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Money laundering is on the rise globally. Between 2016 and 2021, the yearly number of cases brought to the European Union Agency for Criminal Justice Cooperation doubled, bringing the total number of registered cases for that period to 3,000. In Ireland alone, the number of recorded money laundering crimes increased significantly from 86 in 2018 to 701 in 2021.

Why is Microsoft making this investment and integrating ChatGPT into its full product suite? What does ChatGPT mean for businesses? Artificial intelligence is not a new concept, so what is new about ChatGPT? The key difference is that it has optimised human dialogue and language. This means you do not need to be an AI guru to interact with it and find the answers you need.

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.

Technology plays a large part in the personal and professional lives of the majority of people. Not only is it an enabler to everyday business-as-usual tasks, but for most, they could not effectively do their job without it. So, while implementation of a new system can be transformational for your organisation, without adequate buy-in from your people, it can be difficult to land a new system successfully. We highlight four key ways you can use people-led change to achieve and sustain a successful system implementation.

Are you wondering if your relationship with your ERP has run its course? There are a few ways to tell, say the ‘ERP relationship therapists’ at Grant Thornton

The Central Bank published the Cross Industry Guidance on Operational Resilience in December 2021 expecting firms to be in a position to evidence compliance within two years. It has now issued an Operational Resilience Maturity Assessment to firms in all sectors to assess the level of preparedness in the financial services industry.

On June 5th, the European Securities and Markets Authority (‘ESMA’) published final guidelines on the MiFID II compliance function. The revised Guidelines replace the ESMA guidelines on the same topic issued in 2012. Due to MiFID II reinforcing the existing MiFID I requirements relating to the compliance function, rather than introducing a completely different regime, ESMA has chosen to build upon the text of the 2012 guidelines rather than replace entirely.

Now vaccines are coming on stream and there looks to be light at the end of the tunnel we seem to be faced with a different issue, how do we continue to operate going forward post pandemic?

Different classes of investment firms will experience different levels of regulatory requirements and supervisory overview tailored to their regulated activities. To identify which category of Investment Firm you are, we outline the characteristics of each of the different classes of investment firms introduced by the new regime.

To help your firm with the implementation of the new prudential framework, leverage Grant Thornton’s prudential risk experts that already assist a diverse range of investment firms.

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