Understanding the trends behind the headlines.

In an era marked by the rapid ascent of artificial intelligence (AI), governments and regulatory bodies worldwide are navigating the complex terrain of AI governance. At the forefront of these efforts is the European Union’s proposed “Artificial Intelligence Act.” This comprehensive regulation aims to harmonize AI rules across the EU, fostering innovation while safeguarding fundamental rights and values.

In the dynamic landscape of contemporary business, the perpetual existence of uncertainties consistently influences the path of organizations. The way these uncertainties are recognized, evaluated, and handled plays a pivotal role in shaping an organization's trajectory. This is where ISO 31000 comes into play, offering invaluable guidance for proficient risk management.

In line with the European Commission’s shift to a legislative approach to AI, a regulation has been proposed which harmonises rules on artificial intelligence across the European Union. The proposed law intends to maintain control over the rapid development of these new technologies, whilst allowing innovation and optimising operations at the same time.

In today's ever-changing business landscape, uncertainties are a constant presence, steering the trajectory of organizations. How these uncertainties are identified, assessed, and managed can significantly shape an organization's journey. Enter ISO 31000, a beacon of guidance for effective risk management.

On 19 June 2023, the European Supervisory Authorities (ESAs), namely the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) have launched a public consultation focusing on the first batch of policy products under the DORA. This includes one set of draft implementing technical standards (ITS) as well as four draft regulatory technical standards (RTS).

According to the latest data from the International Business Report (IBR), Grant Thornton’s global survey of mid-market companies, business leaders are being cautious about their future investment intentions. Across the board, in the second half of 2022 plans to invest were slightly down compared to H1 2022. Investment in staff skills has fallen by 2% to 53%, research and development intentions are down by four points to 51% and investment in technology is down by 3% to 57%.

Over the last few years of market shocks and geopolitical tensions, mid-market businesses have grown accustomed to bracing for the unexpected - and planning for it. Despite ongoing economic uncertainty, data from Grant Thornton’s most recent International Business Report (IBR) shows that optimism among business leaders remains relatively buoyant. As they entered 2023, 59% of mid-market firms were optimistic about the year ahead, only 6% lower than the figures six months previously.

As we entered 2023, three of the threats uppermost in the minds of business leaders in the mid-market were inflation, cyber attack, and economic slowdown. According to data from the International Business Report (IBR), Grant Thornton’s global survey of mid-market companies, more than half (51%) of business leaders see inflation as an ongoing threat, while 47% cited cyber attack and 50% referenced economic slowdown as a threat at the beginning of this year. However, as spring has emerged so has turbulence in parts of the banking sector. Though not directly reported as a concern as the year commenced, turmoil in the banking sector is a direct result of a high inflation environment and its necessary monetary response, which have added to the climate of uncertainty for many businesses.

Mid-market firms using international supply chains have faced significant disruption and headwinds as a consequence of the war in Ukraine, the long tail of COVID disruption, and wider geo-political tensions. However, despite ongoing economic uncertainty, many international business leaders continue to see international trade, and particularly exports, as a key driver for growth.

Sustainability has gained traction over recent years, especially in terms of environmental protection. However, the sustainability framework (‘ESG Framework’) has another two pillars that are equally important: the social and governance aspects. The ESG Framework is governed by various laws and regulations across the globe, and this includes the enactment of the Corporate Sustainability Reporting Directive (‘CSRD’) by the European Commission.

Following the Research findings about 'Board of Director Gender Diversity in Equity-Listed and Large Public Sector Entities: A Maltese Viewpoint', listed in this article are the Conclusions reached and what Recommendations could be given to Maltese public authorities.

Whether you are an aspiring payroll professional or a small business owner looking to manage payroll responsibilities more effectively, we shall be conducting a workshop named 'Basics in Payroll' through our Advance Training, providing a comprehensive introduction to the essential concepts and skills needed to navigate the world of payroll.

Grant Thornton Malta believes in a sustainable future. As one of its CSR initiatives, it opted to donate 50 of its decommissioned laptops to the Malta Trust Foundation in support of its ‘Your Device Your Right’ initiative.

The purpose of the study is to raise awareness of the need to improve board gender diversity (BGD) in Maltese equity-listed entities (MLEs) and large public sector entities.

The Malta Property Landscape - April 2023 Edition

We are proud to announce our accreditation as the first approved External Reviewer for Green Bonds in Malta by the Malta Stock Exchange (MSE). Through this accreditation we are committing to raising sustainable investment and promoting environmental responsibility in Malta.