With the festive season upon us, demand for the services offered by CA Support is on the rise. This Christmas, we are appealing to our members to embrace the idea of community and help those in need As the holiday season approaches, many of us will be looking forward to the warmth, joy and wonder that comes with it.  For some, however, Christmas and New Year celebrations can be a time of incredible stress, worry and insecurity.  For individuals facing financial difficulties, in particular, the season can be a painful reminder of what is lacking and left unfulfilled.  What is CA Support?  CA Support is the charitable foundation of Chartered Accountants Ireland. Offering emergency financial assistance to members, students and families in need, it acts as a safety net for those in our community who find themselves in difficult circumstances.  CA Support helps cover immediate and urgent needs like food, shelter, bills, medical expenses and other essentials such as back-to-school costs.  At this time of year, we also strive to protect the magic of Christmas for families by contributing to the cost of toys and Christmas dinners.  CA Support assists over 100 individuals and families at any given time, and demand is ever-growing.  In 2024 alone, there was an 18 percent increase in cases compared to 2023.  Like most registered charities, CA Support relies on the generosity and goodwill of the Chartered Accounting community to ensure that no one in the profession struggles alone.  Why help?  With state support only going so far, donations offer a lifeline to members to get them through often the toughest and most tumultuous times in their lives. These donations can help families facing evictions, single parents struggling to manage household costs and childcare, and elderly members unable to cover medical expenses.  They can help everyday members grappling with a loss of earnings due to illness, caring for dependants or struggling with mental health issues.  By contributing to CA Support, you help ensure that everyone in our community – no matter their circumstances – is provided with safety and security.  Please consider donating to CA Support this giving season. Together, we can make next year brighter for those who need it most.  Donate today to CA Support

Richelle Manning, Investor Relations and Credit Rating Manager at ESB, tells us about her career path, passion for decarbonisation and climate action, and plans for the future. Richelle Manning, FCA, is Investor Relations and Credit Rating Manager at ESB. Manning joined the semi-state energy utility in 2014 having trained in KPMG’s Restructuring and Forensics Department and remaining with the firm for a further three years. She grew up in Kells, Co. Meath, and has a degree in business and legal studies from UCD and a Master of Accountancy from UCD Smurfit School. She is a member of the board and treasurer at Meath Women’s Refuge and Support Services. Tell us a bit about yourself, and when and why you decided to become a Chartered Accountant? Both my parents worked outside the home when I was growing up, and they always emphasised the importance of finding a career I would truly enjoy and that would give me the freedom to do anything I wanted in life. While at secondary school, I was also fortunate to have a very inspirational business and accountancy teacher, Ms Bird, whom I admired greatly. I think it was her influence, coupled with my parents’ guidance, that led me to pursue a career as a Chartered Accountant. It is a profession that offers many opportunities to work in a wide range of areas and in different parts of the world, providing a solid foundation for significant professional growth. Has your career unfolded as you anticipated or were there some surprises along the way? I wasn’t organised enough to have a career plan, but I knew coming out of college that I would like to undertake a graduate programme with a large accountancy practice, focusing on the restructuring area. I liked the idea of helping struggling businesses to formulate turnaround strategies to help them find success and profitability again. The years I spent working at KPMG were some of the best of my career. I had the opportunity to support some of the biggest Irish and international companies across a wide range of industries and gained firsthand insight into the challenges management teams and businesses can face. I then joined ESB Group and continue to enjoy fantastic opportunities working across all areas of the energy industry. The decarbonisation of the energy industry in Ireland is a key enabler for the transition to a net zero future for Ireland. While this wasn’t something I was thinking about when I joined ESB Group, it is one of the reasons I have stayed here for 10 years. I am deeply committed to the vision outlined in our Net Zero by 2040 strategy and I am driven by the actions I can take to help achieve this goal. I have always been open to accepting new opportunities as they arise, and this has led to me meeting some truly inspirational people, working on projects I could never have envisaged and being successful in my career. What does your role as ESB’s Investor Relations and Credit Rating Manager involve day-to-day? My role is ultimately about sharing ESB’s vision, strategic ambitions and financial results with our investors and credit rating agencies. As a semi-state entity, ESB relies solely on debt investors for external funding to finance our extensive capital investment programme as we work towards decarbonising the electricity sector in Ireland. Maintaining our credit rating of A- is therefore critical to ensuring we have access to the bond markets. No day is the same – my role offers lots of variety. I spend a lot of time meeting with investors and discussing ESB, its net zero goals and the associated funding required to achieve those goals. In recent years, we have seen investor interest extend beyond our financial results to encompass our sustainability goals, progress and achievements. In 2024, investors have been particularly interested in our plans for reporting under the Corporate Sustainability Reporting Directive, and in our two recent publications outlining ESB’s sustainability leadership plans and pathway to net zero. I also work quite closely with colleagues internally, providing advice and guidance on our credit rating and investor requirements, and assessing and advising on the implications of certain transactions from a credit rating and investor perspective. Are you glad you made the decision to qualify as a Chartered Accountant? Yes. The Chartered Accountant qualification is highly regarded in Ireland and worldwide. I found the training prior to qualification and subsequently, through continuing professional development, both relevant and informative. It has helped me to build the capability and skills needed to succeed as new challenges arise. Among the people you have worked with over the years, who has been your biggest inspiration? I have been lucky enough to work with some wonderful people throughout my career who have inspired me and whom I very much admire. I have also had mentors and coaches who have provided inspiration and guidance, especially at times of big transitions in my life such as returning from maternity leave, undertaking new roles and seeking promotions. I am quite passionate about the impact mentoring can have in helping individuals achieve professional success. I currently manage the finance mentoring programme at ESB, an award-winning scheme that helps finance professionals build the capability and skills to achieve their career goals. One of the most important lessons I have learned over the years is the importance of building relationships. Success is achieved through working with people. Significant changes are underway in the energy industry right now and it is only by working together, with an open mind and a willingness to learn, that we will be able to deliver what is required to meet our net zero goals. How has the role of the Chartered Accountant evolved since you joined the profession? At ESB, we have Chartered Accountants working in all areas of the business – not just on the finance team. Chartered Accountants are seen as strategic advisors, commercially focused and thoughtful leaders who can provide insights and guidance on a wide range of topics. The Chartered Accountancy qualification is a great foundation for any career. It helps to build skills that can be used across a range of business areas. What advice can you offer ACAs starting out on their career path today? The best advice I can give is to be open to exploring new opportunities and experiences as they arise. Building a strong support network is also key to success. Who do you admire most right now in business or public life? I remember the election of Mary Robinson as the first female President of Ireland. Even as a child, I was aware of how she had rocked the system and the positive impact she had on women in Ireland and globally. Throughout her life, she has used her position to highlight issues like domestic violence, lobbied for women’s rights and held perpetrators of human rights abuses to account. Today, Mary Robinson continues to use her voice and platform as an advocate against climate change through her role in Project Dandelion, a woman-led initiative addressing climate change. Her strong commitment to women’s rights, human rights and to addressing climate change, specifically from a female perspective, really resonate with me. I see her as a great role model. What are your plans and ambitions for 2025? I have two key focus areas for 2025: sustainability and artificial intelligence (AI). I have committed to taking part in the ESB Sustainability Navigator Programme, an initiative aimed at creating a culture of sustainability leadership throughout the organisation and I am looking forward to growing my knowledge in this area. On the AI front, ESB was one of the first companies in Europe to deploy copilot for Microsoft 365 and I am hoping to enhance my learning and use of this platform throughout 2025. This will hopefully help me to focus on high-value activities and improve knowledge-sharing and collaboration within my teams.

Julia Rowan answers your management, leadership and team development questions Question I am a mid-level manager in a large company with four direct reports who all manage teams of three to five people. We work to high standards and I don’t think we have any problems. I have one-on-ones with my direct reports and the five of us meet every fortnight. About once a month, the whole department meets. Should I be doing anything differently? We’ve worked hard to get here, and I don’t want to rock the boat, but I think we have more to give. Answer It sounds like you are doing a lot of things right. This is a great time of year to look at how the team functions and put strong foundations in place for the year ahead to increase your relevance and visibility. I trust that you and your team have more to give. Employees appreciate being consulted – and managers are often pleasantly surprised by their insight and interest. I suggest that some carefully planned team events could be very productive. Begin by working out what you want for your team and the service you provide. If you could describe “a better team,” what words would you use? Feel free to use words like “more” or “less,” and then change “less” to “more” (e.g., “less dependent’ might become “more independent”). If your organisation has a strategy, read it and reflect on where your team intersects. Consult with your direct reports to make sure they are on board. Organise a half-day session with the whole team. Plan it well and make it feel special – offsite, if possible, refreshments on arrival, lunch to finish, etc. Open the session by discussing your strategy and the team’s strengths. Celebrate wins – big and small – to build confidence and acknowledge contributions. Keep the focus positive while the teams build confidence in engaging in this type of process. For example, identify lessons learned rather than mistakes made and use interactive activities like a SWOT/SWOC analysis (strengths, weaknesses, opportunities, threats/challenges) to assess the team’s current standing and potential for growth. Don’t rush the pace – it can be really useful to meet a few times as issues can settle, and ideas can emerge between sessions. Consider the perspectives of stakeholders, including your senior team, customers and suppliers. One effective way to do this is by placing a few chairs in the room to represent them. Invite your team to occasionally take the seat of these stakeholders and ask questions such as, “What do they want from us?” and “What else can we provide for them?” This allows team members to see things from a different perspective. A valuable outcome of a session like this could be that team members ask for feedback from stakeholders using a set of agreed-upon questions. Use the opportunity to strengthen relationships within your team. For example, you might ask people who they would like to acknowledge or appreciate or which team they would like to work more closely with. As ideas about ways forward emerge, you might translate these into goals for 2025 – perhaps allocating ownership to front-line team members. This provides a nice connection to your team meetings. Julia Rowan is Principal Consultant with Performance Matters Ltd, a leadership and team development consultancy. To send a question to Julia, email julia@performancematters.ie If you read one thing... “The Boy, the Mole, the Fox and the Horse” by Charlie Mackesy is a gentle book that addresses human emotions like love, vulnerability, courage and connection. Beautifully illustrated, it would make a lovely takeaway from a team session.

As we draw the curtain on a challenging year, three Chartered Accountants offer their personal insights and predictions for the Irish economy in 2025 John Donoghue, Chief Executive Officer at Ifac As we look ahead to 2025, Ireland’s farming and agribusiness sectors face a pivotal year marked by both opportunities and challenges. While 2024 has delivered favourable weather conditions and decent commodity prices, regulatory and environmental hurdles will test the resilience of agricultural enterprises in 2025. The most pressing concern is the potential loss of Ireland’s nitrates derogation. The derogation has been crucial in enabling Irish farms to maintain high productivity levels, and its removal would require significant operational changes. At Ifac, we are conducting extensive stress testing with dairy farmers to assess various scenarios, including reduced herd sizes, expanded storage facilities and land acquisition strategies. We recently welcomed Dr Rosie O’Neill as Director of Sustainability, and she is working closely with businesses in food and agriculture to help them plot their sustainability journey. Sustainability has emerged as the defining challenge across farming, food production and agribusiness. Large food producers face mounting pressure from retail customers to demonstrate not only their own environmental credentials but also the sustainability of their entire supply chain. The dairy sector appears to be reaching a plateau after years of expansion. Current trends suggest the number of dairy farmers in Ireland could decline from 16,000 to about 12,000 over the next five to six years, presenting significant output risks and a big challenge for our major dairy co-operatives. The regulatory burden continues to grow, particularly with the Corporate Sustainability Reporting Directive (CSRD) coming into effect. From 2025, a broad group of our corporate clients will need to report on their sustainability metrics, adding another layer of complexity to business operations. Export markets offering growth opportunities and expansion into larger markets, particularly the UK and US, remain crucial for our food producers. The road ahead demands a delicate balance between maintaining productivity and meeting environmental requirements. Success will require investment in sustainability initiatives, careful strategic planning and continued innovation across the sector. Sarah Meredith, Tax Partner at Grant Thornton From the perspective of a tax advisor, my hopes for 2025 include simplifying and bringing certainty to the tax code. We have witnessed some seismic changes to the tax landscape in recent years, driven largely by the Organisation for Economic Co-operation and Development (OECD) and European Union initiatives. For groups within the ambit of the OECD’s Pillar II rules, the approach to tax compliance has fundamentally shifted from 2024, regardless of whether there is ultimately further top-up tax due.centre The Department of Finance has launched several initiatives centred around simplification, including the interest review and examining the SME sector to streamline tax-related matters. It would be hugely beneficial to see tangible results from these reviews. Alongside the tax regime, I would also hope that Ireland – and, in particular, the new government – will address issues such as housing, infrastructure, planning and the funding of higher education. These are the crucial pieces of the jigsaw for Ireland to remain competitive. With falling interest rates, supported by lower inflation rates, I would be hopeful of higher deal flow and activity within the economy. The modified domestic demand (a proxy for the domestic economy) is forecast to grow at circa 2.6 percent annually from 2024 to 2026, buoyed by the continued strength of the labour market. These factors should all provide a good foundation for maintaining Ireland’s competitiveness and attracting inward investment. Overall, Ireland's future looks bright, but we need to ensure we provide a solid framework within which businesses can continue to grow and expand, which should be supported by both infrastructural improvements and the provision of tax certainty. Mark Flood, Director at Renatus Capital Partners Parking the obvious global geopolitical elephant in the room, we are very positive about the outlook for businesses in Ireland in 2025 for three reasons: The wave of inflation we have seen in recent years appears to be receding – the hangover remains for some, but in the main, many have either recovered increased inflation-driven cost to the top line or learned to be nimbler with their costs to counter its effect. There is historically low leverage out there among SMEs – they can withstand a lot. The healthy position of the Irish exchequer. Notwithstanding, there is a cohort of people and companies trapped by higher costs and capped income. Though these are in the minority, we should spare a thought for them. We have the best entrepreneurs in the world, and there are so many companies going global. At the same time, foreign funds are coming to Ireland because they see us as a country of great businesspeople and entrepreneurs. I spoke recently to a restaurant owner in a university town where, unlike others, accommodation has been injected. She told me her labour challenges had been largely solved by people living in her town and working part-time. It would be great if we could solve the accommodation crisis on a broader basis to improve the situation for all. Let’s hope we can solve our housing problem, that global geopolitical developments do not create further challenges and we can continue to drive on in 2025.

Barry McCall speaks to Xeinadin Area Managing Partner Paul O’Connell about the firm’s rapid growth in Ireland, multi-million euro investment programme and the outlook for the Irish economy  Formed just five years ago in the UK, Xeinadin has grown at pace and now has over 135 offices, more than 2,000 professional advisors and 80,000 clients across Ireland and Britain.   “We are ranked eighth in Ireland in terms of turnover,” notes Area Managing Partner Paul O’Connell whose own firm, Cork-based Quintas, joined Xeinadin in late 2023.  Looking back on the history of Xeinadin, O’Connell explains that it was established in 2019 when some 100 accountancy practices came together to collaborate and share resources.  “At the start, it was a group of independent firms agreeing to collaborate, but they worked together to build a core structure to bring the different offices together,” he says. “They set up shared IT systems and HR, compliance, training, business development, marketing and finance functions and, today, we are one ‘Xeinadin’ – one firm with one structure and common systems and policies. It’s not a franchise or a network model. We are one firm with everyone in it collaborating together as colleagues.” Growth ambitions The firm’s growth ambitions received a significant boost when private equity investor Exponent bought into it two years ago. “Xeinadin has been on the acquisition trail ever since,” says O’Connell.  “Thirty offices joined the firm in the last two years, and we see significant further consolidation in the accountancy sector over the next two or three years.  “Exponent has been a brilliant partner to work with and have been hugely supportive. They have really got involved in a positive way to drive the growth and development of the business.” Six months ago, Xeinadin announced a €40 million investment in the Irish market with the aim of further expanding its footprint here with a core focus on taxation, business advisory and audit services for SMEs across the country. “We have already pretty much committed 40 percent of that,” O’Connell says. “We are at the advanced stages of legals and due diligence with five firms and we hope to complete those deals over the coming months. We are well down the road in terms of committing the €40 million.” The business has a strong regional focus, he adds.  “We are already in Dublin, Kildare, Kilkenny, Wexford, Cork, Limerick, Galway and Belfast and we are now focusing on areas like the Midlands, Waterford, Kerry and Mayo. We already have an office in Galway, but we want to expand there. We still have an eye on Cork, Limerick and Dublin as well, of course.  “Other firms looking at consolidation tend to focus on the major cities. We have a different focus because our client base is mainly made up of SMEs and having a local presence is really important to them and to us. We want to be close to them to build lasting relationships.” Location isn’t the only determining factor and Xeinadin is highly selective in the firms it wants to acquire, O’Connell points out.  “We are targeting high quality firms with ambitious partners who want to join us on a journey to drive the business on and avail of the growth opportunities being part of Xeinadin can bring.” The backing of Xeinadin is important in a number of ways. “Most smaller firms aren’t in a position to offer speciality services to their clients. They can offer those services through collaboration with other offices in the group,” O’Connell says.  “That will enable them to become the firm of choice in their locality helping to drive growth. My own office here in Cork has seen its headcount grow by 20 per cent since we joined Xeinadin.” Consolidation in accountancy The trend towards consolidation is by no means limited to the accountancy sector. “We are seeing it across every sector and in our own client base where the volume of transactions has been increasing steadily in recent years. The reasons vary but there are a number of core drivers. Succession planning is one.” As O’Connell sees it, the old model among accountancy practices – whereby a new partner would borrow to fund their way in to replacing a retiring partner – doesn’t really work anymore.  “Socio-economic changes mean that people are buying homes and starting families later in life. They don’t have the access to finance they did in the past. There has to be a different way of accommodating generational change.” He also notes other challenges facing small practices with one or two partners, including the necessity to meet the fast-changing and more complex needs of business clients.  “As part of Xeinadin, firms have access to the resources of the whole group when meeting those needs. With artificial intelligence coming down the line and the requirement to keep pace with issues like sustainability, this is very important.” Recruiting and retaining good employees is equally important says O’Connell, pointing to an example where one of the firm’s offices in a regional location was experiencing difficulties recruiting a Tax Partner.  “They were struggling due to their location,” he says. “We were able to recruit the partner here in Cork and they can now work in a Cork city location for that office. That would not have been possible in a standalone situation.” Similarly, when the Dublin office needed assistance with a large audit job, the Cork office was able to send a team to help out. The firm also offers good opportunities for young accountants, O’Connell says.  “Xeinadin can offer better training programmes and structured graduate programmes small offices just can’t provide. There is also the opportunity to move to other offices, both in Ireland and the UK, where they can gain experience working with a much wider variety of clients.” Economic outlook Turning to the economy and the recent budget, O’Connell is somewhat disappointed with the lack of business supports provided. “There was little or nothing in the budget for business,” he says. “It was very much focused on individuals.” The lack of movement on the hospitality VAT rate was especially disappointing. “I strongly believe the VAT rate should come down to nine percent, particularly for food. This is an absolute necessity. The 13.5 percent rate could be retained for accommodation. We have seen a large number of closures in the industry over the past 12 months and there are many more coming down the track.” Outlining some of the cost challenges facing the industry, he says: “The minimum wage has gone up by 38 percent since just before Covid, for example. Even people working in the industry don’t fully appreciate the cost challenge.  “I visited a restaurant client recently and I went through the costs involved in producing one of their best-selling brunch menu items. By the time I had gone through everything from the raw material and labour and the costs of napkins and energy to the share of overheads, they were left with a profit of 20 cent from the €13 charged to their customers. I hope the new government addresses the VAT rate as a matter of urgency.” He is more optimistic about the outlook for the wider business community in Ireland. “There is real positivity out there in terms of the economy. Cork is flying, but we do need further investment in transport and infrastructure.” Returning to Xeinadin and its future plans, conversations are already underway with other potential targets for acquisition with the remainder of the €40 million.  “Firms are aware of what we’re doing, our approach and the value we bring. It’s not about growth for the sake of growth. It’s about targeted growth in the regions and other specific areas. And firms joining Xeinadin have to align with our values, culture and long-term vision for the business.”

Larissa Feeney’s varied career set her on the path to business success as founder of award-winning online accountancy and business services firm Kinore, writes Barry McCall It may come as a surprise, but the founder and CEO of the Irish Accountancy Awards Online Practice of the Year didn’t set out to be an accountant. Despite accounting being her best subject in school, Larissa Feeney initially wanted to pursue a career in hospitality. “Looking back now, I don’t know if I got the right guidance at school or just didn’t listen to it,” says the Kinore founder and Chief Executive who has built Ireland’s first online, remote-first finance and business services company from revenue of €300,000 in 2017 to €4 million today. “We have seen year-on-year revenue growth of more than 30 percent and we are aiming to grow revenue to €15 million by 2028. We also plan to double our workforce from 75 to 150 employees over the next 18 months,” Feeney says. This remarkable success story began 25 years ago when the Ulster University hospitality graduate decided on a change in career direction. She had been working at a Donegal hotel for the summer following her graduation. “It was almost like Fawlty Towers,” she recalls. “It only opened for the season, and they threw everything at it. We worked morning ‘til night for seven days a week.” Then Feeney spotted an unusual job advert for a Director of First Impressions – receptionist – with Claremount Chartered Accountants in Derry. Not only was she intrigued by the advert, she was attracted by the idea of a nine-to-five job. “The Managing Partner, Gary Heaney, was very much ahead of his time and open to new ideas. That was my first exposure to an accountancy practice. I got to see just how important accountancy is. I saw clients coming in worried about something and coming out feeling okay. The impression I got was that accountants solved their problems for them.” Path to accountancy Her experience at Claremount Chartered Accountants set Feeney on a new path. “I asked the Managing Partner if the practice would put me through the accountancy exams and he said yes.” She qualified as a Chartered Accountant in November 2004 and stayed with the practice until the end of her contract in June 2005. “It was a fantastic journey. Gary Heaney didn’t have to say yes. If he had said no, things might be very different.” Feeney’s decision to leave was prompted by a desire to further her career. “I went into industry. I have always been fascinated by business and I wanted to learn about its inner workings.” She went to work for JML Transport in Donegal. “It was quite a significant business at the time. One of the directors, Bríd McLaughlin, was an unbelievable businesswoman. I gained great insights from her on the minute detail of how to run a business well. That was my first exposure to a woman in a senior position in business and it left an impression on me. She was well able to hold her own in a very tough, very male dominated business in an industry with tiny margins. I never would have got those insights had I stayed in practice.” Fate played a hand at that point. While Feeney was on maternity leave with her second child, the company sold off a substantial chunk of its business.  “While on leave, I had local people coming to me asking if I could do their books and VAT and so on. I asked if I could come back two or three days a week and keep on doing the other work. Bríd McLaughlin said yes. I reduced my time with JML over the years and the company eventually became a client. It happened quite organically, there was never a full stop when I jumped into self-employment.” Concept for Kinore The next significant point in Feeney’s journey came about as a result of another newspaper advert, this time from an accountancy practice in Derry looking for an accountant to take on work on a sub-contract basis.  “The accountant had been ill for a year, and it was coming up to UK self-assessment time in January. He had 30 to 40 clients and was struggling to get their tax returns done on time. I drove over, picked up the files and did the work back at home. It worked very well. He then offered to sell me the book of clients and that was really the start of me building my own client book.” Looking after all those clients from home planted a seed. “They didn’t care where it got done so long as it was on time and correct,” Feeney says.  “That was what started the concept of Accountant Online (the former name of Kinore). The website went live in 2011.  “Client numbers were very low at the time. I was doing everything myself, including blogging and web posts and so on. The first call I got was from a company in Cork that wanted me to do their accounts. It was during the recession, and I probably benefited from that. Companies were looking for cost-effective alternatives for everything at the time.” Roll on five years to a discussion in Derry about Brexit. “One of the people there represented an investor who decided to put some money into the business to take a small stake in Accountant Online,” Feeney explains.  “It wasn’t just about the money. The investor brought skills and advice as well. In 2017, I hired our Director of Sales and Marketing, Rose Kervick. Having her coming in at senior level helped to grow the business.  “An accountant has a very narrow set of skills, and you need a broader set to grow a business. Rose really helped in that area. We invested in digital marketing, online client engagement and so on. It has been a super growth journey since. There have been huge learnings on the way and loads of things I did right and didn’t do right.” Business expansion It has been difficult to keep up with the growth of the business at times, Feeney says. “You have to make sure you have the right structures in place. We are accredited to ISO standards and always make sure the quality is correct in areas like cyber and data security. We are also investing in automation and digitalisation.” For her, the key learning has been the importance of having the right people around you. “When you have the right team around you, you can achieve your goals. If you get that right, everything else is doable. The other one is the importance of our clients. We always put our clients at the centre of what we do. We work in partnership with them, we go on a journey with them. That’s our culture.” Looking after the people in the business is also important. “Working remotely can be hard. You don’t have learning by osmosis and water cooler moments. We are intentionally remote, and we invest massively to do it really well. What you save on office space you need to invest in bringing your people together.” Having grown a multi-million euro business while also being a busy mother to three children, Feeney has some advice for other businesswomen.  “It is not possible to grow a business and raise a family without a massive amount of support. You can’t do it on your own. I have had great support in the business and at home. My husband has been a massive support. You need to delegate, delegate, delegate and have the best people around you in all areas.” Looking ahead, she says the future is “growth, growth and growth.” “I am very lucky to have a young, ambitious and driven senior team in the business. They want to grow the business and help the people in it to reach their full potential. We will grow organically in Ireland and will expand into export markets and through acquisitions.”

Barry C. Melancon, outgoing CEO of AICPA & CIMA, talks to Accountancy Ireland about the need for the profession to learn and adapt at a time of rapid change and unprecedented opportunity Accounting is undergoing change as never before, driven by the evolving needs of global business, regulatory regimes and – above all – the rapid emergence of new technologies that promise to transform the profession in the years ahead. Amidst all this change, a willingness to learn and adapt will be critical for accountants in all sectors. “Now is a time for reflection, particularly for those in our profession at the mid-career stage,” says Barry C. Melancon, CPA, CGMA.  Melancon is the outgoing CEO of the Association of International Certified Professional Accountants, the professional body formed by the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA). “Younger people are coming in as digital natives and the pace of change in the world today, certainly with regard to technology, requires us to be fully committed to adapting our competencies to keep pace,” says Melancon. “It is not the first time change has been required in our profession – for us, change is a constant – but the leap we need to take today is bigger than ever before, and we will need to adapt faster than ever before.” Committing to change as a constant In his role as President and CEO of the AICPA, Melancon was instrumental in overseeing its alliance with the Chartered Institute of Management Accountants to form the Association of International Certified Professional Accountants (AICPA & CIMA). Established in 2017, the association now has close to 600,000 members, candidates and registrants in 188 countries and territories worldwide. As he prepares to hand over the reins to incoming AICPA & CIMA CEO Mark Koziel, Melancon reflects on his achievements over three decades as AICPA’s longest serving CEO. “Serving the profession over the last 30 years has been a great honour and I have been fortunate to have played a part in its transformation,” he says. “The reality is that the role has been a change management process from the very start. The question at the outset was, ‘how do we create the organisation of the future?’ “My goal was to make the AICPA an organisation that would create a more permissive environment in which the profession could broaden its reach and become more successful – and I do sincerely think we have succeeded in opening people’s eyes to what the profession can be. “At the same time, today – as much as at any other time in the last 30 years – the importance of trust in our profession is paramount. “Trust is our trademark and, no matter how much or how quickly the world around us changes, we must continue to be committed to the trust and objectivity that sets our profession apart, and the value we create for those we work with.” Broad business lens Melancon grew up on the Gulf Coast of southern Louisiana and graduated from Nicholls State University in 1978, majoring in accounting with a minor in government policy.  “I went to university thinking I would be a lawyer and, during my first semester, realised I had a greater interest in business. I took an accounting course and discovered that, if I wanted to have a strong business perspective, accounting would be the best path to take,” he explains. “My perception was that accounting could give me the broadest ‘intellect’ as it relates to business. All the disciplines of business are encompassed in accounting in some form – management, economics, finance – the whole gamut.  “I think this still holds true today. This profession gives us the best and widest lens of all business disciplines.” Melancon began his accounting career in 1979 with a CPA firm in Louisiana before being appointed CEO of the Society of Louisiana Certified Public Accountants in 1987 and, subsequently, as CEO of the AICPA in 1995. “Like many people in our profession, I started out doing accounting, auditing and tax work,” he says. “I had a goal to become a partner in a CPA firm by the age of 25 and, as I’d started school at a very young age and skipped years along the way academically, I succeeded in reaching that goal.” Crucial role as trusted advisors At this early stage in his accounting career, Melancon worked exclusively with small and medium-sized enterprises (SMEs) and not-for-profit organisations. This experience, he says, formed his “early accounting perspective” and instilled an abiding respect for the value of SMEs in economies worldwide and the critical role accountants play in supporting and elevating entrepreneurial endeavour for the benefit of all. “This has been really key for me as as President and CEO of AICPA – creating an environment in which our profession can flourish has been about that wider business lens,” Melancon says. “There are thousands of SMEs around the world. SMEs are the lifeblood of most economies, both established and emerging. Entrepreneurs see opportunities and build businesses, and the expertise of the accounting profession helps them succeed and grow. “Society benefits, but we know SMEs also have high failure rates. They can have a much higher success rate if they walk hand in hand with a professional who really understands all aspects of their business and can act as the purveyor of truth and effective information.” As Melancon sees it, accountants have a crucial role to play as trusted advisors whose strategic and principled guidance is critical in business the world over. “Often, you will find that an accountant working with a business owner knows more about them than anyone else,” he says.  “If the business owner has a health issue or personal challenge, they will ask their accountant, ‘What does this mean for my business? What should I do?’ If they have concerns about competitors, cashflow or business acquisitions, the accountant is the first person they will consult.  “The business owner will understand their business model, the products or services they are selling and the market they are selling to, but their accountant will be the expert in pretty much every other aspect of how to run the business to make it successful.” Elevated role of the profession Beyond the SME environment, accountants in practice and the corporate world are assuming an increasingly prominent role in the boardroom. “Our role right across the board is becoming more strategic. It comes back to that ‘wide lens’ we offer and the higher-level skills we apply to deciphering the complexity of the world we operate in,” Melancon says. “In the corporate environment, leadership is looking to the finance function for more answers, particularly in areas such as environmental, social and governance (ESG) where decision-making is increasingly data driven. “If we look at the audit function, particularly in relation to larger capital market companies, we have moved from purely auditing financial statements to providing third party assurance across a whole range of areas, from ESG to cybersecurity, and this will only continue to expand. “With artificial intelligence (AI) – right now, people are really not sure if they can or should trust it. This will change and it will change rapidly – and we, as a profession, will be key to providing the assurance, objectivity and trust that is needed.  “Our tagline at AICPA & CIMA is, ‘We empower trust, opportunity and prosperity.’ That’s not just about the profession; it’s about society at large.” Emerging business models In tandem with the evolving role of the accountant, the traditional structure of accountancy firms is also changing. “AI, in particular, will fundamentally change the ‘shape’ of accountancy firms and the traditional leverage model,” Melancon says. “With the leverage model, the largest number of employees in accountancy firms have traditionally been at the entry-level – the base of the organisation – where a significant amount of the firm’s transactional activity has taken place. “As people starting out at entry-level progress their careers, they move up to the middle of the organisation, where there is a greater need for cognitive skills and business acumen. “Then, at the top of the pyramid, on the corporate side, you have the C-suite executives and in the firms, you have the partners and owners.  “This leverage model has served our profession well over the years, but, today, the need for all that work at the ‘base’ or entry level is rapidly falling away, in part due to technology like AI and automation. “Instead of pyramid-shaped firms, we will be predominantly ‘fat-middle’ organisations, so we will need to get more people into that middle more quickly with the business acumen and skills they need to build strong relationships with clients.” Robert Stokes award On a recent trip to Dublin to attend the Global Accounting Alliance Board Meeting in late October, Melancon received the Chartered Accountants Ireland Founders Award. The Robert Stokes Medal was presented to Melancon by Barry Doyle, President of Chartered Accountants Ireland, at a special event, in recognition of his outstanding contribution to the accounting profession.  The award represents the characteristics of Robert Stokes, the founder of Chartered Accountants Ireland, a pioneer and a courageous independent thinker, committed to fairness and “levelling the playing field”. Looking ahead to the future of accounting and younger generations entering the profession, Melancon reflected on the need for passion, ambition, commitment and confidence. “Accounting is a profession; it is not just a job. I think this mindset is really important. I don’t think people in any generation can expect to have truly long-term career success unless they understand the need for this professional commitment. Passion is important.” “When I became CEO of the AICPA at 37, a very wise person who headed up one of the largest professional services firms in the world at the time, said to me, ‘Barry, I don’t know you, but I know people put you in this position and my only advice to you is to be yourself.’ “I think the younger generation coming into accounting do bring themselves to the profession. They bring something new and valuable in terms of what they have learned and how they have learned it. “They are more tech-savvy and probably more worldly. They have access to much broader information sets. My message to these younger accountants is to value all of this and to ‘be yourself.’  “You also need to have clear goals and the confidence to speak to others around you about your goals and how to reach them. Seek people’s help and advice, and act on it.  “When I started out in my first role with that small firm in Louisiana, the Partners knew I wanted to be a Partner myself by 25.  “I wasn’t shy about it, and they supported me. They told me, ‘This is what you need to do to get there,’ and I was able to achieve my goal.  “It is important to have the confidence to talk to the people above you in a constructive, honest and positive way about what you want to be – to be yourself, in other words.  “Our profession requires that kind of commitment and, with their skills in technology, younger accountants today can play a very important role in preparing our profession for tomorrow.” *Interview by Elaine O’Regan

In the age of AI and automation, accounting firms face fierce competition. Now more than ever, a strong brand can promote trust, client loyalty and long-term growth, writes Gerard Tannem Competition in the professional services industry is fiercer than ever, and accounting firms must differentiate themselves to thrive. With the advent of software tools and generative AI (genAI), technical expertise is no longer difficult to come by. Building a strong brand has become a critical strategic imperative for accounting firms. A brand isn’t merely a logo or a tagline. Instead, it’s a tool that influences choice by reflecting the value exchanged between a firm and its clients. A strong brand can significantly impact accounting firm’s growth, client loyalty and long-term success. Best of all, when your brand becomes shorthand, it can serve as a unit of value for your accounting firm and clients. Branding as a strategic business tool A brand is far more than a name or visual identity. It’s a powerful business tool that distinguishes a firm from competitors. Technical competence is often assumed when potential clients are looking for an accounting firm. Your ability to create a balance sheet is taken for granted. However, if you build a brand that denotes trust, reliability and the ability to deliver value, you differentiate your accountancy firm in a crowded market. In addition, you create a lot of reassurance for your client that their financials are in safe and capable hands. The benefits for each party in the commercial relationship are evident when we define a brand as a “tool that influences choice by reflecting the commercial relationship between the buyer and the seller and the value they exchange as a result.” This definition resonates particularly well in the accounting profession. An accountant/client relationship is built on delivering high-stakes value, such as compliance, financial insights and strategic guidance. By investing in their brands, accounting firms position themselves as service providers and trusted advisors. Building value for clients A strong brand offers clients peace of mind that their requirements are being met and signals that the accounting firm has the expertise, professionalism and integrity needed to handle sensitive financial matters. A well-established brand reduces the perceived risk of engaging a new firm, particularly for high-value services such as audits, tax strategy or business advisory. Clients often use branding as a shortcut for decision-making, especially when they lack the time or expertise to evaluate each firm deeply. A recognisable and respected brand becomes a proxy for quality, helping clients feel confident in their choices. For example, a client might choose a firm with a strong reputation for sustainability initiatives, or one known for its innovative approach to technology in financial management. The brand acts as a bridge aligning the firm’s offerings with the client’s expectations and values. Creating value for accounting firms Branding can help accounting firms attract and retain clients, sustain pricing power (no small consideration, as genAI continues to eat into the margins of many industries) and establish market positioning. A strong brand creates a foundation for client loyalty. This translates into repeat business and referrals. It can also command a premium; clients are often willing to pay more for a firm whose brand reflects superior quality or specialised expertise. Moreover, branding can unify a firm's internal and external stakeholders around a common identity and mission. A well-defined brand helps staff understand the value proposition they deliver to clients, fostering a sense of pride and commitment. This internal alignment can be critical for larger firms with multiple service lines, helping ensure consistency across various client interactions. A competitive imperative For accounting firms, branding is no longer optional. It is a competitive imperative that aligns the firm’s capabilities with the needs and values of its clients. By building a strong brand, firms can influence client choice and foster loyalty, and position themselves for long-term success in an increasingly competitive marketplace. Investing in branding isn’t just about aesthetics or advertising. It’s about building a sustainable foundation for growth and creating value for both the firm and its clients. In an industry built on trust and relationships, a strong brand is the bridge connecting expertise with client confidence. For accounting firms ready to differentiate themselves, branding is not just a strategic option. It’s the key to thriving in today’s market. Gerard Tannam is the founder of Islandbridge Brand Development. His book, Branding for SMEs: A Guide, is published by Chartered Accountants Ireland and is available for download.

Integrity due diligence is essential for identifying risks, protecting reputations and ensuring compliance in today’s evolving business landscape, explains Deirdre McGrath Integrity due diligence (IDD) identifies risks that traditional due diligence might miss by using a risk-based approach to review the compliance and integrity of potential counterparties. Key risk categories reported on include financial health, anti-bribery and corruption, political connections, environmental impact, reputational risk (e.g. adverse media) and labour/human rights issues. Trust, reputation and risk mitigation are crucial in today's fast-paced global business environment. Knowing your customers, suppliers or contractors before and during business engagements is essential for making informed decisions and managing risks effectively. Public scrutiny and evolving regulations are putting increasing pressure on companies to identify and mitigate risks with business partners, including suppliers, customers, agents and employees. These risks encompass sanctions, financial sustainability, environmental impact, forced labour and human rights abuses. New EU regulations mandate supply chain mapping and human rights risk assessments. For instance, in March 2024, the European Council and Parliament agreed to prohibit products made with forced labour. IDD reviews can identify these risks.  PwC’s 2024 Global Economic Crime Survey revealed that only 50 percent of Irish companies had a third-party risk management programme. IDD is crucial for risk mitigation, helping organisations understand their counterparties and make informed decisions. For companies, IDD can identify ownership structures, business activities, clients, partners, financial performance, reputation, misconduct, disputes, litigation, key stakeholders, sources of funds and political connections. For individuals, IDD can examine career history, corporate affiliations, directorships, shareholdings, adverse media, litigation, financial positions, reputation, financial trends, insolvency, political connections, donations and sources of wealth. The UK’s Financial Conduct Authority (FCA) recommends open-source internet checks as “good practice” for human resources and high-risk customer research. Benefits of IDD IDD is essential for an organisation’s risk assessment process, helping meet obligations related to anti-money laundering, bribery, corruption and environmental, social and governance requirements under the Corporate Sustainability Reporting Directive and other regulations, such as those issued by the Central Bank of Ireland. It supports due diligence and compliance for mergers, acquisitions, investments and joint ventures. When adverse issues are identified, businesses can make informed decisions to either withdraw interest or implement mitigating procedures to protect their integrity and reputation. IDD also aids in reputation and brand protection by highlighting risks associated with existing or potential suppliers in relevant jurisdictions. It provides strategic, competitive intelligence by gathering information on competitor strengths and weaknesses, impacting growth opportunities and long-term strategy through industry trend analysis. In legal proceedings, IDD can play an important part in securing financial orders by identifying evidence to recover misappropriated funds. For higher-risk third parties, IDD can form part of a legal defence, demonstrating that a corporate body took “all reasonable steps” and “exercised due diligence” to avoid bribery and corruption offences. There are several use cases for IDD, which are outlined below. Know your client, supplier or employee: Conduct detailed reviews of business partners or potential hires, focusing on key risks such as financial performance, reputation (both positive and negative), and ESG risks. CSRD: Help clients report using the European Sustainability Reporting Standards (ESRS) and support company and auditor determinations that a topic/sub-topic may or may not be material to a company. Fitness and probity diligence for regulated firms: Perform background checks on individuals to support initial and ongoing fitness and probity certifications for key and customer-facing roles under the Central Bank of Ireland’s Individual Accountability Framework. Global sanctions screening: remediation screening, support for sanctions investigations and ongoing monitoring or advisory services for sanctions policies, procedures and processes. Mergers and acquisitions diligence: Identify information to evaluate businesses, assess potential value, and understand legal risks associated with transactions, including liability, debarment, prior conduct, ownership and management conflicts of interest. Joint ventures, partnerships, or business alliances: Understand significant risk relationships, especially in higher-risk countries, and assess potential sources of funding, wealth or media findings. Business divestment: Evaluate who you are doing business with or selling your business to, ensuring informed decisions. Investigations: Support investigations by identifying personal, business or social connections between various parties of interest. Asset tracing: This involves identifying assets held by companies or individuals, such as equity, property, and other lifestyle assets. It helps banks pursue defaulting borrowers, supports divorce cases, assists in pre-civil litigation and identifies evidence of fraud or misappropriation of assets. Looking to the future: recent legislative developments Companies should be aware of upcoming European directives, specifically the CSRD and the Corporate Sustainability Due Diligence Directive (CSDDD). These directives will increase the focus on due diligence within global operations and supply chains to prevent adverse human rights and environmental impacts. They will also drive more detailed reporting, disclosure requirements and transparency around business processes. Findings from IDD open-source intelligence searches and related human-sourced intelligence resources can help clients avoid penalties for non-compliance with these new regulations. These four key steps will help organisations get ready for IDD: Prepare: start preparing early to ensure compliance with upcoming legislation. Assess: determine if and how the new legislation applies to your company or group of companies. Appoint: designate an internal lead or project team to develop due diligence policies, procedures and infrastructure. Ensure timely implementation of necessary changes. Decide: choose the due diligence process that best suits your requirements. Deirdre McGrath is a Partner at PwC 

Eva Sheehy explores how Irish businesses are leading in ESG readiness, with CEOs confident in meeting 2025 deadlines and reaping financial and strategic benefits As deadlines for environmental, social and governance (ESG) reporting rapidly approach, Irish businesses are intensifying their focus on robust ESG programmes. In the EU, reports are due to start appearing from the largest companies in early 2025, and this reporting wave will require independent assurance on ESG and human rights matters. Recent findings from the KPMG CEO Outlook 2024 illuminate the critical importance of these initiatives, highlighting a strong conviction among Irish CEOs that ESG practices hold financial benefits. Global context vs Ireland's position Globally, the situation is challenging. KPMG research has found that only 29 percent of companies worldwide have the ESG policies, skills and systems in place to be ready for independent ESG data assurance despite looming deadlines. The gap between leading companies and those in the early stages of assurance readiness is also widening, with skills and resources seen as the single biggest challenge for all levels of maturity. However, here in Ireland, we are in a much stronger position. Recent findings from the KPMG CEO Outlook 2024 highlight that 60 percent of Irish CEOs report that their organisation possesses the necessary capability and capacity to meet these stringent reporting requirements – preparedness that is crucial as companies navigate the complex landscape of ESG reporting, which demands transparency, accuracy and accountability. The clock is ticking. In preparing for ESG assurance, businesses are discovering that as they advance, there’s always more to understand and accomplish. This commitment is worthwhile – boards are placing greater emphasis on ESG assurance and leaders are noticing a broader array of benefits as practices associated with it become integrated into their businesses. Robust ESG reporting also provides a framework for continuous improvement as companies set ambitious targets, monitor progress and make informed decisions that drive long-term value creation. Assurance services play a critical role in this process, providing independent verification of ESG data and enhancing the credibility of the reported information. The business case for ESG initiatives The business case for ESG initiatives is increasingly well-defined. Recent research from KPMG also shows that 63 percent of organisations in Ireland are fully embedding ESG into their strategies to create increased value. The return on investment is also predicted in the relatively near future, with 66 percent of CEOs in Ireland believing such robust ESG programmes will enhance their financial performance over the next five years. This integration reflects a broader trend towards sustainability and ethical governance, which not only meets regulatory requirements but also aligns with investor and consumer expectations and underscores the growing recognition of ESG’s vital role in business strategy and its potential to drive value and sustainability for stakeholders. The critical role of robust ESG reporting and assurance As reporting deadlines loom, the importance of robust ESG reporting and assurance cannot be overstated. Accurate and transparent reporting is essential for building trust with investors, customers, and employees. It demonstrates a company’s commitment to sustainability and ethical practices, which are increasingly important criteria for stakeholder engagement. Skills and resources a key challenge Obtaining appropriately skilled and experienced people will also be a challenge. Many businesses are looking for the same skillsets at the same time, and those skills are very specialised. On top of that, the further businesses advance in the process, the more skills requirements they discover they will need to reach full ESG reporting and assurance maturity. This often involves not only hiring new talent, but also investing in extensive training for existing employees to ensure they are up-to-date with the latest standards and practices in ESG reporting. Ultimately, Irish businesses must remain adaptable and proactive as the landscape evolves, requiring a dynamic approach to skill development. This is essential to meet the stringent requirements and to achieve the long-term benefits of robust ESG practices. Eva Sheehy is Director in the ESG Reporting and Assurance team at KPMG

Kate Flanagan shares five expert tips to redefine success, celebrate progress, and climb with confidence on your unique career journey Feeling stuck on the never-ending rungs of the career ladder? Don’t worry, it happens to the best of us. But before you lose hope, remember that the ladder might not be as rigid as it seems. Here is the truth about career progression – it’s not a one-size-fits-all climb. For some, reaching the next rung means a promotion and a new title. For others, it’s about tackling bigger challenges or mastering new skills. The key lies in defining what “upward movement” means for you. Here are five tips to help you climb that career ladder with confidence. 1. Goal setting on the ladder Setting clear goals, big or small, is vital throughout your career journey. What do you want to achieve on the next rung of your ladder? Is it a specific promotion, a certain skill set, or a leadership role? Defining your goals helps you visualise the path ahead. 2. Celebrate every step up Acknowledge and celebrate your accomplishments! Taking a moment to reflect on how much you have learned and grown since you started climbing the ladder is incredibly motivating. You have climbed rungs already, and you can still climb many more. 3. Explore opportunities on your current rung Before aiming for the next step, assess your current position. Is there potential for taking on additional responsibilities? Training programs to boost your skillset and help you climb higher? Talk to your manager and see if there is room for internal growth. 4. Network up and down the ladder Your professional network is your career lifeline. Building strong connections with colleagues and mentors, both above and below you on the ladder, is crucial. These connections can offer guidance, open doors to new opportunities, and even become supporters on your climb. 5. Push yourself beyond the rungs Step outside your comfort zone and embrace challenges. Public speaking, attending networking events, or simply speaking up in a meeting – these experiences push you professionally and equip you for the next rung of the ladder. Remember, your career path is unique. Use these tips to define success on your terms and climb that perfect career ladder – the one that leads you to your specific goals. Kate Flanagan is a Tax, Treasury, and Practice Partner at Barden

New research highlighting the prevalence of burnout in the accountancy profession underscores the importance of understanding the symptoms and reaching out for help, writes Cristian Holmes Being a Chartered Accountant is a highly respected and rewarding career choice, and there are a great many people who are incredibly happy in their role.  However, for some, long working hours and tight deadlines can make for a high-pressure environment, which can sometimes lead to severe physical, emotional and behavioural symptoms we often associate with burnout. New research shows the concerning prevalence of chronic stress and other burnout-related symptoms within the profession. Findings of new research Based on a study of more than 300 Chartered Accountants from a range of accountancy bodies in the UK, our research has found that 74 percent have experienced some form of burnout in the last 12 months. Thirty-six percent reported suffering from insomnia or disrupted sleep, 32 percent had been diagnosed or self-identified with depression, and 29 percent had experienced regular panic attacks. Within their working lives, two in five said symptoms of burnout had impaired their ability to do their job or prompted them to take time off. Excessive workload was cited as the number one cause of burnout (46%), followed by work-life imbalance (45%), monotonous or unchallenging work (32%) and a lack of support from supervisors (31%). 10 signs of burnout   Burnout occurs when we feel overwhelmed emotionally and physically – so much so that it becomes almost impossible to function in our work or personal life or both.  Burnout affects people in different ways. Stress is often an early warning sign of burnout and one of the main symptoms, but here are a few other signs to look out for:  1. Brain fog  Because our brains are worrying about so much, it can impact our ability to think clearly. This can lead to you struggling to understand instructions from your manager and complete basic tasks.  2. Joint pain  Our brains interpret physical and emotional pain in the same place – the amygdala. This means that prolonged emotional pain can also lead to physical pain, ranging from sharp, shooting pains to constant aching and pulsing pains. 3. Tiredness  Feeling fatigued because your energy levels are low can result in you wanting to sleep longer because you’re trying to regain the energy you’ve lost from working so hard. What’s more, operating with less energy can also be more draining. 4. Poor motivation  When you’re burnt out, it can be a challenge to do the things you usually don’t mind doing. You may find you’re struggling to get out of bed in the morning, finding cooking a chore and avoiding team meetings and work outings.   5. Irritability   Low energy levels and the lack of sleep brought on by burnout can also result in people generally having less patience and getting aggravated by things that wouldn’t usually irritate them. 6. Detached outlook  Being pushed to the brink can lead to feeling detached from everything around you. It may be that things you used to enjoy no longer appeal to you, or, in more serious cases, you stop caring about yourself (e.g. personal hygiene) and those around you.  7. Digestive issues  Our digestive system can be heavily affected by our body’s fight-or-flight response. Issues such as diarrhoea, irritable bowel syndrome (IBS), nausea and indigestion are some of the ways stress can impact our digestive system. 8. Anxiety   A constant feeling of dread, and there being no apparent reason for that dread, can be a sign of burnout or generalised anxiety disorder. The disorder can be aggravated or caused by long-term stress and burnout.   9. Constant overdrive   You may find yourself worrying about work, even when you’re taking part in fun activities, such as family days out. When you can’t switch off, it’s not uncommon for you to constantly be worrying about what could happen, even when it might not. 10. Feeling overwhelmed   When you hit a certain point, you may find that you feel overwhelmed emotionally, even if there isn’t much going on. You may have a lighter workload than usual but are struggling to get through it because you have less energy and motivation than usual. Reach out for support We would urge anyone struggling with feelings of burnout to reach out – whether it be to a loved one, a friend or a member of their community.  You will find that no matter how low you are feeling, there is always someone there to support and guide you. You are never alone. Cristian Holmes is Chief Executive of the Chartered Accountants Benevolent Association, the occupational charity for members of the Institute of Chartered Accountants in England and Wales and their close families

With the EU Accessibility Act on the horizon, now is the time for organisations to step up and make sure their digital content is accessible before June 2025. Sacha Brinkley explains What is the European Accessibility Act? The European Accessibility Act is a directive to ensure certain products and services are accessible to persons with disabilities. It was transposed into Irish law in 2022 and will apply in Ireland from 28 June 2025. The sectors in scope of this act are commerce (including e-commerce), banking, telecoms, transport and technology. These are very broad and cover a range of companies. For most, e-commerce would probably fall under this legislation, meaning any websites that sell services will need to be accessible. Non-compliance and exemptions There are ramifications for non-compliance, which include: a fine (€5,000) or imprisonment of up to six months or both; a fine of up to €60,000 or imprisonment of up to 18 months or both; or litigation. However, there are some limited exemptions. If your product or service fundamentally changes due to this legislation, or if compliance would create an undue burden for your company, the organisation may be exempt. In both cases, it is essential to ensure you have the proper documentation for the relevant authorities, especially if it leads to litigation. Steps to accessibility With the deadline looming, making digital content and services accessible can be seen as an onerous, overwhelming task. However, there are some practical steps that you can initiate today to help you get ahead of the curve. Stay informed: Stay updated on the latest news concerning the directive and regulations, as this will guide the necessary steps for you or your clients to ensure accessibility. Accessibility audit: Consider conducting an accessibility audit of your online offerings. While this can be expensive and may not be feasible for everyone, it is worthwhile if you have the extra budget. If you are using a third-party service to host your website, such as Wix or SquareSpace, check what accessibility measures they have implemented. Accessibility statement: After your accessibility audit, write an accessibility statement on your website outlining what’s accessible currently, what isn’t accessible, and what you’re working on to make accessible. Invite your users to email you with any concerns or feedback. Being transparent and honest about your accessibility journey will not only demonstrate to users your dedication to inclusion but will also help your case if it comes to litigation. Accessible content: Going forward, make sure all your content is accessible, as well as your marketing. Easy wins The quick wins all involve your digital content. Some require a little more effort than others, but if you can follow these steps then you’ll be well on your way to compliance come June 2025. PDFs When creating PDFs, consider the following: Use accessibility tagging in your PDF so screen readers can navigate your content. This can be done in Word or PowerPoint before exporting to PDF. Write alternative text for every image unless decorative. Provide contact details for an accessible version of your document (for example, in a Word or Excel format) to show that you are being inclusive and compliant. Consider ditching PDFs entirely – could this document be a webpage instead? Images It is important to consider colour contrast. Proper attention to this detail can significantly enhance visual clarity and overall effectiveness in design. You can check colour contrast online. Use text sparingly and make sure your font size is big enough to be legible – at a minimum, the font should be 12pt. Social media and newsletters Always provide alternative text for your images. Write your hashtags in CamelCase. For example, #charteredaccountantsireland should be #CharteredAccountantsIreland. Not only is it easier to read, but you also avoid potentially embarrassing mistakes. Audio and visual When setting up online events, use headphones and a dedicated microphone rather than rely on laptop hardware. This reduces ambient noise and distractions for all users, as well as those with accessibility and sensory needs. Provide captions for your video and transcripts for your audio, as well as a descriptive voiceover when you just have music playing. You may need a sign language interpreter at events where someone deaf is present – check with the attendee first, however. Key takeaways With the rise of artificial intelligence technology and accessibility regulations, we’ll be seeing a digital revolution over the next five years when it comes to digital inclusion. By embedding the steps outlined above in your everyday practices, you’ll get a good head start on your digital inclusion journey. Sacha Brinkley is Content Editor at Chartered Accountants Ireland

Moira Grassick shares her essential tips to help you maintain professionalism at your holiday party without being a party pooper Office holiday parties are a great way to celebrate achievements and strengthen bonds between staff. Despite careful planning and clear guidelines, these festive gatherings can sometimes lead to unexpected issues, however, posing potential challenges for leadership. From inappropriate gifts to workplace conflicts, holiday gatherings require a thoughtful approach to ensure they are inclusive, respectful and enjoyable for all.   Set clear expectations  The Christmas party might take place outside the office, but workplace policies still apply. It is essential to communicate a code of conduct in advance, reminding employees that they represent the company and should act accordingly. Disciplinary action can still apply for misconduct. Harassment and discrimination  Recognise that not everyone celebrates Christmas; some employees may hold different cultural/religious beliefs. Failing to acknowledge this can lead to feelings of exclusion or even discrimination claims. Use inclusive language, such as "end-of-year celebration", and strive to create an environment that welcomes everyone.  It’s important to remember that victims of harassment can raise complaints against employers in circumstances where the employer has failed to take all reasonable steps to prevent harassment from occurring, even at the annual holiday party.  Plan Secret Santa thoughtfully  Secret Santa exchanges can be fun, but it is essential to approach them with care and professionalism. Remind employees to choose gifts with dignity at work principles in mind to reduce the chances of an employee being offended by another’s attempt at fun.  Alcohol and substance usage  Office parties can be a fun way to unwind, but they also come with the potential for risks related to alcohol and drugs. Excessive drinking or substance abuse often leads to unprofessional behaviour or misunderstandings. To mitigate such risks, consider limiting complimentary drinks, providing non-alcoholic alternatives, banning substance use and appointing supervisors to oversee the event.  Prevent social media chaos  When your Christmas party is in full swing, it’s likely employees will snap pictures or videos. If your business is tagged on social media, it’s there for the world to see. If an inappropriate incident is captured online, your reputation is at risk.  To prevent the sharing of risky content, remind employees of your social media policy to clarify expectations.   Plan for the morning after  Should your Christmas party fall on a ‘school night’, it’s important to plan for the morning after. Let employees know ahead of time if they are expected to start work at the normal time or if you’re giving them some leeway. Remember your health and safety responsibilities. If employees drive or operate machinery for work, take appropriate precautions. This includes employees who commute by car. Anyone planning on having a heavy night should make alternative arrangements for the morning.   Remind employees not to report for work under the influence of alcohol or drugs. If they do, you will most likely need to take further disciplinary action.  Be prepared to address issues  Despite your best efforts, issues may still arise. Ensure employees know how to report inappropriate behaviour and that managers are trained to handle complaints fairly. Don’t forget your health and safety obligations outside working hours as well as having a review of your existing policies. Include any relevant policies from your employee handbook, such as codes of conduct, alcohol consumption, anti-harassment, absence, health and safety, disciplinary/grievance and social media. Swift action and proper investigation are crucial to maintaining trust and demonstrating a commitment to a respectful workplace.  A well-planned office holiday celebration can boost team spirit and acknowledge the year's achievements. By setting clear expectations, respecting diversity and managing risks, you can ensure the event is memorable for the right reasons.  Moira Grassick is COO at Peninsula Ireland

  Mergers and acquisitions often set out with grand strategies to gain competitive advantage but real success hinges on the ability to create value, writes Byron Smith While financial considerations are crucial, the best outcomes in mergers and acquisitions (M&As) often come from performing value identification due diligence, ensuring optimal resource utilisation post-deal, and leveraging the strengths each party brings to the table. The importance of synergies Successful M&As typically begin with a common goal, such as growth or market consolidation. The key to success lies in identifying and leveraging synergies, optimising operations and enhancing the market position of the combined entity. In Ireland, where the business environment includes both indigenous companies and multinational corporations (MNCs), creating value is essential for maintaining competitive advantage and achieving long-term success. While M&As are more common between indigenous companies and MNCs, we have effectively used value-creation methodologies to enable smaller enterprises to secure an equal "seat at the table" post-deal, despite their lower financial clout. Challenges in achieving synergies Synergies achieved through mergers and acquisitions can be operational, financial or strategic. Ideally, a successful outcome will include all three: Operational synergies involve cost savings, improved efficiencies and enhanced productivity. Financial synergies provide better access to capital, improved cash flow and tax benefits. Strategic synergies expand market reach, enhance product offerings and boost innovation.  In Ireland, leveraging these synergies in sectors like technology, pharmaceuticals and financial services can significantly enhance performance. However, achieving these synergies is challenging. Globally, our firm has found that around 70 percent of M&As fail to meet their anticipated value, underscoring the need for meticulous planning and execution. To fully realise the potential of an M&A, companies in Ireland must navigate regulatory frameworks, market dynamics and cultural fit, and identify inherent weaknesses early in the negotiation cycle. Innovation as a driver of value creation We have seen that synergies are not just about matching capabilities; some of the most successful M&As involve an innovative company with limited capital partnering with a capital-rich company with minimal R&D. Simply put – SMEs have the ideas and the MNCs have the financial resources. Such collaborations provide the necessary resources and capabilities for research and development, leading to new products, services and technologies. This innovation-driven approach helps companies stay ahead of the curve and maintain a competitive edge in the market. Effective governance and risk management Aligning governance and risk management in Irish businesses post-M&A is often challenging. The question of "What is my role now?" is typically a decision for the acquirer. The larger entity's risk and quality processes are often assumed to be superior. If not properly aligned, however, this assumption can lead to value erosion. Larger stakeholders frequently cite agility and innovation as reasons for carve-off and merger, or for acquiring a smaller, efficient and innovative bolt-on entity. Often, the acquired entity can feel disadvantaged by the deal experience. This can be potentially fatal, as key management may become disenchanted and line workers may feel their lifetime's work is being disregarded, often unwisely. It is crucial to evaluate the approaches and capabilities of both parties, use peer benchmarking and develop the best strategy without power plays. This type of analysis is essential for a successful value creation-driven M&A strategy. Peer benchmarking: looking outside to avoid mistakes Frequently, dealmakers overlook lessons from previous market M&A when approaching a deal. Therefore, peer benchmarking is a crucial value-creation tool. By comparing performance metrics with industry peers, companies can identify best practices, set realistic targets and uncover areas for improvement. This benchmarking goes beyond initial due diligence, setting early expectations for the financial, commercial and operational performance of the post-deal entity. It ensures that the newly formed, theoretically less lean, entity remains focused on becoming more efficient and competitive to achieve its value creation goals. Byron Smith is Associate Director of Strategy at KPMG

The VAT in the Digital Age proposal promises a major overhaul of the VAT regime in operation across the EU. Janette Maxwell and Fadi BouKaram delve into the details On 5 November 2024, EU Finance Ministers at the Economic and Financial Affairs Council (ECOFIN) unanimously agreed on the VAT in the Digital Age (ViDA) proposal. Although some formal procedures will need to be completed before the proposal is fully implemented, this agreement is expected to pave the way for significant changes to the VAT system across the European Union. The ViDA initiative comprises a series of significant reforms to the common VAT rules in the EU. Its goal is to enhance VAT compliance, combat tax fraud and modernise VAT regulations to better align with the demands of the digital age. The latest ViDA package has three pillars: E-invoicing and digital reporting Platform economy Single VAT registration E-invoicing and digital reporting For the supplier, electronic invoicing will be established as the standard method for issuing invoices and possessing a valid e-invoice will ultimately be a key requirement for VAT recovery. Invoices should generally comply with the European Standard (EN16931) and its specified syntaxes, but Member States may allow other formats under certain conditions. Electronic invoices for cross-border transactions must be issued no later than 10 days following the chargeable event. The e-invoice must be digitally reported to the relevant tax authorities by the supplier directly after the e-invoice has been issued (or within five days if the customer issues the e-invoice under a “self-billing” arrangement). The customer, however, is required to digitally report information from the e-invoice within five days of receiving it from the supplier. Member States may waive this digital reporting requirement for customers. The requirements above will apply from 1 July 2030. Platform economy From 1 July 2028, a taxable person who uses an electronic platform to facilitate short-term accommodation rentals (max 30 nights) – and/or passenger transport by road – will be regarded as the supplier of those services for VAT purposes and will therefore be liable to account for VAT, unless:  The underlying supplier provides its VAT identification number to the platform operator; or The underlying supplier informs the operator that they will charge the VAT due on that supply. Member States may decide not to designate the platform as a deemed supplier if the underlying supplier qualifies for and chooses the small and medium-sized enterprise (SME) VAT regime. Member States must implement the rules by 1 January 2030 at the latest. Single VAT registration The Single VAT Registration (SVR) pillar aims to minimise the requirement for non-established traders to register for VAT in an EU Member State where they are not established. The One-Stop-Shop (OSS) has been expanded to include additional types of supplies, such as domestic business-to-consumer transactions including the supply of electricity and natural gas, supply and installation contracts, as well as domestic supplies of goods and services. A new OSS module will allow businesses to report the movement of their own goods between EU Member States. Currently, moving goods usually requires VAT reporting and registration in both the country of dispatch and the country of arrival, with some exceptions. From 1 July 2028, businesses can choose to report these movements through the OSS, which means they will not be required to report acquisition VAT in the destination country. Time to prepare The time to prepare for these changes is now. Businesses need to review their IT systems and start thinking ahead as to how these changes will impact their day-to-day operations and related invoicing processes. Janette Maxwell is International Indirect Tax Director at Grant Thornton Ireland Fadi BouKaram is Director of Tax at Grant Thornton

David Codd delves into strategies for effectively integrating AI into the workplace, ensuring both technological advantage and operational safety   Artificial intelligence (AI) systems offer immense potential, but they can also introduce new and significant risks.   When considering integrating AI into the workplace, there will be elements that do not typically feature in other IT investment proposals.   Equally, commercial realities may be obscured by the excitement arising from the eye-catching power of this technology and its potential to cut out so much work.   Due diligence and risk management should be to the fore, especially when considering new AI technologies.   So, what should those in governance and finance teams look out for?   Should we move faster and invest more right now? The cost reductions that AI can enable in many situations are transformative. So, if the business is efficient and can handle change effectively, pushing the pace could stretch that lead.   Many proposals will envisage cautious, phased roll-out because AI represents unknown territory and it is expensive.    The key questions to consider is whether you should take on more risk to achieve a quicker roll-out, and whether there is a chance to grow and take advantage of significant cost savings by doing so.   Will customer service improvements result in increased market share? AI systems can improve service quality speed in the short- to medium-term. However, while your proprietary data is your own, the technology itself is widely available to those who can afford it, meaning it is unlikely to underpin a unique long-term competitive advantage.   Recent business cases claiming increased market share increase arising from the roll-out of an AI solution should be treated with scepticism. They may really be “me too” projects.   Nevertheless, AI investment might still be needed just to keep pace and retain share. How much change does our operating model need and is the cost understood? Most business cases will include the obvious costs arising from a technology-enabled process change. However, other substantial and costly business changes may be necessary – mature data classification and quality control, for example.  Expertise will be needed to carry out tasks, such as message auditing and defining and implementing guardrails on an ongoing basis to prevent bias creeping in through “data drift”.   This expertise can be expensive, and the associated costs should be built into project planning. Do we understand the risks and when will we be ready to mitigate and control them? Responsible AI is not simply a question of steering away from the deployment of high-risk systems as defined by the European Union’s Artificial Intelligence Act.    AI brings privacy, explainability and bias risks which are exacerbated by the plausibility of the output of large language models.   Risk governance is not merely an extension of current practices. Early use cases can present challenges while risk governance is recalibrated.    This can slow projects down and the timing of realising benefits in proposals should take account of this risk. Understanding all the risks Business cases should reflect the fact that AI is different to previous technologies in terms of potential, risk and operational impact.   Those in governance and finance teams can make a valuable contribution by ensuring the full implications are reflected in investment proposals.   David Codd is an Independent Non-executive Director and Transformation Advisor

Ireland’s economic future hinges on sustaining FDI, reforming regulations and tackling infrastructure issues to secure continued growth. Brendan Murphy explains why “It’s FDI, stupid” to paraphrase a 1990s US election slogan. We are a relatively small country – we need foreign direct investment to keep flowing in whether it is from the US or other parts of the world, including China. Over 80 percent of our corporation tax receipts and over 50 percent of our payroll tax receipts are generated by these companies. That money benefits all of us – consumers, savers and workers. We must not lose the golden goose.  This will require a long hard look at our infrastructure challenges in the coming decades, including some of the well-documented planning restrictions that can frustrate international businesses planning to set up in Ireland. The recent Government Budget missed an opportunity to champion Ireland’s businesses and entrepreneurs, featuring very few improvements to capital gains tax rules to encourage either. The cost of establishing and running a business continues to spiral. We would strongly support calls for improvements to entrepreneur relief to reward business owners and an easy-to-use share-based remuneration scheme that would allow those businesses to retain and reward key talent. Budget 2025 referred to four major issues that could make a real difference: share-based remuneration, the R&D tax credit, interest deductibility and the tax climate for the funds sector. In all four cases, however, the Government opted only to reference new and ongoing reviews rather than introduce any new tax policies. We think these should be top priorities for any incoming government to show some real tangible decisions from these reviews. Airport cap The airport cap has highlighted a key issue with planning laws and regulations in Ireland. This 17-year-old rule was introduced when Terminal 2 was built during a very different era. With a growing population and improvements to airport infrastructure, this cap should have been lifted years ago. We understand the need to manage this from an environmental perspective, but there is also a need to be mindful of the business travel that is crucial to maintaining our FDI levels and ensuring we support our hospitality sector, which felt forgotten and overlooked in the recent Budget.  We need to boost our tourist and investor numbers – not potentially put them off with higher air fares and fewer flights. Housing deficit There is no doubt housing will be a key battleground during this election and a key focus for the new government of whatever political makeup. In the recent Budget, the government outlined a roadmap for how current and future considerations from bank share sales will be allocated, emphasising a strong commitment to infrastructure spending. This investment is critical for achieving Ireland’s ambitious housing targets, with all agencies and commentators signalling that 60,000 new housing units will need to be completed annually to address the chronic undersupply. Despite these good intentions, however, planning delays and higher building costs continue to be significant constraints to meeting these targets. Some builders are unable to commence building unless they know they can deliver houses and apartments people can afford to buy. In addition to the generous budget allocations, planning regulations need to be closely examined and overhauled. Tangible policies over reviews To maintain Ireland’s status as an attractive FDI destination, decisive action is required. Infrastructure challenges, regulatory reform and thoughtful incentives for both entrepreneurs and international companies must be prioritised by any incoming government. Ireland’s economic future relies on supporting FDI, addressing the housing crisis and creating a business-friendly environment. If we are serious about growth, it’s time to replace reviews with real policy changes that meet the needs of today’s global economy. Brendan Murphy is Head of Tax at Baker Tilly Ireland 

Ruth McNamee explores how GenAI is transforming finance, automating tasks, enhancing decision-making and providing insights to deliver better business results The landscape of Generative Artificial Intelligence (GenAI) is changing at an unprecedented pace, offering companies a unique opportunity to drive innovation and secure competitive advantages. Among the various business functions poised to benefit from this technological revolution, the finance function stands out as ideal candidates for early adoption. The power of GenAI in finance GenAI has the potential to revolutionise finance functions by automating routine tasks, enhancing decision-making processes and uncovering valuable insights from vast datasets. From virtual assistants that facilitate chatting with data and documents through automated document processing, to automating financial reporting, the potential applications of GenAI are vast and varied. By implementing a structured and systematic approach, finance functions can improve efficiency and drive strategic growth. Initial steps: ‘TOM Light’ and enablement For organisations eager to start their GenAI journey, adopting a streamlined target operating model (TOM), or ‘TOM Light’, is an excellent first step. This can help organisations to quickly realise the benefits of GenAI without extensive initial investments or complex restructuring. By focusing on a few high-impact use cases, supported with a preliminary governance and technology set-up, finance teams can demonstrate the value of GenAI and build momentum for broader adoption. The GenAI revolution requires companies to actively support employees during the transition, convincing them of the benefits and initiating a cultural shift. New skill sets are in demand, and employees need to learn to use new GenAI systems effectively in a corporate context. To expand the pipeline with additional use cases and support the successful roll out of high-impact use cases, it can be beneficial to start by training an initial group of employees and then extend training step-by-step. A role-based upskilling initiative typically includes foundational and technical AI knowledge, complemented by practical use case ideation sessions — from small daily benefits to large-scale GenAI use cases. For example, knowing how to effectively create prompts and recognise potential applications for GenAI can create efficiencies in an accountant’s or controller’s daily tasks. Long-term vision: a comprehensive target operating model While ‘TOM Light’ offers a quick and effective entry point, long-term success with GenAI requires a more comprehensive TOM. This model should be designed to handle GenAI effectively and responsibly, ensuring the technology is integrated seamlessly into the organisation’s processes and culture. Key components of a comprehensive TOM include: Governance framework: establish clear guidelines for the responsible use of GenAI, including data privacy and security measures. Talent and skills development: invest in larger-scale enablement, building on the experience with the initial group to equip finance teams with the skills needed to leverage GenAI effectively. Technology infrastructure: build a robust and scalable technology infrastructure that can support the deployment and ongoing maintenance of GenAI solutions. Creating a roadmap for success With a TOM in place, organisations can develop a detailed roadmap outlining the steps needed to implement GenAI across the finance function.  The transformative potential of GenAI is undeniable, and finance functions are uniquely positioned to lead the way. By taking immediate action and adopting a structured approach, finance teams could drive innovation, enhance efficiency and create sustainable competitive advantage for their organisation. The time to embrace GenAI is now — don’t just observe the revolution, be a part of it. Ruth McNamee is Finance Transformation Director at PwC

EY’s new State of Sustainability report shows businesses have reached a tipping point on sustainability, revealing a significant shift in sentiment and behaviour, writes Derarca Dennis The EY State of Sustainability 2024 report has reveals an important shift in how Irish businesses view sustainability. Eighty-one percent of respondents reported a heightened focus on sustainability within their organisations over the past year, marking a 19 percent increase from the previous survey in 2022. This is the largest percentage increase noted in the study, indicating a growing commitment to sustainable practices among businesses in Ireland. Sustainability efforts and industry leadership The findings suggest that progress is being made, with 74 percent of respondents rating their sustainability efforts as 'established or better', up from 61 percent in 2022. Fifteen percent consider their efforts 'industry-leading', meanwhile, doubling the corresponding seven percent recorded in 2022. There is still room for improvement, however, with 35 percent of this year’s respondents noting their organisation is not doing enough, up significantly from 17 percent in 2022. Fear of greenwashing influences communication strategies Awareness of the negative impact and reputational risk associated with misleading sustainability claims is growing. Thirty-five percent of the respondents in the EY State of Sustainability 2024 report indicated that fear of greenwashing is influencing their communication strategies, a significant increase from 13 percent in 2022. Key motivations for sustainability Rising stakeholder interest, regulations and perceived bottom-line benefits are key motivating factors driving sustainability in organisations. Close to two-thirds (65%) of businesses reported wider stakeholder enquiries about sustainability impact, up from 49 percent in 2022. More than half (58%) believe demonstrating a greater commitment to sustainability is necessary for access to capital. Interestingly, 30 percent indicated they are increasingly assessing the sustainability status of target companies when considering a merger or acquisition. Regulatory concerns Navigating complex EU regulations is the leading sustainability-related concern for organisations, according to EY’s research, with the EU Emissions Trading System cited by almost two-thirds (65%) as a key concern. Supply chain due diligence, driven by the Corporate Sustainability Due Diligence Directive (CSDDD), is a concern for 62 percent of respondents. The EU Deforestation Regulation and plastic packaging-related measures were cited by 54 percent and 46 percent of respondents, respectively. Supply chain responsibility Sustainability regulations such as the Corporate Sustainability Reporting Directive (CSRD) and CSDDD are designed to make organisations more sustainable by holding them accountable for their supply chains. Sixty-two percent of respondents cited supply chain due diligence as their biggest sustainability-related concern. Engagement levels with supply chains on ESG reporting vary, with 26 percent having not engaged at all, while 50 percent have technology solutions in place to gather data for compliance purposes. Long-term resilience The findings show that the link between sustainability and profitability is becoming an increasingly important factor in corporate strategies. As companies embrace this agenda, they must engage with all stakeholders to create a more resilient and sustainable business. Irish businesses are moving toward sustainability, with growing stakeholder interest, regulatory pressure and bottom-line benefits driving this shift. The report shows that more companies are embedding sustainable practices. Despite this, concerns about greenwashing and regulatory compliance remain challenging. Notably, many companies are scrutinising the sustainability of potential mergers and acquisitions, signalling a commitment to change. While progress is evident, there is still work to do, especially in supply chain accountability. For sustained impact, continued engagement with stakeholders and a proactive approach to regulation will be essential for long-term resilience. Derarca Dennis is Assurance Partner and Sustainability Services Lead at EY

Data use is skyrocketing, raising ethical concerns beyond regulatory compliance. Colm McDonnell explores how embedding digital ethics ensures fairness, transparency, and accountability in organisations Data has become an integral part of modern life, and its usage is growing exponentially. From businesses to governments, organisations are collecting, storing, and analysing vast amounts of data to gain insights, make decisions, and develop new products/services. However, with great power comes great responsibility. The more data organisations process, the bigger the spotlight on them, not only to ensure regulatory compliance but also to focus on the significant ethical concerns resulting from data collection and its use. Furthermore, the growing use of technology, including artificial intelligence (AI) and robotics, stems concerns about the extensive use of data and the potential for misuse. What is digital ethics? Doing the right thing, regardless of legislation, takes you into the field of ethics. Organisations usually focus on various regulatory obligations that they must comply with, but organisations also have a responsibility to their stakeholders, including their employees, customers, vendors, and investors. This goes beyond regulatory compliance. Accountability can be complex to define and demonstrate, often leading organisations to set out some principles they should adhere to such as privacy, fairness, non-discrimination, transparency, and more, while processing data. Embedding digital ethics into an organisation involves promoting the moral values of the organisation through the alignment of data processing practices and processes with those values. Digital ethics refers to a set of principles and moral values that guide the responsible and ethical use of data. The following eight guiding principles define an approach to AI and digital ethics. Code of digital ethics All organisations should establish a code of digital ethics that sets out their commitments to ethical data practices. Digital ethics by design should be considered right from the outset of any product development, product enhancement or any proposed processing of data. Periodic training and awareness programmes should be rolled out to promote awareness of ethical data processing practices. This will eventually build a culture of trust, transparency, and safety within the organisation. Human oversight and determination Organisations must make sure AI systems do not take the place of human accountability and responsibility. There needs to be human oversight and safeguards in place to prevent misuse of data. There should be cross-functional stakeholder collaboration and effective governance. Proportionality, do no harm, safety and security AI systems should only be used as much as is required to accomplish a valid goal. Risk assessment should be utilised to prevent any potential harm from these types of applications. Fair and transparent algorithms Organisations must ensure that their decision-making and algorithms are fair and impartial. This can be achieved through ongoing monitoring and periodic testing. Transparency and explainability Data should be collected and used with transparency, so individuals understand how their data will be utilised thereby allowing them to make informed decisions about whether to share their data. Further, where deemed necessary, before collecting data, organisations should seek consent from individuals. This consent should always be freely given and be fully informed. Inclusion Unconscious or conscious bias can affect inclusivity in an organisation. Organisations should take the necessary steps to ensure the processing of data does not result in or hide discrimination or bias. Vulnerable data subjects who are the most susceptible to negative consequences of processing require additional consideration. Autonomy, freedom, respect, privacy, and dignity Individuals must be able to make their own decisions, take their own actions, and make their own choices. Processing of data should not constrain human beings in how they want to live their lives. Autonomy for individuals to control how their data is processed should be ensured. The processing of the data should be respectful of human values. Specifically, when the processing is carried out through AI, the outcome should not dehumanise individuals. Sustainability AI innovations should be evaluated to consider their effects on the environment and their ability to sustain through periods of time. These innovations should align with the organisation’s sustainability goals. Colm McDonnell is Partner of Risk Advisory at Deloitte