Risk Advisory

Amidst these uncertain times, FY23 marked yet another year of success for Risk Advisory. We are confident in our future growth and are investing in our teams while also working together more closely in the Nordic region to provide better services to our clients.  

As we reflect on a year marked by political tensions and economic slowdown, our Risk Advisory practice demonstrated its commitment to helping clients navigate uncertainty in all its forms. Businesses in various sectors recognised the need for robust risk management, leading to continued demand for our services. Similar to our previous fiscal year, FY23 proved to be another successful year for Risk Advisory, marked by consistent business growth. When counting the total impact we made in the Finnish market with our global extended delivery network, the impact was even bigger.   

With the economy facing a potential recession, we anticipate some delays in larger transformation projects. However, cybersecurity, regulatory compliance, resilience and sustainability remain paramount in driving a responsible business. Notably, the banking sector’s regulatory landscape continues to be active. In all industries, organisations and sustainability professionals are currently fully focused on complying with CSRD reporting requirements and the related data and process development. We believe this reporting focus is temporary as organisations aim to transform their businesses into more sustainable businesses and invest in development initiatives.  

We have also seen a surge in demand for services that enhance business resilience. Thus, we have established a dedicated team covering the development of business continuity and organisational resilience, ICT disruption management and more. Simultaneously, we continue to grow our Managed Security Services in cybersecurity.  

Additionally, demand for risk technology has been increasing. We have invested in the development of our technology-enabled services, including developing risk analysis, ESG reporting and GRC tools, as well as our risk related capabilities in SAP.  

Building talent and working together post-pandemic  

In response to the pressing shortage of cybersecurity talent, we launched the Cyber Academy, an initiative aimed at training new cybersecurity professionals in the market. Through the academy, we have successfully onboarded 10 new professionals into our cyber team.  

Furthermore, in June 2023 we welcomed our second female partner to the Risk Advisory practice, demonstrating our commitment and systematic work towards improving diversity and inclusion. Additionally, the number of nationalities within our team has steadily increased in recent years, and currently, our professionals come from more than 10 different nationalities.  

Our dedication to the well-being and unity of our professionals continues. In the spring of 2023, we organised a team-building excursion to Berlin. Additionally, in the autumn of 2023 we conducted a Nordic training week in Sweden for all Risk Advisory consultants and senior consultants across the Nordic countries. This initiative marked one of the first tangible steps towards closer Nordic collaboration and integration. While air travel should be limited, we recognise the importance of these type of events for high-quality learning and connecting with colleagues in the post-pandemic world.  

The future outlook and strategic focus  

Despite the uncertain times being likely to have some effect on some of our services, the market looks promising. We have confidence in our market strength and anticipate continued growth.  

Our primary focus remains on influencing and shaping the board and C-suite agenda, particularly in the areas of trust, resilience, security and sustainability. We continue with our strategic alignments, with an emphasis on the following key industries: financial services, ERI services and the public sector. We see that in the well-being service counties, there is still a lot of room for development in terms of risk management and internal controls. Risk technologies have matured and are now enabling more efficient risk management in order to deal with uncertainties, and we look forward to helping our clients thrive over and beyond these uncertain times.