleagues on developing the tech solutions of the future by using data to solve complex challenges such as data mining, process mapping, and GDPR.

Preparing for the future

Product services such as cloud and SAP S/4HANA will increasingly represent a bigger portion of our work, as clients embark on their digitalisation journey. The global pandemic will most likely speed up this process, as clients acknowledge the value of having a business that is geared for the digital future. Another effect of COVID-19 is the increased demand for IT compliance, as the rising usage of IT collaboration tools has underlined concerns regarding security and confidentiality. Therefore, as the world continues to digitalise, we will continue to tailor our advice so it enables our clients to manage and leverage the risks of the ever-changing ‘new normal’.

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