Insights

Over the last few years the ECB have published a series of guidance and best practice publications in the Climate and Environmental (C&E) risk area. These publications and best industry practices indicate that while banks have made progress in incorporating climate-related risk, there is a high level of inconsistency in certain practices and also areas for improvement.

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In 2022, the global economy was expected to recover following the chaos unleashed by the COVID-19 pandemic. However, in 2023, organisations across all sectors still face a myriad of challenges. One of the areas in which Grant Thornton has been able to assist our clients in driving efficiency is through assisting businesses in delivering a ‘Cost Optimisation’ model.

The Corporate Sustainability Reporting Directive (“CSRD”) introduces detailed reporting requirements on companies’ impact on the environment, human rights and social standards.

The Forum on Tax Administration, a member group of the OECD/G20 Inclusive Framework on BEPS (Base Erosion and Profit Shifting), along with other OECD task forces, published a guide to Multilateral Mutual Agreement Procedures multilateral (MAPs) and Advance Pricing Arrangements (APAs). This guide is abbreviated as the ‘MoMA’.

Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March 2023, the Central Bank of Ireland (“CBI”) has launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.

The Central Bank of Ireland has reminded firms of their obligations to align the governance and oversight of MGA arrangements with the outsourcing requirements set out in Solvency II for Critical or Important Functions or Activities.

Finance Act 2022 introduced significant changes to the R&D tax credit regime. Most of the changes accommodate the OECD Pillar Two GloBE rules and therefore were expected. Some of the practical issues now arising were not foreseen. In this insight, we summarise the new R&D regime and highlight the key practical considerations for companies.

For many businesses, the COVID-19 pandemic’s manifestation as a black-swan event highlighted the shortcomings of the organisation’s risk awareness and risk management ability. In 2023 and beyond, the need for a trusted Internal Audit business partner, with a truly enterprise-wide risk lens, has emerged as a must-have rather than an optional extra. Knowing yourself, and in particular knowing which areas pose the greatest risks to your organisation are critical in today’s business and regulatory environment.

As a result of recent amendments to the Criminal Justice (Money Laundering and Terrorism Financing) Act 2010 to 2021, Virtual Asset Service Providers (VASPs) are now “designated persons” and are required to comply with the relevant Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations.

The International Business Report (IBR) is the world’s leading survey of mid-market companies. The IBR now provides insight into the views and expectations of around 10,000 businesses across 28 economies.

The European Parliament has published its approval of the European Commission’s draft proposal for Anti-Tax Avoidance Directive III (ATAD III) with recommended amendments.