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The most exciting growth sectors in AgTech

In order to keep up with population growth over the next thirty years, the world’s food systems will have to produce 70% more than they currently do. The solution is agricultural technology (AgTech) — an industry that utilises technology to produce food more efficiently in the face of climate change. The UAE has led investment into AgTech, announcing a plan for 50% of all food in the emirates to be produced locally by 2051. This is ambitious considering that currently only 20% is produced locally, and the region suffers from a shortage of arable land. However, this is where technology can help. Let’s take a look at some of the most exciting AgTech developments, and how these fields could progress going forward. Vertical farming Vertical farming refers to growing produce in stacked layers, usually in combination with other high tech solutions such as automated LED lighting. It is a great way to repurpose old skyscrapers, warehouses, shipping containers and more — making it ideal for locations short on space. However, vertical farming really comes into its own in difficult weather conditions. Recently, construction began on what is set to become the world’s largest indoor vertical farming unit, located in Abu Dhabi. The ability of these indoor systems to withstand extreme climate conditions makes them highly valuable, especially as pressure to produce locally increases (thereby reducing the carbon cost of production and reliance upon imports). The biggest barrier to vertical farming is the cost. Not only do firms in this area bear the expense of the premises, but it can take time to fine-tune automation and watering processes. However, this doesn’t seem to have dissuaded the UAE, who invested $100 million in vertical farming in 2020. The global vertical farming market was reported to be worth $3 billion in 2020 and is estimated to grow to £18 billion by 2030. While initially expensive, the promise of weather-resistant vertical farming in areas with non-arable land, high temperatures and water scarcity offers long-term benefits likely to outweigh this investment. Smart greenhouses An average kilogram of tomatoes takes 214 litres of water to grow, but this can be reduced to just four litres in a smart greenhouse. These high-tech buildings utilise technology such as sensors to automatically regulate heat, humidity and light. Luna by iUNU uses robots to scan crops several times a day, and then uses artificial intelligence (AI) to respond to any status changes. In another example, Bold Robotic Solutions uses AI to monitor equipment, and respond to inefficiencies in real time. Smart greenhouses are often considered less exciting than vertical farming. It is true that much of the technology overlaps, as AI solutions are often used in vertical farming. However, it can sometimes be as expensive to build a single layer of vertical farming as it is to build an entire greenhouse. Where there isn’t the need for space and to grow completely without sunlight, smart greenhouses can be a more cost-effective option. Research and development in this area is particularly strong in the Netherlands, as the government poured investment into smart greenhouses after the famine following World War Two. However, growth is slower than with vertical farming: the market was reported to be worth £1.37 billion in 2019, and is estimated to reach £3.23 billion in 2027. Alternative proteins On a slightly different track, alternative proteins refers to plant-based (fungi, bacteria and yeast-based proteins) and animal-cell derived meat products. According to Boston Cosulting Group, these alternatives will make up at least 11% of the protein market by 2035 — up from 2% in 2020. This shift will have significant environmental impacts, such as reducing carbon dioxide production and water consumption. Some of the main barriers to alternative proteins include the quality — uptake is still low due to taste and texture of some products. In addition, many alternatives are expensive to produce, particularly the animal-cell derived products. However, with a potential market of $290 billion by 2035, the opportunities for agricultural technologists are promising. AgTech is a relatively new but quickly growing industry. The pressure of climate change will only increase the need for technological solutions. Those with skills in AI, data science, manufacturing and more will find themselves in high demand for years to come.

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The future of careers in data science

The nature of data science is changing. More aspects of the role are becoming automated, and this shift opens up data science to a wider audience. What do these changes mean for the field, and what will data science careers look like in the future? Automation Traditionally, data scientists have needed extensive programming knowledge, obtained by years of experience and, in most cases, a university degree in computer science or a related field. You would be hard pushed to find a current job listing that doesn’t mention something like Python, Java or R as an essential requirement — because that’s what a data scientist is, someone who writes code and constructs complicated neural networks by hand — right? Not quite, because automation has already changed the nature of the job. Automated tools mean the average data scientist spends less time on mundane tasks such as data preparation, data cleaning and writing code from scratch. Now automation is becoming incredibly sophisticated. For example, Google’s AutoML allows customers to train machine learning models and use them to gain insights from their own data. It is an extremely user-friendly platform requiring minimal data science knowledge. A changing role So, will data scientists soon be replaced by super-efficient automated tools? This seems unlikely. It is notoriously difficult to replicate the human element of data science. Automated tools are efficient, but still prone to error — particularly when models make their own assumptions — and lack the business knowledge to return relevant insights. What automation should do is make data science more productive and allow those employed in this area to focus on higher value projects. This could also mean ‘higher-level’ data scientists specialise in narrower areas. So instead of being a data scientist, you might be an NLP expert or a recommendations scientist. Wider access While qualified data scientists will still be in demand for higher level projects, automation will make the field more accessible than ever before. This means companies without a budget for a dedicated data science team can utilise automated tools to better understand their business. It is possible that future data science roles could become two tier, with non-data science jobs requiring some experience with automated tools, and specialist data scientist jobs specifically geared towards providing those top-level insights. Regardless, automation should increase demand for data scientists rather than decreasing it, by making the field accessible to the general population. New roles Not only will automation change the nature of existing roles, but it could create new jobs, particularly to help solve the additional problems that automation will create. For example, most data scientists use a wide range of open source tools, such as Python and R, which contain hundreds of add-on packages. This results in what a recent Forbes article referred to as a ‘wild west’ collection of systems and tools, which increases both operational and security risks to a business. Therefore, with increased reliance on automated tools, there will be greater need for organisational roles, such as Chief Information Officers (CIOs), to help mitigate this risk. This will be similarly important for businesses utilising data science tools for the first time (as they may lack the knowledge to foresee operational issues, such as a tool going out of date) and those with large data science teams (who are likely to rely on numerous tools). The future of data science is bright. As mentioned by Techcrunch, we have already seen what happens to a field that becomes more accessible — increased automation in software engineering has only increased demand for programmers. The nature of the role might change, but we ultimately live in a data-driven world, and the need for talented individuals in this area is likely to grow for many years to come.

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How the public sector is pushing forward innovation in tech

The UK government has declared their intention to become a ‘global science and technology superpower’. As a result, there has been plenty of investment into research and development in recent years, and a number of exciting new projects in everything from education to military technology. Here is a quick overview of some of the technology that government departments are using, and some projects that have been carried out so far. The Internet of Things (IoT) The NHS and Department of Health recently invested £10 million in two IoT led projects. One of which, referred to as Technology Integrated Health Management, involves a network of sensors, monitors, wearables and other devices. The technology is used to help those with dementia and other cognitive impairments to live safely and independently within their own homes. The IoT network monitors the user’s health and alerts health professionals to step in when required. A further project, the Diabetes Digital Coach, uses glucose monitoring devices to guide users through an e-learning process to better manage their condition. These projects have tangible benefits for those taking part and could potentially reduce costs for healthcare services. However, they also advance IoT by providing an opportunity for a large scale study in an applied environment. The data collected will provide valuable insight into how IoT devices are used in the real-world and help further develop such platforms. Blockchain Blockchain is essentially a digital ledger that makes it near impossible to alter or hack records. It is already proving its worth in industry, particularly for banking, where it can help keep transaction records safe. However, it also has huge possibilities for government, given the implications for tackling fraud, error and inefficiency. So far, the Food Standards Agency has trialled blockchain for livestock distribution, using the digital ledger to share information such as age and veterinary history. The Department for Work and Pensions have also tried blockchain to see whether a bespoke cryptocurrency, Govcoin, could make payments to benefit claimants easier and more secure. Robotics The Ministry of Defence (MOD) and the Home Office have been funding research into autonomous robotics, with the goal of creating a machine that can investigate chemical and biological hazards. The Merlin Robot is the first prototype of this research, developed by industry partner, HORIBA-MIRA. In January 2021, the Merlin Robot successfully conducted chemical reconnaissance tasks over an area of 10,000 square metres. The robot uses artificial intelligence (AI) for object recognition and is equipped with autonomous search and mapping tools. It is a hugely exciting result, given the potentially life-saving capabilities of this technology. Artificial intelligence and machine learning Government has taken a special interest in AI, recently listing it as a critical element of driving economic growth and innovation in the UK. The government’s data science unit has previously used AI to analyse results and attendance records to see whether a school is at risk of ‘failing’ and requires special attention. The recent launch of the ‘National AI centre’ aims to take AI in education further. Although new, the initiative has been inspired by projects such as Bolton College’s digital assistant, Ada, which provides administrative support to students, freeing up staff to focus on teaching. User experience The HM Courts and Tribunals Service is currently undergoing a £1 billion transformation to modernise their services. One important part of this is user design and research. During COVID-19, many aspects of the legal system were kept going with remote hearings. Now, a new digital platform is being rolled out to deal with approximately 1.5 million criminal cases a year. User experience is a key aspect of this modernisation, ensuring that services are easy to navigate and that all aspects of virtual hearings are considered for those involved. It is clear there is no shortage of ambitious government projects. This is great news for those across the technology industry, as successful projects can help stimulate demand for key digital skills. Finally, when government involvement is done well, it can increase public trust in emerging technologies, which is a good thing in all respects.

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The modern digital office: new trends and working patterns

The pandemic has changed how we work. After the vaccine roll-out, employers and employees are having conversations about what a potential return to the office will look like. Demand for alternative working patterns has soared. So, what are these new trends, and what do they mean for office life? Digital nomads The pandemic has created a huge surge in the number of ‘digital nomads’ — employees who travel the world while working remotely. According to Techmonitor, the number of digital nomads doubled in 2020. Of course, many companies have concerns about whether productivity can be maintained for those seeking a digital nomad lifestyle. While it may be a culture clash too far for some, especially companies that rely heavily on in-person collaboration, over the past year we have seen how remote working can work. In fact, a research study conducted by Stanford Business found that remote workers were 13% more productive than their in-office counterparts. In addition, MBO Partners found that 90% of digital nomads reported being highly satisfied at work. Perhaps then, it is possible that embracing digital nomads could lead to happier and more productive employees? Workcations In a related trend, holiday hotspots such as Spain and Portugal have reported a surge in ‘workcations’ during the late summer months. Employees are eager to combine remote work with holiday locations, taking advantage of shared working spaces abroad to maintain productivity while away. Many workers have found their ‘workcations’ to have a significant benefit on their mental health. Given the rise of employee burnout, workcations could be the ideal solution. Hybrid workers Of course, many people do want to return to the office, particularly the younger generation who often lack a suitable home-working space. However, the majority of employees want to keep some form of remote working — 72%, according to a recent study, and the majority wanted to do so for two days a week on average. Before the pandemic, people spent an average of 55 minutes commuting each day. They also reported the morning commute as when they experienced the most negative emotion during the day — not a great way to maintain that positive work attitude. Adopting a hybrid office could give employees the best of both worlds — access to senior team members, collaborative meetings, contact time with team members, all while having the balance of home working. Advantages of the digital office The core advantage of embracing new digital office trends and working patterns is making employees happier, and therefore more productive. However, there is another benefit, particularly for the technology industry where qualified individuals are in short supply. According to MBO Partners, 12% of digital nomads work in IT (higher than any other profession). They were also more likely to be early technology adopters and report using technology to increase their competitive edge when compared to non-nomad individuals. Therefore, embracing alternative working styles widens the potential talent pool. Tech company, Gravity Payments, reported a surge of applications since making their job adverts available to remote workers. Therefore, not only could staff turnover be reduced by keeping current employees happy, but the digital office could also attract new recruits, helping to plug the skills gap in the technology industry. How to support employee needs Digital workers need digital infrastructure — that means efficient cloud services that let employees access their work from anywhere, virtual desktops so that nobody leaves work on their home system, improved user experience to enhance the digital environment and IoT devices to streamline workflow. In addition, changes to the physical office can help ensure employees gain something from making the trip in. Given that the emphasis will be on socialising with co-workers, invest in social spaces that facilitate this. There will be a greater need for meeting rooms, so that hybrid in-person/zoom meetings do not disturb others. It would also be helpful if these rooms were equipped with lightning fast internet, power sockets for multiple laptops and high quality webcam equipment. Finally, having systems that allow employees to see whether people are in the office or at home will be essential.

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Ensuring GDPR compliance: how to take stock of your data

GDPR has been in effect since 2018. That should mean all organisations are fully GDPR compliant and have a firm understanding of what the regulation means for them. At the same time, the stakes for failing to comply have never been higher. The EU recently handed Amazon a £636 million fine for processing personal data in violation of GDPR rules. Considering this high-profile reminder of the large potential costs of failure, here are a few tips on how to ensure compliance. Support your Data Protection Officer (DPO) Organisations have now decided whether or not to hire a DPO. This individual monitors compliance, advises on company obligations, and acts as a contact point between data subjects and the relevant regulatory authorities. It is important that they are able to act independently from the organisation. GDPR sets out guidelines for whether your organisation is legally obligated to have one, which comes down to the scale of the organisation, type of data being processed and whether the organisation is a public body. Some organisations have appointed an internal DPO, while others have sought external expertise. One benefit of external DPOs is that they have immense experience and will stay up to date with any new regulatory requirements, so will require less investment from the client organisation. Regardless, your DPO will require support from the wider organisation. It is essential to have a compliance roadmap — a strategy detailing how data processing meets guidelines across departments and jurisdictions — so that companies have a clear picture of regulatory responsibilities. Of course, your IT department will play a vital role in supporting your DPO by ensuring they have access to the data they need, and sometimes assisting in DPO duties. Here is a quick rundown of what those duties might involve. Specific data protection tasks Data discovery: this refers to establishing exactly what kind of data your organisation collects and stores. Often, this involves conducting privacy impact assessment surveys on as many employees as possible. Encouraging your employees to fully participate in this process and being completely transparent will help your DPO understand your data processing requirements and any potential privacy violations. Data mapping: your DPO will also create a map to keep track of where your data goes in your company, and where it might be shared with external organisations. It is an important aspect of data protection to prevent any data leaving the company without being fully accounted for and therefore reduces the potential for a security breach. Data cataloguing: this is an inventory of all the organisation’s data. A good catalogue provides context and metadata for each data asset — similar to a Wikipedia entry, detailing what the asset is, who has access, updates and more. This is particularly helpful to demonstrate an organisation is taking data protection seriously, and to facilitate any data requests. Automation Your organisation can support your DPO in these tasks by being open and transparent about how data is handled. However, in some organisations with masses of data, attempting to organise this information is an uphill battle. If this is the case, your organisation may need to invest in further tools such as automation. For example, last year, Microsoft launched Azure Purview, a data governance platform to automate data discovery, mapping and cataloguing. There are numerous other data governance solutions that utilise AI and ML to make the process as efficient as possible, allowing large organisations to scale up to their data needs, and organisations without an official DPO to gain insight into their data. Hopefully, this post has clarified the role of your DPO, and how your organisation can support them. Data privacy compliance is a top priority for companies, especially as the amount and complexity of data we collect increases. Making sure your DPO (or other data privacy staff) has what they need is the best way to avoid a costly compliance mistake.

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How behavioural science can improve information and cyber security

It is well documented that human error is a major weakness in information and cyber security — around 90% of UK data breaches are caused by this. As a result, organisations are increasingly turning to behavioural science to understand their vulnerabilities and improve defences. Cyber security company, CybSafe, raised $7.9 million in a recent funding round for their behavioural security platform. They already have an impressive list of clients, including HSBC and NHS trusts. It is clear startups like CybSafe are meeting a real gap in the market, but what is the science behind such companies, and how are these techniques being used to enhance security? Gamification Generally, security awareness training is a task that employees dread. It takes time away from their core responsibilities, can be repetitive and, well… dull. Many organisations are now turning to gamification, a technique that utilises game-like features such as points, trophies and level progress to motivate employees. There is growing evidence that gamification really works — a large analysis of research in this area found that gamification significantly increased engagement in online programs. Gamification works because it is both rewarding and immersive. Positive reinforcement is a key driver of behavioural change. Therefore, creating enjoyable experiences where employees can progress through a game, be rewarded for the progress and interact with their colleagues helps to make gamification a success. In addition, making the game interesting and challenging enough means employees remain engaged with the process without having to exert high levels of effort. PwC’s Game of Threats ™ is a great example of gamification done well. Players have to either defend or attack their fictional organisation and make real-time decisions that affect the outcome. It has proved an excellent way to raise awareness about cyber security and increase understanding about real-world hacker behaviour. Nudging Nudging is Richard Thaler’s Nobel prize winning technique that encourages a change in behaviour through positive, indirect suggestion. For example, healthy eating could be encouraged by filling the snack cupboard with fruit alternatives and hiding the chocolate in a difficult to reach spot. This doesn’t ban the unhealthy alternative (which could cause resentment and backlash) but gently encourages the desired behaviour by working with our human biases, and not against them. A well-known example in cybersecurity is password strength feedback (i.e., encouraging a stronger password by having a rating system turn green). Other creative nudges include showing users examples of the data they will share when they accept privacy permissions (e.g., an image the application will have access to) and how many times their location has been shared with a certain organisation. However, the best nudges are often simple — it could be as basic as a printed sign that reminds employees how to store or dispose of sensitive documents once used. Cognitive Load It is easy to make mistakes when we have multiple demands on our attention. In behavioural science, this is referred to as cognitive load — a strain upon processing that impacts performance. You might have seen the famous ‘invisible gorilla’ video, where people watching a basketball game video fail to notice a person dressed in a gorilla costume casually walking through the game. This is called inattentional blindness and is one of the potentially alarming consequences of high cognitive load. This psychological principle has important implications for the design of cybersecurity measures. Namely, that cognitive load should be kept as low as possible. Research into this area found that cybersecurity analysts were more likely to report missing a key piece of information when faced with a large amount of information from automated security measures. The application of behavioural science to security is still relatively new. As such, there is a rich literature of existing psychological principles to explore. For example, the bystander effect (referring to our belief that someone else will deal with a problem) and optimism bias (our belief that we are the exception to the rule, causing us to underestimate risk). As the tech industry takes a greater interest in behavioural science, these terms may become increasingly familiar, and help turn the tide in the fight against rising cybersecurity threats.

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The rise of the UK's fintech industry

It is an exciting time for the financial technology industry. Investment has hit record levels, innovation is rife and the UK is eager to promote further growth. Here is a quick roundup of some of the the latest industry developments, and what we can expect to happen next. The UK fintech industry The UK has a long established history of excellence in financial services. Strong infrastructure, access to a diverse talent pool, forward-thinking regulation and access to capital makes the UK an ideal environment for fintech companies. As such, the UK is already home to 2500 fintech companies, 2100 of which are in London. In terms of fintech investment, the UK is now second only to the US, with £18 billion invested in the first half of this year alone. This is up from £4.2 billion in 2020. Where has this surge come from? It is important to note that global fintech investment has increased as a whole, from £63 billion in the second half of 2020 to £71 billion in the first half of this year. This is largely due to COVID-19, which has accelerated the need for digital finance and other technological solutions. According to KPMG’s ‘Pulse of Fintech’ report, UK investment has been bolstered by the London Stock Exchange’s purchase of financial market data and infrastructure provider, Refinitiv. While this is a one off purchase, it has shown confidence in the market and stimulated interest in further opportunities. Venture capital firms have shown increased interest in smaller start-up businesses, with approximately £4.5 billion invested in the first half of 2021. Notable examples Currency exchange fintech, Wise, received the largest ever UK tech company listing valuation of £8.75 billion. Wise markets itself as the “Robin Hood of currency exchange”. They undercut the prices of mainstream banks by offering currency exchange services without the markup. In addition, while it is common for start-ups to lose money in the early years, Wise have had four years of profitability — which has only continued to increase since the listing. Shortly after Wise went public, banking and payments app, Revolut, became the UK’s most valuable fintech firm. After the latest round of funding, Revolut reached a valuation of £24 billion — six times more than it was worth in 2020. There has also been a boom of “buy now pay later” companies such as Zilch and Butter. Greater regulation is expected in this area due to recent concerns over credit checks. However, this does not seem to have put off investors in this area. The UK has always been known for its strength in wealth tech and payment technology — 50% of all fintechs operated in one of these subsectors in 2020. However, opportunities are growing and there is room for innovation across other areas. According to KPMG, payments, wealthtech, insurtech, regtech and cybersecurity (among others) are all subsectors experiencing growth in 2021. Due to the surge in cybercrime during the pandemic, cybersecurity fintechs are expected to be a particularly high growth sector in coming years. What next? The UK is keen to capitalise on this current fintech boom. Government, and in particular Rishi Sunak, have been pushing for changes to increase the UK’s appeal to start-ups and investors. The £375 million “Future Fund” is aimed at encouraging firms developing game-changing technology, including fintech. There have also been calls to adjust existing regulations to make it easier for firms to list in London. For example, it has been suggested that the required free float level be reduced, and the three year track record requirement should be waived in more cases. The FCA is currently reviewing these proposals and expects to implement any changes by late 2021. Finally, after Brexit, many are still waiting to see what access the UK will secure to EU markets. More favourable access will make it easier for fintechs to operate globally and will therefore further increase the UK’s appeal. In uncertain economic times, the fintech industry offers hope for recovery and growth. The UK offers an ideal environment for these innovative digital startups, combining historical financial expertise with new technology-infused blood. The first half of 2021 has created a huge buzz for the industry, and many are eagerly awaiting what the rest of the year has to offer.

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A selective approach to digital transformation

Digital transformation has been the tech industry’s buzzword in recent years — and for good reason. During the pandemic, a huge number of businesses survived by radically transforming their business to operate online. However, has the hype gone too far? A more in-depth analysis reveals the real story with digital transformation is far more complex. Mixed messages There is no shortage of reports showing that digital transformation is taking place at lightning speed — according to McKinsey & Company, the pandemic has accelerated this change by seven years. Similarly, the Boston Consulting Group (BCG) found that 96% of surveyed businesses expected to accelerate execution of some transformation projects over the next 24 months. However, in the same analysis, BCG also found that 76% of those businesses planned to slow down at least some of their digital transformation projects over the same time period. Another surprising study found that among South African enterprises, 66% of respondents reported that digital transformation had gone backwards in their organisations, and a further 20% said this slow down had been significant. What is going on? While the overall levels of digital transformation have been impressive, the nature of this shift has changed. The BCG report found that transformation efforts were being refocused into improving existing IT functioning. Budgets were also being reallocated to cybersecurity, automation, cloud migration, artificial intelligence, machine learning, analytics and crowdsourced innovation. In contrast, organisations planned to reduce their investment in risk management, supply chain management and human resources. A further issue is that the ability of a company to engage in meaningful digital transformation during the pandemic depended on existing ‘digital readiness’. The study in South Africa found that remote work undermined transformation efforts, and that IT budgets were dedicated to facilitating remote work rather than higher-level tech investment (e.g., AI and ML). This suggests that less digitally prepared organisations had to put their efforts into survival rather than enabling true transformation. Many businesses simply cannot afford to keep investing in transformation activities during such uncertain economic times. According to research by HFS Research and KPMG, 60% of enterprise tech leaders felt that COVID-19 had accelerated digital transformation, but only 13% planned to increase investment in emerging technology in response. Selective digital transformation With the high cost of digital transformation, many businesses are using a selective approach by focusing on tech that provides fast return on investment. According to the HFS & KPMG report, hybrid and multi-cloud computing are seen as the most important post-pandemic investments. Customer experience futurist, Blake Morgan, has warned against, ‘Digital transformation for transformation sake.’ It is easy to be caught up in the transformational buzz and be swayed by over-hyped technologies. However, more modest efforts focused on specific products and/or processes can be more effective, particularly for smaller businesses unlikely to make the next breakthrough in AI or ML. Finally, remember that digital transformation is about people, not technology. Buying a new tech solution is unlikely to future-proof your organisation without a dedicated and adaptable talent pool to utilise it. The extent of digital transformation during the pandemic has been incredible — no one is denying this — and in the long term we will all benefit from it. However, it is easy to forget that the developments by big tech companies and innovative start-ups do not reflect the wider industry, and that quieter, targeted change is just as important.

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An update to IFRS 16 - what have the challenges been?

Even before the pandemic, many experts anticipated difficulties of implementing IFRS 16. Many of these issues have been further complicated by COVID-19. So, now that the transition is complete, what have the major challenges been? What is IFRS 16? IFRS 16 was brought in to replace the lease accounting guidance previously covered under IAS 17. Most companies completed this transition during the 2019 fiscal year — just before the pandemic hit in early 2020. The aim of IFRS 16 was to increase transparency and comparability in financial reporting. One of the major changes of IFRS 16 was the move to a single model approach, removing the previous distinction between operating and finance leases. Under the new standard, lessees will need to recognise assets and liabilities for all leases, irrespective of prior classification. Required disclosures will be more detailed, and almost all off balance sheet accounting will be eliminated. Challenges The application of IFRS 16 presents several issues. In particular, the definition of a lease and the determination of lease term. There is guidance to help organisations with these issues, however, the process is complex and involves significant judgements that can affect recognition of assets and liabilities. According to Andrew King (Partner for CFO Advisory with KPMG), companies need more data to accurately report their lease arrangements. Acquiring this data presented a considerable challenge, especially during the pandemic, and many organisations have turned to external expertise to help them comply with the standard. Building an accurate picture of lease portfolios takes considerable time and investment, and King emphasises the need for organisations to transform operations beyond accounting and finance, such as legal, corporate, real estate and human resources. COVID-19 The challenges to IFRS 16 implementation were, of course, exacerbated by the pandemic. The need for time and investment was undermined by furloughed staff, the difficulties of remote work, social distancing and/or isolation constraints. However, COVID-19 also presented specific challenges to IFRS 16 by way of lease modification and impairment testing. The original IFRS 16 would have considered rent concessions (which were widespread and necessary during the pandemic) to be lease modifications and, therefore, required the lessee to recalculate liability. This assessment involves using a revised discount rate, which is operationally difficult for many and created the possibility of larger liability being calculated if current discount rates were lower than historical rates. In addition, this posed a particular logistical nightmare to organisations with many leases. As a result, the IASB issued an amendment to IFRS 16, allowing lessees to have the optional exemption from whether a rent concession is considered a lease modification. Instead, the concession could be accounted for as a variable lease payment. Under IFRS 16, organisations report the asset (future economic benefits) and liability (future cost commitments) associated with every lease. However, it becomes difficult to estimate economic benefits during a time of paused or slowed operations. For example, a retailer who has been forced to close their shops can no longer expect the same economic benefit from their leases. This means that the value of the asset is likely to be over-stated, and the organisation will need to correct this with impairment testing. Impairment testing can be complicated and time consuming. However, COVID-19 and the requirements of IFRS 16 make it more important than ever. Determining the proper level of assessment, appropriate discount rates and ensuring accuracy of disclosures can help to make the process easier. The combination of a global pandemic and a new standard being applied for the first time has created an unprecedented challenge for accounting teams — and we are still waiting to understand what the full impact of implementation has been. However, it is important to remember the long-term expected benefits of the standard. For example, access to better data benefits both organisations attempting to increase lease efficiency and investors wanting a deeper understanding of financial reports. Now that the worst is hopefully over, companies may start to see the upsides of IFRS 16.

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A guide to careers in Usability (UX, UI and CX)

It is now essential for businesses to provide a seamless customer experience. With more organisations moving online, and growing demand for digital products such as entertainment, usability professionals are increasingly in demand. Here is a quick guide to the main roles in the usability industry, and what you will need to get one. User Experience (UX) What is it? The idea of UX is to create a product and/or service that perfectly meets the needs of the customer. For example, if the customer is trying to purchase a product through a website, a positive user experience means that they can find the product easily (i.e., with categories and filters), quickly add the item to their cart and complete the checkout process without barriers. In this role, you will solve issues such as cart abandonment. According to the Baymard Institute, 68% of shoppers abandon their carts before checkout. Poor UX, such as forcing the user to create an account, additional costs at checkout, slow delivery and security concerns, is a major contributing factor to this problem. What will you be doing? UX is a varied role. You could be involved in anything from designing a new software application to creating an optimal hotel experience. On a day-to-day basis, you will be involved in tasks such as user research, testing, project management, creating user personas, wireframing and prototyping. In larger organisations, UX is often split into research and design orientated roles. What will you need? A degree in a field such as Human-computer interaction, Cognitive science, Statistics, Psychology or a related field will make you a competitive applicant. However, a degree is far from essential. There are several comprehensive non-university courses, such as the Career Foundary UX Design Program, the Interaction Design Foundation Course and the Nielsen Norman Group’s UX Certification, that are highly respected in the industry. User Interface (UI) What is it? UI is usually considered a subset within UX. In this role, your goal is to create a user interface that is pleasant, easy to use and — most importantly — facilitates the business needs. For example, UI designers frequently use colour to create intuitive icons. Red is associated with negative actions, and it is therefore useful to colour ‘remove from basket’ and ‘error’ icons in red. In contrast, green is associated with positive actions, so it is useful to make ‘submit’ and ‘add to basket’ icons green to encourage clicks. What will you be doing? The role focuses on the visual design aspects of the website, such as imagery, colour scheme, typography and icons. In addition, while UX can refer to any product and/or service, UI professionals exclusively work on websites. What will you need? A degree in design or a related creative discipline will be enormously helpful but, as above, there are numerous alternative UI courses. In addition, it is highly likely you will need expertise in multiple software applications such as Photoshop, Sketch, Illustrator and InVision. Customer Experience (CX) What is it? CX refers to the overall experience a customer has with a brand, not just with the product. For example, how easy is it to contact customer support, how enjoyable is the marketing campaign and how does the brand come across on social media? CX includes UX, but the overall scope of CX is wider, tracking the entire customer journey and the lifetime relationship between brand and user. What will you be doing? In this role, you will perfect the customer’s entire experience. As such, you will solve customer problems as they arise, and feedback this information to your colleagues across research, design and marketing, to prevent the issue happening again. There is also an analytical element to the job, as you will need to track, manage and respond to customer experience based on the data. What will you need? There are few CX-specific degrees, although the CX Academy offers alternative training. However, experience with the customer journey is more important in a CX career. As such, many CX professionals come from fields such as marketing, research insights and data science.

Insights

The future of tech: the long term industry impact of COVID-19

COVID-19 has radically altered the world we live in, with widespread digital transformation for businesses and the emergence of new trends. However, with the vaccine rollout almost complete in the UK, how many of these trends will stand the test of time? Here’s a quick rundown of the major changes we can expect to shape our future. Shifting consumer demand We have all experienced extensive changes to our lives over the last eighteen months. McKinsey & Company have analysed the ‘stickiness’ of some of these changes to estimate the future of consumer demand. According to the analysis, behavioural changes such as online grocery shopping, virtual healthcare visits and home nesting (demand for products such as home exercise, garden and gaming equipment) are likely to ‘stick’ after the pandemic. In contrast, demand for remote learning options, live entertainment and air travel are expected to return to pre-pandemic levels. The UK Government have already put technology at the forefront of post-pandemic economic recovery, and these shifting consumer needs will only add further weight to this strategy. Changes to supply chain management 85% of global supply chains experienced operational difficulties during the pandemic. The damage of this disruption caused businesses to re-evaluate their supply chains. They found that, before the pandemic, this kind of disturbance was more common than they had imagined, with most companies experiencing a shutdown lasting for approximately a month every 3.7 years. Many have turned to technology, investing in digital services and products such as the cloud, mobile platforms, the Internet of Things (IoT) and data analytics. This shift will help organisations to become more resilient to other disruptive events such as trade wars, regulatory changes, terrorism, labour disputes and more (including future global catastrophes such as pandemics and climate-related disasters). Therefore, supply chain vulnerability preparation will become an essential aspect of risk management, and further stimulate demand for technological solutions. The bio-revolution The healthcare industry has undergone intensive transformation during the pandemic. The development of the COVID-19 vaccines in record speed was only made possible by the collaboration between biology and technology — for example, using technology such as enhanced computing, data analytics, automation, machine learning and AI in new and innovative ways. This has established a new standard of development. The top 10 start-ups launched during the pandemic were all in COVID-19 related sectors — healthcare being one of the most important. Going forward, technology will continue to accelerate treatment development, improve accuracy and efficiency of treatment programmes and enable earlier technology-assisted diagnosis — adding further value to this already booming industry, and demand for talented tech professionals. Entrepreneurial disruption The pandemic has had an overwhelming impact on small businesses as they often lack the resources of bigger operations. However, digital transformation and disruption to industries such as healthcare has provided opportunities for entrepreneurially minded individuals to break through. In 2020, a new tech start-up was launched every thirty minutes. Digital transformation has made the option of launching a small business more accessible — particularly for women and millennials — and so online start-ups have surged too. For example, online retailer, Ebay, experienced a 237% increase in new small businesses joining the platform during the pandemic. In addition, the UK government is providing further support to stimulate digital business with the launch of the Future Fund Breakthrough, a £375 million fund to accelerate the deployment of breakthrough technologies. Green technology Niclas Svenningsen, global climate action manager at the United Nations Framework Convention on Climate Change (UNFCCC), referred to the pandemic as a ‘test case for climate change’ and that the crisis foreshadowed some of the extreme social and economic effects of climate change. Unlike the response to the 2008 financial crisis, governments around the world are incorporating environmental policy into their recovery plans. It’s clear that COVID-19 has re-ignited the focus on climate change, and therefore green technology companies will play a vital role in the coming decades. Times of disruption often breed innovation. In response to the pandemic, we can expect to see further investment in technology infrastructure, the emergence of new tech-assisted industries, a surge of digital entrepreneurs and renewed focus on green technology. While the pandemic’s effects have been devastating, the tech industry promises hope for the future.

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The future of compliance

The world of compliance must continually adapt to ever-changing needs across the economy, industry and wider society. COVID-19 has shown us how quickly things can change — and regulation is still trying to catch up with a radically transformed business landscape. So, what are these major areas of change, and how will these trends shape future regulation? Climate change The destructive impact of climate change will undoubtedly impact the future of financial services. For example, policy is likely to encourage ‘green’ investments. As a result, assets that help to reduce carbon consumption will become more valuable. In addition, new insurance products that protect against volatile weather conditions will emerge. The UK’s Prudential Regulation Authority (PRA) expects banks to have fully incorporated climate-related risk into their strategy by the end of 2021. In addition, The Financial Conduct authority (FCA) has supported green finance initiatives through their Climate Financial Risk Forum. It is likely organisations will be encouraged to comply with policies on further climate-related disclosures in the future. While current ‘green standards’ are mostly voluntary, this could well change in the coming years, especially if the industry is given climate-specific goals by the government. Organisations that participate in the conversation now, and show they are taking climate change seriously, will be better prepared for the future of climate compliance. Societal change There are already new financial products emerging to meet changing customer needs. For example, younger generations are more likely to have volatile incomes and slower acquisition of wealth than previous generations. As a result, we have seen credit agencies using big data to estimate ratings more accurately, and the increase of parental contributions to mortgage deposits. Again, these changes will require new regulation. Flexible financing provider, Klarna, which offers ‘buy-now-pay-later’ options, boomed during the pandemic. However, there was concern that some customers could continue to use the service when already in substantial debt. The FCA will now regulate this growing market, and new laws will ensure affordability checks are carried out on customers. Technology In a recent survey, Deloitte found that 95% of respondents were already implementing or planning to implement accelerated digital transformation of business services. Use of digital financial services is only expected to increase, as is the use of digital infrastructure such as cloud computing and analytical tools such as artificial intelligence. In addition, more big tech companies are moving into financial services. For example, Samsung’s collaboration with SoFi and Mastercard. Other big tech companies are pursuing more challenging disruption, such as Facebook’s proposals for digital currency. 2021 will continue the focus on technological compliance. For example, ensuring that AI is used ethically (i.e., avoiding issues such as gender discrimination) and increasing transparency in model usage. Cloud migration and Brexit are causing concern over cybersecurity and data protection, so regulators are likely to respond to any problems that emerge. It is unclear how regulators will respond to the entry of big tech into financial services, as it raises questions over data usage and potential issues of market fairness (i.e., using existing infrastructure to give self-preference of own services). Remote working One of the most sudden changes in recent years is the mass shift to remote working. This move means it will be more difficult to verify that documentation is properly managed and that standards are maintained. According to CFA Institute's APAC Managing Director, Nick Pollard, ‘compliance is what you do when no one's watching. And in a sense, no one's watching you when you're working from home. So, you have to have a very strong culture around compliance.’ To avoid further regulations in this area, organisations must embrace a culture of compliance across all levels. Financial crime There have been fears that the increase in remote working has also created conditions for market abuse and misconduct (e.g., reduction in self-policing and reporting of incidents to compliance teams). Firms have been advised to update compliance policies and provide staff with additional training and/or surveillance tools if required. There has also been an uptick in money laundering and fraud — particularly of government schemes such as the ‘Bounce Back Loan Scheme.’ To combat this, regulators are expected to advocate for greater sharing of industry data. GDPR is an obstacle to this, but by making the requirements and purposes of data sharing more explicit, firms should be able to obtain greater freedom. Factors such as climate change, societal needs, technology and even our working habits will continue to shape future regulation. Being aware of changing consumer needs and potential issues that may arise will help organisations meet compliance regulations — and engaging with policy as it develops may even help organisations shape it. Please get in touch to discuss your changing regulation, compliance, financial crime, data protection and legal departments changing needs and future growth requirements. Paul Geist Head of Practice, Regulation, Compliance and Financial Crime t: +44 (0)20 7422 9030 e: pgeist@mcgregor-boyall.com

Insights

Top tips to get out of your coding rut

No matter how skilled a software engineer you are, you will encounter sticky problems that you just can’t seem to fix. Don’t be disheartened — it’s completely normal, especially when you’re starting out. So, take a deep breath, and read through these top tips to get you out of your coding rut. Make the problem tangible Ever get that feeling that you just can’t ‘see’ the problem? Your scripts are probably long and complex — so it’s impossible to see them as a whole. A good tip is to make the problem tangible. Create diagrams, mind maps or sketches to help you see the problem differently. Or even jot down some notes about what you are struggling with. Anything that gets the problem out of your head can help. Get a rubber duck A tried and tested technique is self-explanation or ‘rubber duck debugging’. The idea is that you explain your code, line by line, to a rubber duck. Forcing yourself to explain the problem to a third party can help to isolate the problem because you will notice any mismatch between your explanation and the code in front of you. And it’s actually better to explain the problem to someone without programming skills – because you will go into detail you otherwise wouldn’t. In lieu of a rubber duck, many have turned to a friendly pet or even a potato. Take an experimental approach An experiment will keep as many factors as possible constant, while manipulating only the variable of interest. You can easily apply this approach to your programming by making a prediction (or hypothesis, in scientific terms) about what a section of code should do, then run the code to test your prediction. Gradually change one element at a time until you identify a discrepancy between your prediction and the outcome. Eureka — you’ve found your bug. If you are unsure which elements to change, it can help to build a library of common programming issues. Making a list of these will help to inform your hypotheses (i.e., if I change x variable, then it’s likely I have a logic error). Invest in version control Prevention is better than cure. A very common reason for software bugs is when someone else makes changes to a program and unwittingly breaks the code elsewhere. Investing your time in learning and creating a version control system (e.g. Git, HelixCore, Subversion) will save you countless headaches later down the line. Version control systems keep track of and manage changes to software, so that when (not if!) a problem occurs, you can look back at earlier versions of the source code and find out where the problem occurred. Stop working Counterintuitively, the best way to solve a difficult issue might be to simply… stop. Think about your brain like a computer running a piece of code. Sometimes there’s nothing you can do except let the code run — allowing your subconscious to continue working on the problem in your absence. However, you need to give the computer enough data to begin with, and then not overload it once it’s trying to work — so work the problem until you’ve truly hit a wall, then take a break that gives you space to think. For example, taking a walk is an evidence-backed method for boosting creativity and problem-solving abilities. Seek expertise Finally, don’t be afraid to seek help. It’s highly likely someone has encountered a similar problem before, so identifying keywords and searching through forums is a great starting point. Stack Overflow is a huge online platform where you can post your problem — the active community is always happy to help. And finally, approach your senior colleagues for advice. It’s important to get as far as possible before doing this (as this will help you develop your programming skills and present the problem as clearly as possible), but these people have been in your position before, and most will be happy to help. Hopefully, these tips have armed you with a number of new techniques to try. Remember, there’s no one-size-fits-all strategy — finding what works best for you takes time and patience — but once you have identified it, you will be able to tackle all manner of coding problems that come your way.

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McGregor Boyall is digitally inclusive

Recite Me is innovative cloud-based software that lets visitors to our website view and use it in the way that works best for them. We have added the Recite Me web accessibility and language toolbar to our website and Careers site to make it accessible and inclusive for as many people as possible. It helps the one in five people in the UK who have a disability, including those with common conditions like sight loss and dyslexia, to access this website in the way that suits them best. It also meets the needs of the one in ten people in the UK who don’t speak English as their first language, by being able to translate our web content into over 100 different languages. How do I access the Recite Me toolbar? You can open the Recite Me language and accessibility toolbar by clicking on the “Accessibility” button. This Accessibility button now appears in the top right on every page of our website. After you click on Accessibility button the Recite Me toolbar opens and displays a range of different options for customising how the website looks and how you can access the content. How does Recite Me help me access this website? Recite Me helps people to access our website to do the things they need to do, like applying for our latest vacancies, finding out about life at McGregor Boyall using the tool bar on our dedicated Careers site and reading our news and insights. The Recite Me toolbar has a unique range of functions. You can use it to: Have the text on our website read aloud (including PDFs) Download the text as an MP3 file to play it where and when it suits you Change font sizes and colours Customise background colour Translate text into more than 100 different languages Access a fully integrated dictionary and thesaurus You can find out more about how Recite Me works from the Recite Me user guide. Can I get support with Recite Me? If you have any questions about Recite Me you can contact us by email at webinfo@mcgregor-boyall.com or call us on +44 (0)20 7422 9000.

Insights

Cloud migration: challenges and solutions

Many organisations have made cloud migration a priority during the pandemic. According to Gartner, worldwide spending on public cloud services was expected to grow by 18.4% in 2021. Cloud migration provides a host of benefits, particularly regarding the remote working and digital transformation that has provided a lifeline for organisations during the pandemic. However, that doesn’t make the transition any easier. Being aware of the potential solutions — and how to solve them — is key to a successful cloud migration. Problem: Security A major overhaul to any system inevitably opens up security vulnerabilities. Misconfiguration of cloud services is the most common reason for security issues and is even more likely to occur in hybrid set-ups. However, even technologically reputable organisations can fall victim to misconfiguration—Facebook suffered a server breach that resulted in 540 million records being exposed by a third-party provider on an Amazon cloud-computing server. Solution: Responsibility and DevOps It should go without saying that choosing a reputable cloud provider with built-in security is essential. However, as demonstrated by the Facebook breach, systems fail. In addition, there is usually a shared responsibility towards cloud security (with the provider being responsible for the security inside the cloud, and the users being responsible for the security of the cloud). To tackle this issue, upskilling your security team is essential. In addition, establishing a DevOps approach, where security is a shared responsibility across teams and development stages, has proved an invaluable tool to bolster security. Problem: Compliance & Regulations GDPR is considered the most stringent data protection policy in the world. Although cloud providers should be fully GDPR compliant, the nature of cloud computing can cause potential compliance issues. For example, under GDPR, data cannot be kept for longer than the pre-defined purpose. However, data is often stored with multiple providers, in multiple jurisdictions and locations, making efficient deletion of data difficult. Location raises a further challenge, as it is not always clear where the data is stored, and therefore it can be difficult to determine which privacy laws apply. Solution: Avoid over-reliance on providers To avoid potential compliance issues, avoid over-reliance on cloud providers (even when they are GDPR compliant). Take initiative in maintaining a good overview of your data, and ensuring you have the proper access to data at all times. You can also limit the amount of data put into the cloud in the first place—ensure its only essential data that has been cleared for purpose. Again, a DevOps approach can be useful here to ensure GDPR concerns are a company-wide responsibility, and not an afterthought. Problem: Cost and complexity Cost is a common complaint with cloud migration. According to the Flexera 2020 State of Cloud Report, 23% of companies are over their cloud budget and 30% believe they are wasting their cloud spend. Migration costs include investment in new staff and tools, training, rewriting application architecture, bandwidth costs and more. In addition, cloud migration often turns out to be more complex that anticipated, so organisations may have to spend more fixing performance issues. Solution: Strategy Solid change and cost management plans are vital to keeping costs down. Taking the time to research cloud providers — and combine the cheapest options from multiple providers — is an often recommended method to save on costs. In addition, managing your migration in incremental steps can avoid disruption to your existing business, avoiding productivity losses. There are even exciting new tools, such as machine learning start-up, Device42, which can help you understand your organisation’s infrastructure and recommend the optimal (and most cost-effective) cloud migration strategy. Cloud migration shows no signs of slowing down because despite the challenges, the long-term benefits are worth it. In our digitally dependent world, cloud technology is essential. However, attempting to get migration right will save you plenty of time and expense along the way.

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Changes to the digital marketing landscape in 2021

Any good digital marketing strategy must constantly adapt to the changing landscape. The upcoming ePrivacy regulation, growing digital fatigue and policy changes from major technology players such as Google, are going to create a host of challenges in 2021. Here is a brief overview of what to expect, and the potential opportunities that come with them. First-party data The upcoming ePrivacy regulation (also known as the ‘cookie law’) will tackle online privacy issues not currently covered by GDPR. The focus on curtailing third-party tracking has made many digital marketers apprehensive. Google has also announced that they will be phasing out the use of cookies and have no plans to introduce alternative third-party tracking methods. These changes will mean a shift towards first-party data in 2021. However, this isn’t necessarily a bad thing. Leading auto part and accessories retailer, CarParts.com, found that by establishing the right customer data platform (based on first-party data) click-through rates increased by up to 400% and email revenue doubled. Reducing reliance on third-party data requires ongoing interaction with customers to build a quality first-party dataset. While this transition shouldn’t be underestimated, the long term benefits of this approach includes a rich behavioural dataset built on trust and consent. Analytics Once you have a reliable source of first-party data, what should you do with it? Many organisations struggle to generate insights from their data. According to a study conducted by Forrester, companies that used artificial intelligence or machine learning technologies to analyse their data reported a better insight into their customers and were able to use this to inform strategy. For example, analytics tools can be used to alert marketers to a fall in click-through rates and respond in real-time. Digital marketing platform, Mapp, have suggested that companies are benefiting less from staff training and education, and more from technology that supports insight-led marketing. Insight-led marketing utilises personalisation to improve customer experience and engagement. In a recent survey by Salesforce, 80% of customers said the experience they had with a company was as important as its products and services. Analytics tools are not new, but they are growing in sophistication. Given that customers now expect such a seamless, personalised experience from their online interactions, analytical tools are quickly becoming essential. User experience On a related note, providing a positive customer experience is now likely to directly impact search engine optimisation results (SEO). SEO is a hallmark of successful digital marketing and continues to deliver ROI in 2021. The May 2021 update to Google’s algorithm, core web vitals metrics, will now measure load speeds, interactivity and content stability, and integrate this data into SEO. To maintain SEO results, brands must invest in user experience to ensure their online offerings meet their customer’s needs. Google previously introduced ‘mobile-first ranking’ for SEO. As more customers use devices with voice-recognition software (and devices such as Google Home and Alexa), it’s expected that Google will also introduce voice-search into existing SEO algorithms. So, ensuring that your SEO is optimised for user experience across devices and platforms is a logical preparatory step to future-proof your strategy. Ad blockers Despite revenues dropping and budgets being cut during the pandemic, digital advertising surged. According to the Digital Marketing Institute, 28% of surveyed organisations have been spending 90% of their marketing budget on digital strategies. Consequently, the digital advertising space has become cluttered. It’s now harder to get noticed and many users are turning to ad blockers to cut down on the noise. Ad blockers significantly reduce the reach of a campaign, so one strategy is to focus on targeting a small, niche market instead. Place adverts in locations where your target market will see them as relevant information, and not as distracting mass advertisements. Or take this strategy further and don’t let your advertisement be a distraction at all. Even without ad blocking software, the human brain is extremely proficient at filtering out irrelevant distractions, especially in a cluttered visual display. Instead, utilise channels where the advertisement isn’t disrupting the user’s task, such as social media and email. Creating original content that customers truly want to see, rather than block, means they will be seeking out your content in a positive way. The digital marketing landscape remains an exciting one, with upcoming changes providing as many opportunities as challenges. As always, those who embrace and prepare accordingly are most likely to reap the benefits. If you need support finding the right Digital Marketing Talent for your business, get in touch with our specialist Marketing Recruitment Team.

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The National Data Strategy: Opportunities and Challenges

The UK is already a global leader in data-derived products and services, securing 33% of European technology investment in 2019. Recently, the government announced their National Data Strategy, which aims to advance the UK’s position by facilitating further digital transformation and unlocking value from data-driven insights. Let’s take a look at the opportunities and challenges likely to arise from the strategy. The National Data Strategy mission statements 1. Unlocking the value of data across the economy: making data usable and accessible across organisations, while protecting privacy concerns. 2. Securing a pro-growth and trusted data regime: meaning that a rigorous system is established that does not place too great a responsibility on small to medium sized businesses (SMEs) 3. Transforming government’s use of data to drive efficiency and improve public services: creation of best practices and standards to facilitate use of government data. 4. Ensuring the security and resilience of the infrastructure on which data relies: protect businesses, public services and other organisations from disruption. 5. Championing the international flow of data: ensure that best practices are maintained at home and across international borders. Opportunities According to an analysis by innovation consultancy, Ctrl-Shift, personal data mobility (a world where data flows safely and efficiently) could increase the UK’s GDP by £27.8billion. Data mobility also has a wider impact on digital innovation (for example, the development of new technologies such as artificial intelligence), which could have a significantly greater effect on GDP. The National Data Strategy aims to increase usability and accessibility of data, providing a wealth of business and employment opportunities. Brexit will create plenty of challenges, but it also provides the chance to improve existing systems. The UK’s existing data regulation standards are generally approved of by the EU, so it’s vital to maintain this high standard and commit to sharing data internationally. However, this increased independence provides the opportunity to listen to domestic concerns. For example, recent research conducted by FTSE 100 software company, Sage, found that ‘Complex and expensive processes, exacerbated by lack of trust between institutions’ was a major factor holding back business performance of SMEs. The National Data Strategy promises to prioritise SMEs and hypothetically the goverment should be able to use this increased independence to do so. The National Data Strategy can also support other government initiatives. For example, within the healthcare sector, data can improve care, treatment and give patients better control over their information. The Department of Health’s new strategy ‘Data saves lives’ aims to further the use of data within healthcare. In addition, the government has set a target to be ‘net zero’ by 2050. Using data for climate risk management, environmental monitoring and the creation of new solutions (particularly those that businesses can implement to reduce carbon emissions), will help to achieve this net zero goal. Challenges Concerns have been raised over the lack of specific targets in the National Data Strategy and the need for a defined action plan. For example, the strategy report emphasises the need to close the ‘cyber skills’ gap, without setting out how this will be addressed. Software company, Kainos, and AI innovator, Faculty, have suggested introducing data science into the school curriculum as a concrete step the Government could take in solving this problem. Data privacy is another issue. The strategy mentions both its aim to increase data accessibility, but also the importance of public trust. Lack of public trust can seriously undermine the efficiency of data-driven solutions — COVID-19 contact tracing systems were seriously hampered by this in several countries. It’s vital any upcoming regulatory changes outline how data privacy will be protected. Overall, the National Data Strategy has been positively received as it highlights the importance of data for both economic and social growth. However, the impact of the strategy will depend upon its execution and consideration of issues such as data privacy. The government is expected to outline further actions in due course, the details of which will be eagerly awaited by the technology industry.

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The best risk management resources

From hard-hitting journal articles to conversational podcasts, there is a fantastic range of resources out there for risk management professionals. Here is a selection of some of the best blogs, podcasts, software tools and more, to help you keep up with the latest in the industry and to further your personal development. Comprehensive resources No list about risk management resources would be complete without mentioning Risk.net and the Institute of Risk Management (IRM). Risk.net is the leading resource for everything from climate risk to upcoming regulations and data insights. It should be your first point of call to expand your existing knowledge and keep up with industry news. They also host regular in person events and webinars. Make sure you are making the most of what they have to offer by signing up to their mailing list. If a full membership to Risk.net is out of your price range, why not try IRM. Membership is extremely reasonable, and they have a huge amount of content on offer. As a member, you will have access to topical articles, news items, videos and webinars. They also publish new research, provide training, qualifications and thought leadership. It is a fantastic way to invest in your professional development. Podcasts There are a number of risk management podcasts emerging, but PwC’s ‘Risk & Regulation Rundown’ series is a particularly excellent one. Hosted monthly by PwC Director, Andrew Strange, each episode invites an expert guest speaker to discuss the latest in the industry. Episodes are around twenty-thirty minutes long and have previously covered topics such as ‘Operational resilience – the end of the beginning’ and ‘Re-articulating risk - preparing for the IFPR.’ Another extremely popular podcast is RIMScast. Hosted by Justin Smulison (Business Content Manager at RIMS, the Risk and Insurance Management Society), RIMScast posts new thirty minute episodes every week. The podcast covers a mixture of topical discussions, career conversations and updates on industry news. Previous episodes have covered topics such as ‘Climate Change, Business Interruption, and the 2021 Hurricane Season’ and ‘Your LinkedIn Profile and the Path to the Boardroom.’ Blogs Clear Risk have weekly blog posts on a range of topics. Previous posts have included ‘7 Tips on How to Control Your Organization's Insurance Costs’ and ‘6 Reasons All Organizations Should Embrace the Cloud.’ Their library of white papers is a particularly useful resource, providing free downloads on topics like business continuity planning, ROI of risk and claims systems, product liability risk and more — all of which use practical examples. Finally, a free risk management book aimed at small to medium-sized businesses — all you have to do is provide a few contact details and it is yours! Another interesting blog is Paladin Risk Management. It was set up by Rod Farrar, who turned to risk management after serving twenty years as a military officer. He aims to help people become ‘Risk Gladiators’ through his insights and training courses. The blog is definitely worth following for its entertaining style, insightful tips and thorough analysis of risk cases that have gone wrong. Software tools It is highly likely you already know about ModelRisk, the highly valuable Monte Carlo simulation Excel add-in that can be used to add uncertainty into your modelling. If not, do download this free software tool as soon as possible! Another excellent tool is Probability Management’s SIPmath. All the models you build with SIPmath are native to Excel — this makes it easier for models to communicate with each other and be shared with others. You can also access a generous library of modelling tools to aid your analyses. Finally, best of all, all of your actions are traceable — so no more wondering where your analysis went wrong! Download it for free, here. If you are looking to expand your team or if you are looking for a new role get in touch with our Risk Team to see how we can help.

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The benefits of IFRS 17

IFRS 17 has been a long time coming. After multiple delays, the accounting standard is expected to take effect from January 2023. Many are apprehensive at the potential costs of implementation — according to Deloitte, 1/3 of insurers expect to spend over £45 million complying with the standard. However, 50% of insurers also believe that the benefits of IFRS 17 outweigh the costs. So, what are the potential benefits? What is IFRS 17? To quickly summarise, IFRS 17 is the first comprehensive accounting standard that details reporting requirements for insurance companies. It replaces IFRS 4, which allowed companies to use local accounting requirements such as national GAAP. The key aspects of IFRS 17 are that insurance liabilities are measured at current fulfilment value, and that organisations use a more uniform approach to metrics and reporting of financial information. Transparency One of the key aims of IFRS 17 is improving the quality of insurers’ financial information. In particular, correcting current issues with performance metrics and relevance of information used for risk assessment. For example, many companies currently use out-of-date metrics to evaluate risk, such as old interest rates, which obscure the true value of a company. In a further example, risks that are not economically matched by assets are not appropriately visible on financial reports. The new IFRS 17 requirements will provide greater insight into risk associated with issuing insurance contracts and clarify company performance. This shift will provide benefits to both company analysts and external investors. Most importantly, greater transparency helps to foster long-term stability in the insurance industry: a benefit which will serve everyone for years to come. Consistency Currently, it is extremely difficult to compare financial information between insurance companies, even when looking at a very similar contract within the same area. Under IFRS 17, companies will have to apply a consistent accounting framework across insurance contracts, reducing much of the existing diversity in reporting. It’s clear that this change will provide significant benefits for investors. However, multi-national insurance companies will also gain, as the consistent accounting framework will streamline operations for analytical teams, human resources and more. Agility Implementing IFRS 17 will require intensive cross-functional collaboration across insurance companies. Many organisations currently use a silo-based approach (e.g., separate departments for claims, finance and others), but the consistency and transparency required by the new legislation requires an approach of seamless information sharing. Adopting an agile approach has been suggested as a method to facilitate and reduce costs of IFRS 17 implementation. Organisations that fully embrace agile could gain from the enhanced communication, higher job satisfaction and faster development times that the approach aims to deliver — all of which will serve businesses far beyond IFRS 17. Transformation 62% of surveyed insurers predicted that IFRS 17 would have a moderate or significant impact on their corporate culture. There is a clear demand for skilled accountants and actuaries, however, organisations will also need those experienced in change management and leadership. For organisations who embrace the changes of IFRS 17, the standard can serve as a catalyst for company-wide transformation. IFRS 17 compliance requires motivated and digitally skilled staff at all levels. However, there is still a shortage of such professionals. Proactive investment in technology, new expertise and training could smooth the progress of the IFRS 17 transition and prepare for future challenges. IFRS 17 is expected to be highly disruptive — the time and financial investment required should not be underestimated. However, the accounting standard also promises a multitude of exciting business benefits. Many of which will accelerate change within insurance organisations, and help the industry prepare for a more stable future. Get in touch with our Finance & Audit Team to see how they can help.

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Six pioneers who shaped modern technology

The technology community is brimming with creative people who push the limits of what is possible. To celebrate this continued innovation, let’s look back at some of the pioneers who made our modern, digital world a reality. Hedy LaMarr, the Hollywood Tech Genius All creative people want to do the unexpected. Hedy LaMarr was a woman who became a Hollywood actress to escape her marriage, then conducted scientific experiments in her spare time and quietly developed a technology with world-changing implications — as one does. LaMarr created a frequency-hopping technology in 1941 that was used to cloak Allied torpedoes during WW2. Later, this technology paved the way for wi-fi, GPS and Bluetooth. Unfortunately, LaMarr received little credit, and absolutely no financial reward, for her achievements. It wasn’t until 1997 that she received some recognition when the Electronic Frontier Foundation presented her with a Special Pioneer Award — to which she responded, ‘It’s about time.’ Seymour Cray, Father of Supercomputing One of my guiding principles is don’t do anything that other people are doing. In 1964, Cray created the CDC 6600 — a computer that ran 10 times faster than the average at the time and is often considered to be the world’s first supercomputer. Cray’s innovative design practice focused on ensuring the cooling system ran efficiently, and that electrical signals all arrived at the same time. However, Cray was a controversial character, known for his disdain of bureaucracy and penchant for working at night. He reportedly once used artificial blood as a coolant for his supercomputer. While artificial blood might be a step too far in most offices, perhaps we can all learn from his out of the box thinking style. Grace Hopper, Rear Admiral and Programming Trailblazer A ship in port is safe, but that’s not what ships are built for. Hopper, sometimes known as ‘Amazing Grace’, was a computer scientist and Rear Admiral in the United States Navy. She’s known for developing one of the first computer programming languages, COBOL, during the 1960s, and predicted that computers would one day be small enough to sit on a desk. We also have Hopper to thank for the term ‘bug’ in relation to programming — she coined the term after a moth flew into a computer. Lewis Latimer, Prolific Inventor We create our future, by well improving present opportunities: however few and small they be. Edison may have invented the light bulb, but Latimer wrote the book on it: ‘Incandescent Electric Lighting: A Practical Description of the Edison System.’ Latimer was also heavily involved in helping Alexander Graham Bell patent the telephone. As a black man in the 1800s, Latimer wasn’t given the credit he deserved for his inventions. Besides the light bulb and the telephone, Latimer also invented train bathrooms, installed electric plants in several American cities, won a patent for his safe elevator design and created disinfecting and cooling systems for hospitals. Chieko Asakawa, Accessibility Champion Accessibility ignites innovation. On a more modern note, one of the most incredible recent developments in technology accessibility is undoubtedly Chieko Asakawa’s IBM Home Page Reader, a voice browser program that gave visually impaired people access to the internet. Asakawa became blind after a swimming accident at age 14 and grew up asking her brothers to read her textbooks aloud. As a result, she began developing digital book technologies. Since then, Asakawa has been working on cognitive assistance technology, which will eventually enable people with sensory limitations (e.g., blind or deaf) to navigate the world independently. Tim Berners-Lee, Founder of the World Wide Web The web is for everyone, and collectively we hold the power to change it. It won’t be easy. But if we dream a little and work a lot, we can get the web we want. Last but not least: the creator of the internet. Berners-Lee came up with the early version of the internet while working at CERN in 1991 to share research materials and data with fellow academics. In 1993, CERN put the World Wide Web in the public domain, and from there the internet flourished. Berners-Lee believes the Internet is a basic right and has continued to campaign for public accessibility.

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The importance of cross-sector cybersecurity collaboration

It’s no secret that the pandemic has increased the frequency and sophistication of cyber-attacks. And according to a recent government survey, they’re showing no signs of slowing down. Increased cross-sector collaboration has been suggested as a method of combatting the increased threat. The UK’s new self-regulatory body, the UK Cyber Security Council, and Microsoft’s new initiative, The Asia Pacific Public Sector Cyber Security Executive Council, are welcome steps in this direction. Why are these private-public partnerships so important, and can they help create more cyber-resilient organisations? Why does collaboration matter? Cyber-attacks do not distinguish between sectors. One of the highest profile attacks of 2020, the SolarWinds breach, exploited a flaw in the Orion security tool to target industry and government agencies alike. BitSight has estimated the financial impact of the SolarWinds attack to be approximately $90,000,000 in insured losses. Not to mention the unquantifiable effect on national security. Sometimes, lack of collaboration can result in the need for court-ordered cybersecurity intervention, as was the case with Microsoft — legal approval was required for the government to remove compromised web shells in Microsoft Exchange servers. These kinds of actions can cause unnecessary delays and substantial losses. In some time sensitive cyber-attacks, such as medical ransomware, the consequences could be devastating. The benefits of collaboration Given the significant consequences of a cybersecurity breach, many organisations are calling for greater collaboration — the benefits of which include greater intelligence sharing, a cohesive response to threats and robust international infrastructure. Intelligence sharing According to a study by the Ponemon Institute, organisations with high cyber-resilience were more likely to participate in some form of threat-sharing program (e.g., open source, commercial sources, threat intelligence platforms). Sharing intelligence allows organisations to identify likely threats in their industry and develop appropriate responses based on what similar organisations have tried. Intelligence sharing between public and private sectors is vital because of the distinct perspectives each sector has. For example, government agencies can conduct cyber espionage operations and, therefore, have insight into adversary networks. In contrast, business providers often have greater understanding of cyber-attack victims. Increased cross-sector talk could vastly improve cybersecurity responses, and even prevent attacks before they occur. Microsoft’s new initiative, The Asia Pacific Public Sector Cyber Security Executive Council, aims to facilitate private-public partnerships, to share information and strengthen government cyber defences. The council plans to meet quarterly going forward. Consistent threat response Having a clear response to cybersecurity incidents helps to protect organisations against cyber threats — particularly for smaller organisations that may lack expertise and/or resources. IBM have often emphasised the importance of having an incident response process that is consistent, repeatable and measurable, and has worked with organisations across sectors to help develop resilient solutions. However, there is still remarkable variation in the cybersecurity industry because of the lack of professional regulation. The UK Cyber Security Council plans to correct this issue, bringing private and public sectors together to create regulatory standards in cybersecurity, similar to what already exists in industries such as accounting and finance. This hope is that this will create a set of standards that improves the quality of cyber defence strategies and the efficiency of incident responses. International collaboration Many organisations operate internationally and therefore, so are the attacks. For example, while the impact of the SolarWinds attack was the most severe in the US, at least seven additional countries were impacted (including the UK, Belgium, Spain, Canada, Mexico, Israel and the UAE). However, the response from US allies was far from cohesive, and none matched the impact of the sanctions the US imposed on Russia for their suspected role in the attack. It’s crucial that private-public partnerships are not only encouraged on a national scale, but globally. Participating in global forums, sharing intelligence and developed global frameworks will inevitably improve cyber-resilience. Finally, co-ordinated global responses may deter nation state attacks, and increase trust between co-operating countries. Clearly, many are working hard to facilitate cross-sector collaboration. However, there is much further to go. Cybersecurity is no longer optional — protected digital environments are crucial for organisations of all kinds, so they must work together to secure a cyber-resilient future.

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Six great resources for digital marketing

With so many organisations operating online, digital marketing has never been as important as it is in 2021. It’s a continually evolving field, so marketers have to keep up with the latest trends, tips and tools. Read on to discover six great resources across content marketing, search engine optimisation (SEO), social media and more, to help you stay ahead. The All-In-One Resource Neil Patel is widely acknowledged as the guru of all things digital marketing, and his blog is a fantastic source of information for all marketers. Neil’s website covers topics such as SEO, content marketing, social media, Ecommerce, conversion optimisation, email marketing and more. So, if you’re looking for a single resource to suit all your digital marketing needs — this is the one for you. In addition, the website offers tools such as the SEO Analyser, which provides you with a free analysis of your SEO errors, and Ubersuggest, which gives you information about keywords, content suggestions and backlink data. Some of these features are available for free, and the more advanced options available for a fee. Content Marketing Contently provides advice on improving your content strategy, building your content platform and directing you towards expert content creators. Their blog is always written in a jargon-free and engaging manner, and covers topics such as strategy, digital transformation, storytelling, ROI and trending topics. Their educational hub, ContentlyU, provides a wealth of free knowledge in the form of research, playbooks, courses and events — fantastic for career progression and developing new skills. Their collection of real-world case studies, which includes organisations such as Walmart, Microsoft, Marriot, are also worth a quick read. Social Media Social Media Today is a great source of news and blog insights. They cover new updates to social media, key industry reports and advice to improve your social media game. Social Media Today also facilitate wider community engagement by hosting regular Twitter chats, SMT Live. Past conversations have covered topics such as ‘Building Brand Trust on Social Media’ and ‘Brands That Inspire Us on Social.’ Water-cooler chats If you are missing the buzz of office life, then look to the ‘Marketing over Coffee’ podcast to fill that void. Each twenty-minute episode takes the format of a casual chat between colleagues, while still providing plenty of useful tips and tricks. While the podcast covers marketing as a whole, you don’t need to look far into the archives to find some fascinating digital content. Recent 2021 episodes have covered topics such as ‘AI for Marketers’, a conversation with Eric Schwartzman on his new book, ‘The Digital Pivot – Secrets of Online Marketing’, and an episode exploring, ‘What tech will replace cookies for Google?’ Search Engine News The SEM Post is another excellent digital marketing news source, run by industry expert, Jennifer Slegg. They are known for their timely responses to breaking stories and thoughtful commentary for the wider industry. For up to date news about the major players such as Google, Twitter and Facebook, as well as topic-focused insights and wider industry analysis, be sure to look to the SEM Post. Subscribe to their newsletter for daily and weekly updates, and follow them on twitter to keep on top of the latest stories. Psychology for digital marketing Psychology is key to successful marketing, so why not dig into the science behind what makes people tick? Roger Dooley’s popular podcast, Brainfluence, features conversations with experts across marketing and business. Each episode covers personal stories, discussion of underlying psychological principles and practical tips. Previous episodes have included a conversation with Howard Tiersky about ‘Winning Digital Customers’ and a look at ‘Influencer Marketing’ with Jason Falls.

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Reckoning for data privacy

GDPR is thought to be one of the most comprehensive data privacy regulations in the world. The consequences of breaching GDPR are harsh — with potential fines of up to 20 million euros or 4% of annual revenue (whichever is greater). And the incoming ePrivacy regulation will clamp down further on online privacy. However, data privacy compliance has slipped down the agenda during the pandemic, and we may soon see numerous high-profile violations come to light. What is the current situation, and how concerned should organisations be? Digital transformation In order to survive the pandemic, many companies underwent significant digital transformation, rushing to get their services online to meet shifting customer needs. For example, in May 2020, a reported 40% of surveyed organisations were fast-tracking their move to the cloud in response to COVID-19. With the focus elsewhere, there have been doubts over whether data privacy has been properly embedded into new digital processes. GDPR also sets out expectations about how data must be protected against cybersecurity risks and unauthorised access, but a recent survey found that 92% of respondents were worried about cloud misconfiguration breaches. The shift to remote work further increases vulnerability to both data privacy violations and cybersecurity breaches. Regulation enforcement was relaxed in the early stages of the pandemic; however, companies are now expected to ensure compliance. Organisations that cannot do this will face financial and reputational consequences. Public awareness Recent security breaches and scandals have increased public awareness of data privacy. For example, political consultancy, Cambridge Analytica, caused outrage after it was revealed they had improperly obtained the private psychological profiles of Facebook users, and this data was then used for political gain. The Information Commissioners Office (ICO) reported a large increase in helpline calls (24.1%) and live chat requests (31.5%) in 2018 compared to the previous year. The majority of these queries were regarding subject access, suggesting that members of the public want to know how their data is being handled. According to McKinsey, 87% of surveyed people said they would stop doing business with a company because of concerns over security, and 71% would stop if the company gave away sensitive data without permission. Therefore, not addressing data privacy concerns could have a severe and detrimental impact on business demand. COVID-19 Physical safety has had to be prioritised over data privacy during the pandemic — and most regulation, such as GDPR, includes government exemptions for such situations. Contact-tracing and symptom-tracking apps have been launched to gather information on and reduce transmission of COVID-19. However, there have been concerns raised about unclear purpose specification, data minimisation, data sharing and risk of re-identification. Such apps rely on mass download to be effective. In the UK, 1 in 8 people who test positive for COVID-19 are not reached by contact tracers. A further 18% provide no details for close contacts. While the reasons for this low co-operation are complex, lack of public trust is clearly a factor that can undermine the efficacy of such applications. Integrated data privacy While the pandemic is an extreme situation, it provides an example of how seriously consumers are taking data privacy — that they may refuse to use an application they distrust, even when that app is intended to serve the public good. A growing number of experts believe that the way forward is to integrate privacy into all technology, and that not doing so will create a ‘giant security vulnerability for the population.’ In addition, new technologies, such as artificial intelligence, can help to ensure that only essential data is collected and stored. It’s understandable why data privacy has taken a backseat during the pandemic — many organisations have had to radically transform their practices and support a sudden shift to remote working. However, consumers are increasingly likely to cease doing business with a company that misuses data and/or doesn’t keep data safe. Failure to comply could result in both hefty fines and loss of business. With such clear consequences, it’s clear that organisations must prioritise data privacy before it’s too late.

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IFRS 15: Challenges to compliance

The International Financial Reporting Standard 15 (IFRS 15) has been one of the most significant changes to financial regulatory standards in recent years. Since the standard took effect in 2018, most organisations have completed implementation, but with varying degrees of success. Here’s a quick look at some common issues encountered under IFRS 15, and why the standard presents a continued compliance challenge to organisations. What is IFRS 15? To briefly recap, the IFRS 15 was introduced to improve clarity and comparability of revenue accounting across industries. According to the International Accounting Standards Board (IASB), “The objective of this Standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer” (IFRS 15, page A665). Prior to IFRS 15, approaches to revenue reporting varied, but the new standard sets out a clear five-step plan to standardise the procedure. Implementation status The 2019 FRC review found that while IFRS 15 had generally improved clarity of revenue reporting, there were still several issues in the following areas: Performance obligations: the specific nature of these obligations was not always properly defined. For example, whether a company was acting as an agent in providing goods and services. Revenue judgements: descriptions of judgments often lacked clarity and failed to highlight those which had a significant impact on revenue recognition. Quantitative disclosures were often missing for judgments relating to estimation uncertainty. Variable consideration: the nature of this pricing feature was often not fully disclosed, particularly in regard to assessment methods. Specific policies: many companies disclosed the specific policies used within their system. However, it was often unclear whether these policies complied with IFRS 15 regulations. Key challenges While the FRC highlighted some positives in revenue reports, they emphasised the need for improvement. So, what are some of the key challenges that organisations face in IFRS 15 compliance? Complexity Introducing IFRS 15 was meant to simplify reporting by providing one standard for revenue recognition instead of several (as was the case prior to IFRS 15), and account for issues certain industries faced under the old standards. However, an academic review discovered that both auditors and accountants reported the extensive scope of IFRS 15, and particularly the focus on complex industries, failed to simplify matters and created more work — particularly for small to medium sized companies. The theoretical complexity of the standard made it difficult to apply in practice and increased the risk of technical errors. Before IFRS 15 came into effect, the importance of training employees across departments and functions was highlighted as a key aspect of preparations. However, given that even the technical experts find the standard daunting, widespread organisational understanding remains difficult. Data Even before IFRS 15 implementation, many organisations expressed concern about how much data would be required and whether their existing IT infrastructure could support this increased demand. In particular, the need to identify and satisfy performance obligations within contracts requires more data to be captured and ongoing analysis that was not necessary under previous requirements. Organisations that established a data strategy before IFRS 15 implementation and worked to integrate finance, commercial and legal teams were in a good position to meet the new requirements. However, for others, creating and storing the correct data makes accurate revenue reporting a continued challenge. External environment While organisations have now had time to implement IFRS 15, changes to business practices and the external environment raise further regulatory questions. For example, the pandemic had implications for several aspects of revenue reporting, including variable estimation, changes to selling prices and contract modifications/termination. This highlights that IFRS 15 compliance is an ongoing process, and having an experienced team with industry-specific knowledge is a continued necessity. While IFRS 15 implementation is now over, the challenges continue. Many organisations are still adapting to the changes in the face of a turbulent external environment, meaning that demand for experienced technical professionals and supporting infrastructure will remain high for years to come.

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Will 2021 be the year of IoT?

IoT refers to the billions of physical devices (besides laptops and smart phones) that connect to the internet — and can include anything from smart lights to jet engines. These devices use sensors to monitor and communicate information, meaning complicated activities can be examined (and responded to) in real time. It’s one of the most highly anticipated trends of 2021, but will it deliver? Why is IoT such a hot topic right now? Iot has gained such momentum because of the accelerated digital transformation caused by the pandemic. According to the department for Digital, Culture, Media and Sport (DCMS), almost half (49%) of UK consumers have purchased one or more IoT devices since the pandemic began. Despite some IoT dependent industries being hit hard during the pandemic, (such as automotive) overall demand for IoT has increased. According to Microsoft’s IoT Signal’s Report, more companies are using IoT for the first time and more users are reliant on IoT as an essential part of their operations — 90% of enterprise leaders describe IoT as critical and 95% expected their reliance on IoT to increase. In addition, 1/3 of enterprises stated they were specifically increasing IoT investment due to the pandemic. A big part of the increased industry need for the technology is driven by desire to increase efficiency and reduce costs. IoT can be used to gather huge amounts of data and monitor it in real time. Digitally-savvy organisations are using IoT alongside AI and other data analytics tools to create digital twins — a virtual representation of real-world observations — and using these insights for everything from streamlining manufacturing to improving customer service Remaining Challenges. While 2021 looks hopeful for IoT adoption, there are several challenges that could impede progress. Security concerns, lack of standardisation and dependence on infrastructure being among them. Security concerns: security has been notoriously lax when it comes to IoT. IT teams have expressed the difficultly of keeping networks secure in the face of numerous IoT vulnerabilities. Digital infrastructure minister, Matt Warman also said, ‘Our phones and smart devices can be a gold mine for hackers looking to steal data, yet a great number still run older software with holes in their security systems.’ However, upcoming legislation may help with this. The UK’s ‘security by design’ law aims to create legally binding security requirements for almost all virtual smart devices. This should force manufacturers to improve security at the device level and may assuage concerns among those still hesitant to adopt IoT. Infrastructure: IoT requires fast and reliable broadband to reach its full potential. Therefore, it is heavily reliant on existing infrastructure, such as 5G. The increased bandwidth and network speed of 5G would enable more IoT devices to be connected and to run efficiently. While 5G roll-out has been delayed by COVID-19, security issues and political factors, there has been renewed government commitment to establishing the UK as a leader in 5G technology. With the number of tech giants also supporting the roll-out, 5G could help to further boost IoT development during 2021. Standardisation: IoT at its full potential should provide a seamless, interconnected experience for the user. However, the lack of industry standardisation on IoT features such as operating systems, development frameworks and architecture holds the dream of a fully integrated network back. Establishing legal security requirements is the first move towards solving this issue, but more regulation is needed so that all devices follow a set of agreed-upon standards. To summarise, 2021 is looking positive for IoT. Many organisations are already capitalising on the opportunities the technology offers and are continuing to invest. However, the extent to which IoT emerges as the hero technology of 2021 depends upon how genuine concerns over security, infrastructure and standardisation are addressed.

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Sustainable finance: why climate risk is a mainstream issue

COVID-19 has demanded our attention for the past year, so you could be forgiven for thinking that climate change has slipped down the agenda. However, the UK remains committed to achieving net zero by 2050. A hard transition to a low carbon economy poses significant risks to the finance industry and beyond. As such, climate risk will become an integral aspect of all risk management. Companies that do not prioritise the shift to greener operations could incur hefty losses in the years to come. Climate Risk The science is clear: we will see a multitude of climate change effects in the coming decades. Climate risk is the process of estimating and evaluating the financial costs of these changes and using this information to guide future decisions. Two of the main climate change risks are physical and transitional. Physical climate risk: refers to the devastation caused by volatile weather, storms, floods, fires, wind and rising sea levels. For example, the average global sea level may rise by 29-59cm by the end of the century. However, according to recent research, even a much smaller rise of 11cm could cause additional annual losses of $1.4 trillion. One of the biggest reasons rising sea levels poses such a threat is the number of facilities in flood zones or coastal regions. Transitional climate risk: refers to the processes associated with transitioning to a low carbon economy. This can include upcoming policy decisions, such as the anticipated carbon pricing system. However, this can also include other external pressures such as consumer demand or technological change. Fossil fuels are an example of an industry heavily impacted by transitional risk. According to the Commodity Futures Trading Commission (CFTC), an estimated $1-4 trillion in global fossil fuel wealth could eventually be lost. Targets and Regulation The UN climate talks are to be held in Glasgow in November 2021. Ahead of this, there has been revived effort to establish the UK as a global leader in sustainable finance. For example, the launch of government backed initiative, the Centre for Greening Finance and Investment (CGFI) in 2021, to advise on how to build a greener economy. The HM Treasury recently stated that the UK was working towards a system where ‘every financial decision takes climate change into account’ and the Chancellor encouraged the Financial Conduct Authority to consider the UK’s climate change commitments in upcoming regulations. This year, the Bank of England and the European Central Bank are conducting climate change stress tests — an in depth evaluation of how the portfolios of banks and insurers would perform against increasing physical and transitional climate risk. The climate stress test should clarify the level of financial risk these organisations face and will undoubtedly feed into upcoming regulations. Future action Those that fail to properly assess their level of climate risk and reconfigure their portfolios accordingly could incur major losses in the long-term. Being unprepared for upcoming regulations increases the chance of being forced to face a hard transition. This demonstrates the need for organisations to not only appoint a climate risk specialist among senior management, but for all risk management staff to prioritise climate concerns in their strategy. Companies also need to appreciate the difficultly of modelling climate change risk. Unlike market or credit risk, there’s little historical data to assess the impact of climate change. Models are also attempting to predict effects that may take place decades in the future, rather than in the next few years. While stress-tests are a good start, assessing climate risk is an ongoing challenge. The need for talented data scientists, analysts and engineers has never been higher. 2021 is an important year for climate change risk. The outcome of the UN climate talks, and the finance industry stress-tests will provide much needed direction for forward-thinking companies. However, it’s clear that renewed global interest in the transition to a low carbon economy will bring further regulation sooner rather than later. The message is clear: organisations need to be ready for the climate storm to come.

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How to reap the benefits of AI in business

Artificial Intelligence (AI) makes big promises, but does it deliver? According to a recent study conducted by the BCG GAMMA, the BCG Henderson Institute, and the MIT Sloan Management Review, just 10% of companies report a significant financial impact of implementing AI. Despite this low figure, adoption of AI in business continues to increase. AI is perceived as a strategic advantage and a way to manage risk in increasingly complicated economic times. So why have so many struggled to glean financial benefits from AI, and what are those 10% doing right? What do we mean by AI? AI can now be used in a wide variety of processes — from low-level automation, augmenting human experts and producing novel insights. For example, Alibaba uses AI for everything from predicting-commerce purchasing decisions, reducing traffic jams in smart cities and maximising agricultural efficiency by monitoring crops. The challenge According to a survey by Fountech Solutions, 36% of firms were concerned about their level of AI progress compared to competitors. Media hype and the huge number of AI-powered tools that make big claims contribute to the pressure to implement AI quickly. However, with so few companies achieving a worthwhile return on investment, is it time to stop the AI hype? The most obvious challenges to AI adoption are the most fundamental. Accessing the right quantity and quality of data has always been an issue, and the skills gap in the data science industry continues — with demand far outstripping supply. However, according to the BCG GAMMA, the BCG Henderson Institute, and the MIT Sloan Management report, even when companies got the basics right, just 20% of them saw significant financial benefits (calculated according to company revenues). A somewhat disappointing figure given the cost and time involved in AI implementation. The key to success: organisational learning According to the report mentioned above, ‘Learning with AI’ was the most important factor influencing the financial impact of AI — the likelihood of achieving significant benefits increased to 73% in these businesses. This organisational learning had three key elements including: Continuous learning: businesses that facilitated multiple methods of mutual learning (AI teaching humans, humans teaching AI, and independent AI learning) were five times more likely to earn significant financial benefits than those that used a single method. An example of this mutual learning can be seen from how AI is used by traders in financial institutions. In this environment, the AI first observes trader behaviour to learn which data to prioritise, then the AI autonomously creates a set of rules based on what it has learnt, and finally the trader learns from the AI-derived insights. Context dependent human-AI interaction: the weighting of human-AI interaction varies from the AI autonomously making decisions with minimal human supervision to human employees making the decisions and only using AI to gain further feedback on likely outcomes. Using a variety of different methods is more successful because the appropriateness of each method depends upon the wider context. Generally, in simple environments where the AI has all the appropriate data, then the AI can be given more control. In contrast, in more complex environments that require human creativity and interpretation to understand the likely outcome, AI should be relegated to a lesser role. Structural and cultural change: one of the biggest challenges to implementing AI is underestimating the difficulty of the transition. Businesses that extensively changed many processes across their organisation were five times more likely to achieve significant financial benefits than those who only made small changes. Making sure employees are practically able to use AI technology and understand both the advantages and limitations of such tools is vital. It’s clear that to reap the financial rewards of AI, companies must commit to an ongoing culture of organisational learning. If this culture represents a radical change from the status quo, then AI adoption may be challenging in the short term. However, discomfort is a small price to pay in order to secure the competitive advantages of AI and thrive in our increasingly digital world.

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Using machine learning to combat financial fraud

Financial fraud is a top concern for banks in 2021. The pandemic caused a surge of fraudsters and hackers engaging in financial crime, resulting in heavy costs and damaged reputations for many banks. One potential solution is machine learning, which the finance industry has been steadily adopting in recent years, using the technology to identify fraudulent transactions. So, is machine learning the answer to the pandemic-related surge in financial fraud? The problem According to Forrester, fraud rates across financial products increased by 33% in April 2020. This trend is expected to increase in 2021. In addition, a high number of fraudulent COVID-19 loans will come to light. This problem has emerged due to both the increased number of scams and attacks, alongside the cybersecurity vulnerabilities caused by rapid digital transformation. Besides the money stolen by fraudsters, an incident results in further costs for financial service organisations through the time and effort put into the investigation, and the potential legal fees and fines. The solution Machine learning (ML) is a subset of artificial intelligence (AI). The terms are often used interchangeably, but ML is most commonly used to refer to statistical algorithms with the potential to learn from datasets without specific, ongoing programming. ML provides huge value in financial services because it’s able to flag potential fraud more quickly and causes less false positives than existing methods. For example, KPMG created a ML tool for HSBC, which eliminated 80% of the false positives created by the bank’s previous transaction alert system. The potential of ML to combat financial fraud means that experts in this area are in high demand. According to Bloomberg, financial services job listings requiring skills in data science, AI and ML increased by 60% in 2018. Demand has steadily increased ever since. A more recent report from the Bank of England found that half of surveyed banks expected the importance of machine learning and data science to increase because of the pandemic. Clearly, demand for AI and ML is increasing. It’s one of the most promising tools to fight financial fraud in years. However, other issues will emerge as usage grows. What are they and how can they be mitigated? Bias A common concern about the use of AI and ML techniques is bias. There have been several high-profile cases of gender discrimination in AI-enabled finance, such as the husband who received a credit limit twenty times higher than that of his wife, despite her having the better credit score. Building models to spot fraudulent transactions could suffer from similar bias in what constitutes risk and unusual activity. Such issues often result from the subconscious bias of their creators, so seeking employees who prioritise ethics in ML and those from a diverse range of identities will help organisations to implement ML ethically. Transparency Lack of transparency about how algorithms operate can make it difficult to establish whether they meet regulatory standards. To increase public trust and industry compliance, organisations need to explain how data is being used and why. To do this, it will be vital to employ skilled communicators able to breakdown the technical aspects of machine learning to a wider audience. Data According to a Bank of England survey, 35% of banks reported the pandemic has negatively impacted ML model performance. It’s harder for ML models to detect unusual activity because the pandemic has changed our behaviour so drastically. The role of a data scientist must change to combat this risk, spending more time continuously monitoring and validating models, so that unexpected data patterns can be flagged early. Sharing data between banks could help machine learning models become more sophisticated. There is also a role for external organisations (e.g., the UK’s industry funded Dedicated Card and Payment Crime Unit with the Police) and professionals with regulatory and/or legal experience to help create a central pool of information from which better risk assessments can be made. McGregor Boyall Support The teams in Compliance, Financial Crime, Data, Analytics, Change and Legal are all available to discuss the above and have the talent available on both Permanent or Interim contracts to help provide you with both commercial and technical solutions. Paul Geist Head of Practice, Regulation, Legal, Compliance and Financial Crime McGregor Boyall Associates Ltd t: +44 (0)207 422 9030 m: +44 (0)7791 806 434 e: PGeist@mcgregor-boyall.com

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The dark side of disruption in the technology industry

Disruption is the buzzword of the technology industry. Its association with innovation and soaring profit makes disruption a highly sought after label — entrepreneurs dream of creating it and investors dream of finding it. However, some experts have criticised the technology industry’s obsession with the term and believe that it’s equally important to consider the negative impact a culture of disruption can cause. What is disruption? Disruption refers to a technological development that significantly alters the way things are done in an industry. For example, Apple disrupted the communication and camera industries. Netflix disrupted the film and television industries. Amazon disrupted the entirety of retail. Disruption refers not only to a single technological breakthrough or organisation, but broader change. For example, the pandemic has caused widespread disruption by accelerating digital transformation. Many organisations won’t return to previous methods of operating, as shown by mass closures of physical locations, meaning this disruption will irreversibly change demand for associated employment and services. The dark side of disruption Whenever disruptive change takes place, someone loses out. For example, the rise of digital media is putting traditional platforms out of business. It’s generally assumed disruption is a good thing for the technology industry — but is this always the case? High turnover Disruption goes hand in hand with innovation and, as a result, we expect skyrocketing growth from disruptive companies. However, what goes up must come down. Over the past twenty years, only four companies have continuously held their position on the list of highest-valued technology companies: Microsoft, Intel, Cisco and Oracle. The rest of the list varies year on year, with newcomers shooting up, only to be knocked off the top spots by the next start-up. The lesson is clear: if you operate in a disruptive industry, you are also more likely to be disrupted. Culture The pressure to be disruptive can cause some companies to take on new initiatives (such as AI, DevOps, etc.), because they think they should and not because it’s the right move for their business. Cultural clash is often cited as the reason these initiatives fail. In addition, constantly having to adapt to new technology and processes is tiring. The pressure to ‘be disruptive’ can contribute to burnout — an enormous concern in the technology industry which, in a recent survey, 57% of people were said to be suffering from. The high demand the technology industry places on its members, including the need for constant growth and industry disruption, can create an extremely stressful environment for employees. Ethical issues Mark Zuckerberg famously encouraged his employees to, ‘move fast and break things.’ Since then, Facebook (and other social media platforms) have been under fire from everything to data privacy breaches, impact on mental health, exploitative advertising and harassment. Moving quickly may be profitable, but breaking things can create long-term damage to an organisation’s brand and action from regulators. There’s also the temptation for companies to over-promise on what their technology can deliver to raise start-up investment. The most scandalous example of which is Theranos, the company that raised over $600 million for blood analysis technology that didn’t exist. While fraud at this level is unusual, pressure to be disruptive encourages start-ups to make big claims. A culture of disruption can be a positive thing, leading to innovation and excellence in technology. However, it’s important to know that this isn’t all disruption leads to. Pressure to deliver explosive growth may hinder slower, potentially more meaningful, change. And, at its most extreme, disruption may have a negative impact on both employee well-being and organisational ethics.

Insights

Common data analysis mistakes - and how to avoid them

Data doesn’t lie, but people make mistakes. Analysts are only human and, therefore, are susceptible to errors and bias that can result in misleading conclusions. Given the weight that is now given to data-driven insights, it’s vital to minimise potential errors as much as possible. Here are a few common challenges analysts face, and how to avoid making costly mistakes. Data validation Once you have been working as a data analyst for some time, it’s easy to forget the basics. Validating your data should never be rushed, because there is nothing worse than conducting your entire analysis, only to find the numbers do not add up. This is especially important if someone else has worked on the dataset before passing it over to you — make sure you request all the information you need, such as summary reports. A row count and key column summaries are usually a good way to start off data validation, but the exact steps will depend on your dataset. The most important thing is to have a clear plan of how you will validate your data before you even touch it — and continue to validate your data each time you make a major change to ensure the results are as you expected. Documenting your steps in this way will save you countless hours of trying to find the moment your analysis went wrong. Theory overload Many early career data analysts spend too much time on theory, overloading on trendy statistics and algorithms. While it’s important to keep learning the latest industry techniques, this can be a waste of time if you’re not applying them, because it’s extremely difficult to master new skills without consistent practice. Accept that you cannot learn everything and prioritise techniques that will provide you with the highest return on time-investment for the projects you are currently working on. It’s much better to master a smaller number of useful everyday techniques that have a broad but vague theoretical understanding of advanced concepts that you rarely use. Understanding your data Many data analysts are overly focused on applying the model, and as a result they rush some of the early stages of analysis. However, taking the time to understand the data by exploring it and applying visualisation techniques can improve the quality of your models, so it’s not a step that should be overlooked. You will also be more likely to catch unusual distributions of data, outliers, inconsistencies and/or missing values. At the most extreme end, failing to understand your data could bias the model and lead to an incorrect conclusion. This conclusion could then be used to guide future business decisions, so it could become a very costly mistake. Looking beyond the data If you really want to establish yourself as someone who provides cutting-edge insights for their business, then you need to be more than just an analyst. Data doesn’t exist in a vacuum, and the conclusions you draw should take context into account. To improve your insights, try to understand key industry-specific concepts, research the wider market and stay aware of trends and developments in your area. This will improve the way you communicate the importance of your analysis to business stakeholders and help you stand out from the competition. In addition, having industry knowledge can help you avoid incorrect data conclusions. For example, ‘correlation is not causation’ is a guiding principle of statistics — meaning that you cannot assume two associated relationships are causally impacting each other. Take this very simple example: an analyst notices a correlation between ice cream sales and sunburn and incorrectly concludes that sunburn drives ice cream sales. They lack the industry specific knowledge to realise that hot weather is driving both trends. Obviously, the factors driving industry trends are many and complex, but all this means is that mistakes of this nature are much easier to make.

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Appointments: Risk Management Practice

McGregor Boyall are pleased to welcome Tamryn George as Principal Consultant for Risk Management & Quantitative Analytics. George has over 8 years’ experience as a specialist Recruiter in Risk Management and Quantitative Analytics in South Africa. She has an extensive and successful track record of placing qualified Risk Professionals within Retail, Corporate & Investment Banking, Advisory and niche Financial Services. Tamryn’s career progressed quickly as she was instantly recognised as a Top Recruiter from both her candidates and network of clients. Commenting on her appointment George said, “Since moving to London, I’ve been looking for a well-established firm with a strong reputation in the market. A firm that offers a professional working environment and an opportunity to collaborate with other successful teams. Since my first initial engagement with McGregor-Boyall I quickly realised that they ticked all these boxes, offering so much more!” “It’s truly refreshing to be able to welcome on board Tamryn, a highly experienced recruitment professional with extensive Risk Management knowledge across all levels and disciplines” said Chris Mensah, Associate Director for Risk Management and Quantitative Analytics. “In what is a particularly difficult market, Tamryn has a wide range of expertise gained over the years in different economic markets and international locations, which I am sure our clients will benefit from. Longer term I’m confident this investment in the Team will ensure we can continue to build and strengthen our relationships with clients.” “In what has been an extremely tough period, it is great to be talking about positive changes” added Lucy Frost, Group People Director. “Tamryn had accepted our offer before lockdown, and like most firms we have had to navigate through lots of challenges over the past three months. However together we worked out a plan to get her into the business but in a flexible manner that worked for both parties. I am sure she will be an asset to the firm.”

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McGregor Boyall during Coronavirus Pandemic

At McGregor Boyall, we appreciate that whether you are a client or a candidate, your priority is to safeguard yours and others health by following Government advice and regulations. It is also ours. All our UK offices immediately switched to home working as advised on the 17th March 2020. Our colleagues in Dubai began working from home on the 19th March. And, complying with the most recent official guidelines, colleagues in Singapore will be working from home as of Tuesday 7th April. From an operational perspective, we are maintaining a full complement of front, middle and back office functions thanks to our technology infrastructure that is fully cloud-based. This includes all payments to contractors. From a business perspective, we have unsurprisingly experienced a very significant reduction in the number of permanent and contract requirements being notified to us by clients. Accordingly, our business planning now reflects a protracted period of subdued recruitment activity by many organisations. In light of this, the Directors of the firm - having reduced their salaries as clearly appropriate - have taken a number of actions designed to maintain its long-term financial health and equip it to respond to economic recovery as and when this occurs. These actions include releasing a small number of people from the firm while taking the opportunity provided by the Coronavirus Job Retention Scheme (CJRS) to furlough a larger number. Fortunately, the firm has a built a very strong balance sheet over its 30+ years of trading and is appropriately battle-hardened with experienced Consultants who are continuing to provide our clients and candidates with a full service offering from all of our offices, across all our specialisms. Please do not hesitate to contact us if you feel that we can be of help in any way. Most of all, please do everything in your power to safeguard your health and that of others. Best regards, Laurie Boyall Group CEO 7th April 2020

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McGregor Boyall Statement Covid-19 (Coronavirus)

The unprecedented difficulties we are all facing require that we do everything we can to support each other in any way we can. At McGregor Boyall we believe that it is our primary duty to follow Government Guidelines in order to preserve the health and welfare of our employees and to contribute to limiting the spread of Covid-19 (coronavirus). Accordingly, we are recommending that all our members of staff should now work from home. However, we would like to reassure clients and candidates that, as a firm, we have the system infrastructure to ensure 100% availability of our services. This not only includes front-office recruitment functions (including video interviewing) but also all back-office services, including contractor payments. We would also like to emphasise that our services are not only ISO9001 Quality accredited, but that we also have ISO27001 Information Security and CyberEssentials Plus accreditations and can maintain security levels during this period of disruption. Finally, we would like to express to all the individuals we work with, whether you are a candidate or a client, our very best wishes for the journey that lies ahead for all of us, no matter how long it may last. Laurie Boyall Group Chief Executive

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Appointments: Compliance & Financial Crime Practice Head

London, 10th March 2020: Global recruitment specialists McGregor Boyall are pleased to announce the appointment of Paul Geist as Head of Practice -Regulation, Compliance and Financial Crime. Geist has over 15 years’ experience in the Compliance and Financial Crime space. He has successfully placed regulatory and compliance candidates at all levels across banking and financial services both in UK and Internationally. Geist began his compliance recruitment career at a FTSE listed recruitment firm in 2005. Starting as a Consultant he quickly progressing to heading up the team and establishing himself as one of the leading recruiters in the compliance industry. He is a business graduate from the University of London. Commenting on his appointment Geist said, “I am delighted to have taken-up this position and I’m excited by the prospect of enhancing McGregor Boyall’s reputation as a specialist Compliance & Financial Crime recruitment firm.” “McGregor Boyall have a well-established and impressive reputation in the UK,” continues Paul “and I am looking forward to working closely with our international offices to expand our recruitment services.” “I am delighted to have Paul on board to build on, and expand our Compliance and Financial Crime Practice” said Group CEO Laurie Boyall “his experience speaks for itself, and his proven track record of delivery in this space means he will be an excellent addition to the McGregor Boyall team.”

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Appointments: Finance & Audit Practice Head

London, 11th February 2020: Global recruitment specialists McGregor Boyall have appointed Mark Hibbs as Head of Practice - Finance and Audit for their UK operations. Hibbs has over 15 years’ industry experience predominantly in the Middle East Banking and Financial Services space. He initially joined McGregor Boyall’s Middle East operations in June 2016 as Associate Director for Banking, Financial Services and Audit and has now made the move back to the UK to head-up McGregor Boyall’s UK wide Finance and Audit Practice. Commenting on his appointment Hibbs said, “Having spent a successful time with the business in the Middle East I am delighted to have now taken-up this position and excited by the prospect of enhancing our reputation as a specialist Finance & Audit recruitment firm.” “McGregor Boyall have a well-established and impressive reputation in the UK,” continues Hibbs “and I am looking forward to working closely with our regional offices to expand our recruitment offering and client base.” “It’s great to see the movement of talent across our offices,” added Lucy Frost, Group People Director “these opportunities can provide new challenges and experiences, along with the chance of career progression, which overall gives employees a real sense of value and engagement.”

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We Are McGregor Boyall. Are You?

McGregor Boyall launches dedicated Career Site London: 8th April 2019: Global recruitment specialists McGregor Boyall have launched a brand-new, dedicated Career Site as part of their ambitious talent acquisition strategy for 2019. WeAreMcGregor-Boyall.com is designed to showcase life at McGregor Boyall and highlight the extensive training and career progression opportunities that are available to new and existing staff. For those who are new to recruitment the site will give them a real insight into what recruitment is like and what a career at McGregor Boyall could offer them. For those looking to take that next step in their career, the site will enable them to get a clear picture as to whether a move to McGregor Boyall would be right for them. “We have ambitious hiring targets as a firm for the next 12-18 months as we look to grow and expand our business” said Group CEO Laurie Boyall. “We wanted a way to give potential hires a real feel for our business, what we stand for and how we could enhance their careers.” Commenting on the launch Group People Director Lucy Frost said, “we are really proud of our people and culture. The new training program that was introduced 18 months ago has had such a positive impact and it’s great to be able to bring this to life through the new site.” As well as providing detailed information on the career development and training opportunities, the site also showcases McGregor Boyall’s culture, the rewards that are on offer and features the latest podcasts from the team. Find out more at www.wearemcgregor-boyall.com

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Appointments: Glasgow Team Lead

McGregor Boyall Appoint Sam Hoggan as New Glasgow Office Opens Glasgow, November 2017 McGregor Boyall is delighted to announce that Samuel Hoggan has joined its team to head up their new Glasgow office which will be opening in November 2017. Hoggan has over nine years of experience in the Scottish technology recruitment market and has developed a strong reputation for successful delivery during this time. Hoggan also brings knowledge of the Scottish commerce and industry landscape. Hiring Hogan for the opening of the new Glasgow office represents another key step in the strengthening of McGregor Boyall in Scotland. McGregor Boyall’s commitment to delivering a quality recruitment service has grown their enviable client base in Scotland, and the new team in Glasgow is situated to ensure the very best in local service. A second Scottish office allows McGregor Boyall to provide the response and market intelligence that only a local team can offer. McGregor Boyall is now well set to further build its business capability across the west coast, and maintain its key supplier status at their customer sites. McGregor Boyall identified Hoggan as the correct individual to grow the team in Glasgow having been aware of his previous success in the Scottish market. Commenting on his new move, Hoggan said, “McGregor Boyall are a global organisation who already have a strong brand in Scotland. Having previously worked with Stuart Campbell, I know we share similar values on recruitment and our approach to service delivery. I’m looking forward to the challenge of growing the Glasgow location for the business, now that the Edinburgh office is well established. I believe that having offices on the west coast will allow us to provide the next level of service to our candidates and clients in the area, as well as allow us to be more responsive to challenging requirements.” Stuart Campbell, Head of Scotland, stated, “When I joined the business, the aim was to build the best technology and financial services recruitment function in Scotland. Our goal for some time has been to add a Glasgow presence to better serve both of Scotland’s major cities, and Sam Hoggan is the perfect fit for this role. Sam is very knowledgeable on the market and is the kind of authentic character that clients and candidates warm to, and is one that fits our company culture. We’ve been delighted to be able to add the calibre of experienced people to the business that we have – I know only too well that talent attracts talent and I look forward to a very successful 2018 and beyond.” Charlie Luckhoo, UK Director, said, “Opening our second office in Scotland reinforces our commitment to the region, and we see it being a valued part of our business moving forward.”

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New Scottish Office Opens in Glasgow

McGregor Boyall Strengthen Scottish Presence Glasgow: November 2017 McGregor Boyall open their second Scottish office this week, adding Glasgow to their already strong presence in Edinburgh. The new team in Glasgow is situated to ensure the very best in localised service, and shows its commitment to further growing its enviable client-base and candidate pool across the West Coast. Charlie Luckhoo, UK Managing Director, said, “We’re thrilled to be opening a fourth UK office. Glasgow was an obvious location due to our commitment to growing out Scottish business. We have already built a prestigious client-base in Glasgow, which will only expand with the team we are putting in place.” Lucy Frost, Global People Director, stated, “It’s really exciting to see our business in Scotland expanding. We have secured some great talent to help us grow the team in Glasgow, and I am looking forward to working with them on the journey ahead.” Stuart Campbell, Head of Scotland, said, "I'm delighted to be part of the latest McGregor Boyall investment in Scotland. Glasgow is a key market for us moving forward - this move can only help us respond more effectively to our clients’ requirements. Local presence is a key factor in being able to identify and build the networks of unique local candidates required. We look forward to a very successful 2018 for our Glasgow office and expanding the Edinburgh operation.”

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Promotions & Appointments 2017

Promotions and Appointments at McGregor Boyall as Business Grows London, Dubai and Singapore, 28 July 2017. McGregor Boyall announce key appointments from within, focusing on recognising and advancing its internal talent across the UK, Middle East and Asia Pacific. Over its 30-year history, McGregor Boyall has grown out of London, across the UK and into Dubai and Singapore. The business has its sights set on further expansion, and is looking to increase its headcount of up-and-coming talent by 20-25% in the UK. McGregor Boyall attributes much of its success to internal talent, and remains steadfast in developing highly-skilled personnel at all levels and recognising high-achievers in the Group. Testament to McGregor Boyall’s commitment to its people are Charlie Luckhoo and Henny Schipper, both of whom started 14 years ago as graduate resourcers. Luckhoo was recently appointed UK Managing Director, and Schipper was made a UK Director. Lucy Frost, appointed Group People Director, joined the firm 7 years ago and has been focused on fostering a collaborative and open working environment that supports, advances and retains its talent. Richard Lett, appointed Managing Director – International, is responsible for taking business operations in the Middle East and Asia Pacific from strength to strength. Together with Jon Neal, appointed Regional Director for Asia Pacific, Lett will lead McGregor Boyall’s international expansion. In London, Dan Fisher and Marc Tullett were each promoted to become UK Directors of the business, with David Hagan promoted to Associate Director and Nathan Ballin to Principal Consultant. Laurie Boyall, Group CEO, expressed his deep satisfaction for the firm’s appointments and further commented, “It’s pleasing to see our people growing within the firm. We have created an environment where people can broaden their skill set and build long-term, successful careers.” Luckhoo, responsible for UK operations, said, “I’m thrilled to be working with our newly appointed Directors as well as our existing leadership team as we look to expand our business. We have such a great client base that has been built up over the last 30 years, and it’s a privilege to be entrusted to run this part of the group.” Frost, responsible for leading all people initiatives across McGregor Boyall’s diverse portfolio of teams and locations, said, “It’s great to see people progressing in the organisation to senior leadership roles. The progressions provide those individuals with new challenges, as well as create opportunities for emerging talent to grow within the business.” Lett, commenting on McGregor Boyall’s presence in the Middle East and Asia Pacific, said, “Many of our top performers have been with us since the early start-up phase and have helped us become one of the leading recruitment firms in both Dubai and Singapore. I am very thankful to everyone in Dubai and to Jon Neal and the team in Singapore for all their hard work and dedication. I now look forward to the next 5 years and seeing our international business continue to grow.”

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Winner of AliCloud Top Recruitment Partner Award

McGregor Boyall wins “Top Recruitment Partner” Award from AliCloud Singapore - 11 July 2018: Global recruitment specialists McGregor Boyall are excited to have picked up the “Top Recruitment Partner” Award at the Annual Recruitment Partner Conference held at Alibaba’s HQ in Hangzhou, China at the end of June. Alibaba Cloud develops highly scalable cloud computing and data management services providing large and small businesses, financial institutions, governments and other organizations with flexible, cost-effective solutions to meet their networking and information needs. A business of Alibaba Group, one of the world’s largest e-commerce companies, Alibaba Cloud operates the network that powers Alibaba Group’s extensive online and mobile commerce ecosystem. Commenting on the win Group CEO Laurie Boyall said “To be recognised as the Top Recruitment Partner by Alibaba Cloud, against strong opposition from recruiters in China and the US is a fantastic achievement. I want to extend my thanks to Traven Teng and the team in Singapore for their excellent work in supporting Alibaba with their hiring needs.” “We are really honoured that the quality of service provided by McGregor Boyall’s Singapore Team has been recognised by AliCloud” added McGregor Boyall’s Regional Director for Asia Pacific, Jon Neale. “We look forward to continuing to support AliCoud, as well as Ant Financial and Tmall in their growth plans over the coming year.”

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Appointments: Head of Scotland

McGregor Boyall appoints new Regional Head for Scotland Edinburgh, 22nd May 2017: Global recruitment specialists McGregor Boyall have appointed Stuart Campbell to head up their Scottish Operations. Campbell joins with 17 years’ industry experience, predominantly in the global financial services technology space. He has spent the last four years as Head of Commercial for Solutions Driven in Glasgow, specialising in international executive search within the technology and engineering sector. Commenting on his appointment Campbell said “I am thrilled to have joined McGregor Boyall, a company that has such an excellent client base and strong reputation in the market place.” “I’m looking forward to growing the team and McGregor Boyall’s market share in Scotland, through the top-class delivery of contractors, permanent hires and managed service projects.” Some of Campbell’s first tasks will be to grow the existing team in Edinburgh, launch a Glasgow office and cement McGregor Boyall’s position as a truly trusted advisor in the competitive battle for talent. “I am delighted to have Stuart on board to build on, and expand our recruitment offering across Scotland” said Group CEO Laurie Boyall “his experience speaks for itself, and his proven track record of delivery in the financial services technology space means he will be an excellent addition to the McGregor Boyall and Scotland Team.”

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McGregor Boyall makes key appointments in Singapore

Singapore - 26 June 2018: Global recruitment specialists McGregor Boyall have expanded their Asia Pacific offering with two experienced hires to head up their Change & Business Transformation and Legal & Compliance Practices. Singapore's economy grew 3.5 per cent in 2017, exceeding expectations, and hiring across several sectors, including banking and finance, has risen. Demand for Regulatory Change and Compliance Professionals is on the rise throughout the APAC region as banks look to ensure compliance with new regulations. Commenting on the current market Group CEO Laurie Boyall said “With the above-mentioned market factors in mind, we have been investing heavily in our Singapore offering over the last 12 months. I’m delighted that we have been able to hire in some highly experienced talent to build out practices in Change & Business Transformation and Legal & Compliance to ensure McGregor Boyall continues to grow and expand its offering in the region.” Gaetan Boehringer has joined from Robert Half to build out McGregor Boyall’s Asia Pac Change & Business Transformation Practice. A relatively new market in Asia, the main focus has always been on Technology Change, mostly in financial services, but demand from other industries is now on the rise. Prem John has joined from Abeo Consulting to grow McGregor Boyall’s Legal & Compliance Practice. The market is heating up within the Legal & Compliance vertical due to growth within the fintech and payments space, banks restructuring and adapting to avoid further disruption to their key markets and business models, as well as corporates having to deal with an increasingly regulated space that touches all areas of industry. “I’m truly thrilled about the next stage of our Asia Pac journey” said Boyall. “Evolving and expanding our offering is key for our business growth and it’s an exciting time to be part of our Asia Pac Business at the moment.”

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Celebrating 5 Years in the Middle East

McGregor Boyall Middle East celebrates 5th birthday Dubai, 9th May 2017: Another month, another milestone for global recruitment specialist McGregor Boyall’s as their Middle East Operations celebrate 5 years of trading this week, four months after the firm celebrated its 30th year of business. Following the successful opening of their Asia Pacific operations in Singapore in 2011, Dubai was the next logical location for further expansion and was determined by a desire to gain exposure to a dynamic market with positive long term prospects. Now firmly established within the Dubai International Financial Centre (DIFC), McGregor Boyall’s Middle East operations have been servicing the region’s continuing demand for financial and professional services recruitment for the last five years, as well as acting as a key hub linking their UK and Asia operations. Commenting on the milestone Richard Lett, Regional Director for the Middle East and Asia Pacific said “I’m extremely proud of how McGregor Boyall’s Middle East Operations have successfully transitioned from a largely UAE focused Financial Services recruitment firm to now being unquestionably one of the GCC region’s leading recruitment firms supplying mid to senior talent in both the Banking and non-Banking sectors”. “I feel enormously encouraged by how our business has developed in the region” added Group CEO Laurie Boyall. “It broke into profit very early and has continued to be consistently profitable. This is a remarkable achievement considering that the price of oil – the essential driver of the region’s economy – crashed at the end of our second year.” “While the region has faced many challenges over the last 5 years, such as the Arab Spring, the impact of the Global Financial Crisis and the decline in oil prices,” continued Lett. “I feel these have actually helped us to mature and evolve as a firm without ever losing focus of our core values and goals.” So, what is in store for the next 5 years? “More of the same please” said Boyall. “I am looking forward to a period of sustained growth characterised by continuing profitability based on delivering high-quality, innovative services.”

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Appointments: C&I Tech Practice Lead

Manchester, 13th March 2017: Global recruitment specialists McGregor Boyall have appointed Paul Rodgers to head up their C&I Technology Recruitment Practice in Manchester. Rodgers joins from IT / Tech recruitment specialists Lorien, most recently within the business’s new client services division “onezeero,” where he spent nine years specialising in the SQL, Data, BI and Analytics space. Commenting on his appointment Rodgers said “McGregor Boyall are an established global recruitment business who continuously invest in their growth. They are very forward thinking in terms of client, candidate and social engagement whilst maintaining exceptional values of integrity, quality, accountability and trustworthiness, mirroring the way I’ve personally always worked in recruitment.” “To be given the opportunity to deliver the expansion of their C&I Technology Practice in Manchester and help build upon McGregor Boyall's growing reputation and presence across the North & the Midlands, is very exciting and an offer I could not refuse.” One of Rodgers’ first tasks will be to grow the existing team in Manchester and continue to further position McGregor Boyall in the North / Midlands as the most trusted and respected technology recruitment partner. “I am delighted to have Paul on board to develop and expand our technology recruitment offering in the regions” said – Laurie Boyall CEO. ”he has an exceptional reputation in this space, having delivered as an expert recruiter in the market for nearly ten years. He will be a fantastic addition to McGregor Boyall and the Manchester Team.”

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CyberEssentials Plus & ISO 27001 certification

McGregor Boyall Double Down on Info Security London – March 2018 Responding to the growing importance of information security, McGregor Boyall have achieved CyberEssentials Plus and ISO 27001 certification at the first attempt. Their achievement reflects the firm’s awareness that social media and the digital economy are transforming everyone’s personal and economic interactions - but that these changes are accompanied by real potential risks and that it doesn’t take much for opportunity to turn into threat. McGregor Boyall have demonstrated their awareness of the vastly increased need to inspire confidence in their candidates and their clients who they recognise have the right to expect individual privacy and corporate confidentiality. The firm chose to ensure that it can provide candidates and clients with proof of the robustness of both its digital systems and its non-digital information security systems. CyberEssentials Plus is recognised as a clear indication that effective cyber security controls have been put in place by an organisation. McGregor Boyall recognised gaining CyberEssential Plus was there therefore an important step to gaining trust from candidates and clients. But they also appreciated that it was not the total answer. They recognised that information security is not just about cyber security. Rather, it is only part – although a very important part – of a bigger security picture. For that reason, they decided to go for the much broader ISO27001, a certification that addresses the need of an organisation to build and maintain an awareness of all forms of information security and to embed that awareness into its culture. Laurie Boyall, Group Chief Executive, was the driver of the firm’s security initiative, stating, “It is my responsibility to recognise that every candidate who applies to us has the absolute right to expect that their personal information is being stored and used in a way that respects their privacy and their wishes.” And he added, “Our clients also have the right to believe that their information and their brand are being entrusted to a business partner who is committed to protecting them”. Boyall’s views are shared by the firm’s Quality and Information Security Manager, Hollie Allen, who was responsible for driving both projects through. Allen stated, “Building an info security aware culture is not easy. But it’s critical. We really believe that the work we’ve done on CyberEssentials Plus and ISO27001 has also helped us with all the work we’re doing on GDPR”.

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New Website Launches March 2018

McGregor Boyall launches new website March 2018: McGregor Boyall has launched a new website that is focused on acquiring talent for itself and its clients. Group chief executive, Laurie Boyall, said, “If we have exceptional consultants working in the firm, they will both find new clients and deliver effectively to existing ones. Of course, we wanted a website that clients find informative and one that offers candidates an application experience that they can look forward to. But most of all we wanted a site that shows people what it’s like to work at the firm. It’s our belief that outstanding consultants deliver outstanding service. We have a lot of outstanding consultants. But we want more.” The website is built to make the job search experience as effortless as possible, while showcasing thought leadership content, case studies, our people and what it’s like to work for us with a series of videos produced in-house by our marketing team. Tanya Semerad, marketing manager, added, “The website presents a strong opportunity for us to show what it’s like to be an active member of the McGregor Boyall family, and operating in such a busy market, it’s essential that we connect with people who share our values.” Nicholas Eveleigh, senior marketing executive, commented, “We needed a responsive design that was consistent across mobile, tablet and desktop. It was important that the user experience was elevated for both clients and candidates. We included a lot of white space to make significant information stand out, and we kept our signature red flowing throughout the site while keeping the design fresh and modern. We want the experience to be smooth and engaging with viewers focusing on the key messages.”

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Celebrating 30 Years in Recruitment

McGregor Boyall celebrates 30 years in recruitment London, 2nd February 2017: Global recruitment specialist McGregor Boyall are delighted to be celebrating 30 years of excellence in recruitment this week, and will be running a series of events throughout the year to mark the occasion. When McGregor Boyall first opened its doors in January 1987, many of its current employees hadn’t even been born. No internet, job boards or social media. It was all about the phone, sacks of envelopes and if you were lucky – a fax machine! “In those days a fax machine was considered a real luxury” commented Group CEO and Founder Laurie Boyall. “and a phone strike meant that the business very nearly didn’t get off the ground at all!” Fast-forward 30 years and McGregor Boyall is one of the UK’s leading independent recruitment businesses with three UK offices and two international offices servicing their global client base. Add to this an impressive PSL list and extensive client base, McGregor Boyall is a name that is synonymous with quality and excellence in the recruitment space. So what is the key to such long standing success in an extremely challenging sector? “Our secret is to respond quickly to change in the recruitment environment” said Boyall “Since our inception we have been committed to a flexible, high-quality, low-risk contingency-based operating model and we have firmly established ourselves as a trustworthy partner for both clients and candidates to turn to.” Charlie Luckhoo, McGregor Boyall’s Director of Financial Services added “McGregor Boyall’s long standing success is certainly due, in part, to our ability to adapt to the ever changing recruitment landscape, but is also testament to Laurie who has steered the company through three recessions and continues to drive the business forward and embrace the challenges that inevitably come our way.” McGregor Boyall will be marking this fantastic milestone throughout the year with a series of events and celebrations. In a sector that has seen thousands of companies come and go and different operating models impacting traditional recruitment agencies, to have not only survived, but to have grown into a truly respected and established business is certainly an achievement to be proud of!

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New Partnership with Inspire HR & Training

McGregor Boyall partners with Emma Maynard from Inspire HR & Training London, 5th January 2018 McGregor Boyall is investing heavily in a range of training programs to help enable their Consultants to realise their potential and develop successful careers within the business. As well as using their home grown internal talent to drive initiatives such as their bespoke Training Academy, they are delighted to have recently partnered with Emma Maynard from Inspire HR & Training who is working with them to deliver further bespoke training and coaching to their newly promoted Consultants and their already experienced staff. The Senior Leadership team believes investment in training is important as it helps support the growth and development of their staff, allowing them to organically grow their talent and allowing them the opportunity to learn from others and practice new skills in a safe learning environment. They believe training and development is a way of recognising and valuing their staff, helping to retain talent within the firm. The Managers are passionate about giving their Consultants who are at the early stages of their careers in recruitment the best possible chance to succeed, this coupled with the Directors desire to see staff grow and develop successful long-term careers with McGregor Boyall, ensuring that they are seeing their emerging talent come through the grades. “Following on from the success of our Training Academy, I was keen to ensure we offered continuous learning so that Consultants have the best opportunity to build on those skills gained at the beginning and continue evolving as they move through their career with us, I am delighted to be partnering with Emma, it’s great to bring new experiences and knowledge into the organisation that others can learn from.” Lucy Frost, Group People Director

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Market/Industry Reports

England Regions Salary Guide 2020

Our England Regions Salary Guide 2020 provides the latest salary data collated by our specialist Recruitment Teams covering: - Change & Transformation - Compliance - Cyber Security - Data & Analytics - Digital - Finance & Audit - Financial Crime - HR & Talent Management - Marketing & Communications - Risk - Technology

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Scotland Salary Guide 2020

Our Scotland Salary Guide 2020 provides the latest salary data collated by our specialist Recruitment Teams covering: - Change & Transformation - Compliance - Cyber Security - Data & Analytics - Digital - Finance & Audit - Financial Crime - HR & Talent Management - Marketing & Communications - Risk - Technology

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Technology Market Insights & Salary Guide 2020

Our Technology Market Insights Report & Salary Guide 2020 provides the latest insights on the market collated by our Technology Recruitment Teams, and from data collected from surveying our clients and candidates.

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Risk, Finance & Compliance Market Insights Report & Salary Guide 2020

Our Risk, Finance & Compliance Market Insights Report & Salary Guide 2020 provides the latest insights on the market collated by our specialist Risk, Fiance & Compliance Recruitment Teams, and from data collected from surveying our clients and candidates.

Market/Industry Reports

Digital, Marketing & Comms Market Insights & Salary Guide 2020

Our Digital, Marketing & Communications Market Insights Report & Salary Guide 2020 provides the latest insights on the market collated by our Digital, Marketing & Communications Recruitment Teams, and from data collected from surveying our clients and candidates.

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HR & Talent Market Insights & Salary Guide 2020

Our HR & Talent Management Market Insights Report & Salary Guide 2020 provides the latest insights on the market collated by our HR & Talent Management Recruitment Team, and from data collected from surveying our clients and candidates.

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Digital Technology & Financial Services

Nathaniel Hinds gives his insight and overview of the trends seen in 2018, moving into 2019 and beyond within Digital and Financial Services. He also gives an in-depth look into the Digital desk that he looks after at McGregor Boyall, including the areas and roles which he covers.

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Scotland Salary Guide 2019

Our Scotland Salary Guide 2019 provides the latest salary data collated by our specialist Recruitment Teams covering: Change & Transformation Compliance Cyber Security Data & Analytics Digital Finance & Audit Financial Crime HR & Talent Management Legal Marketing Risk Senior Technology & Change Technology

Market/Industry Reports

HR & Talent Market Insights & Salary Guide 2019

Our HR & Talent Management Market Insights Report & Salary Guide 2019 provides the latest insights on the market collated by our HR & Talent Management Recruitment Team, and from data collected from surveying our clients and candidates.

Market/Industry Reports

England Regions Salary Guide 2019

Our England Regions Salary Guide 2019 provides the latest salary data collated by our specialist Recruitment Teams covering: Change & Transformation Compliance Cyber Security Data & Analytics Digital Finance & Audit Financial Crime HR & Talent Management Legal Marketing Risk Senior Technology & Change Technology

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Technology Market Insights & Salary Guide 2019

Our Technology Market Insights Report & Salary Guide 2019 provides the latest insights on the market collated by our Technology Recruitment Teams, and from data collected from surveying our clients and candidates.

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RFCL Market Insights & Salary Guide 2019

Our Compliance, Finance / Audit, Financial Crime, Legal & Risk Market Insights Report & Salary Guide 2019 provides the latest insights on the market collated by our RFCL Recruitment Team, and from data collected from surveying our clients and candidates.

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Marketing Market Insights & Salary Guide 2019

Our Marketing & Communications Market Insights Report & Salary Guide 2019 provides the latest insights on the market collated by our Marketing & Communications Recruitment Team, and from data collected from surveying our clients and candidates.

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Salary Guide - London 2018

Our McGregor Boyall Salary Guide 2018 provides the latest insights on the London markets, collated by our specialist Consultants.

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IT & Change Market Report

Lastest Report on the IT & Change Trends within Financial Services: - Regulatory Change - Technology - Recruitment Trends

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BI & Analytics Market Report

Business Intelligence and Data Analytics have been one of the most popular investment strategies adopted by our clients across Banking, Insurance and Wealth / Asset Management during the last two years. - Contractor Rates are increasing - Brexit impacts hiring of permanent staff - Data Science and Data Visualisation skill sets surge in demand - Real-time analytics and BI software customisation will be key trends in 2017

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Technology Salary Guide 2017

Our Technology Salary Guide 2017 provides the latest insights on the market, provided by our Technology team.

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Procurement & Supply Chain Salary Guide 2017

Our Procurement & Supply Chain Salary Guide 2017 provides the latest insights on the market, provided by our Procurement & Supply Chain team.

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McGregor Boyall Salary Guide 2017 - London

Our McGregor Boyall Salary Guide 2017 provides the latest insights on the London markets, collected from our internal database.

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Financial Services Salary Guide 2017 - Scotland

Our Scotland Financial Services Salary Guide 2017 provides the latest insights on Scottish markets, collected from our internal database.

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Financial Services Salary Guide - England Regions

Our Regional Financial Services Salary Guide 2017 provides the latest insights on England's regional markets, collected from our internal database.

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The Middle East Salary Guide 2017

Our Middle East Salary Guide 2017 provides the latest insights on the Middle East regions markets, collected from our internal database.

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Marketing & Communications Salary Guide 2017

Our Marketing & Communications Salary Guide 2017 provides the latest insights on the market provided by our Marketing & Communications team.

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HR & Talent Management Salary Guide 2017

Our HR & Talent Management Salary Guide 2017 provides the latest insights on the market provided by our HR & Talent Management team.

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Finance Salary Guide 2017

Our Finance Market Update & Salary Guide 2017 provides the latest insights on the market provided by our Finance team.

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Brexit Report July 2016

Following the UK’s decision to leave the EU it seems the only thing that is certain at the moment is that nothing is certain! To try and gain some insight we asked our clients for their initial thoughts on the impact of the decision on future hiring plans and business objectives. Encouragingly the outlook on hiring remains positive with respondents stating the Brexit vote will have little or no impact on their current business objectives, although it will be interesting to see how this evolves as the exit negotiations begin to take shape.

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A career in cloud

It is a very good time to be working in cloud computing. Last year, digital transformation and the shift to remote working was facilitated by the cloud. While we hope to return to normality soon, cloud technology is also expected to dominate 2021. So, what does a career in cloud look like, and how can you get started? The market Even before the pandemic, cloud computing was being suggested as a ‘recession-proof’ industry as it allows businesses to streamline processes and reduce costs. Between 2015 and 2018, job listings that included cloud-related terminology such as “Google Cloud,” “Azure,” or “AWS,” increased by 101%. Demand has been growing year after year ever since. Given that Forrester predicts that “the global public cloud infrastructure market will grow 35% to $120 billion in 2021” it is likely that demand for those with cloud-based skills will continue to rise. Careers in cloud computing are well paid — the average salary according to Reed.co.uk is £74,447 for a cloud engineer — and demand still outstrips supply. Finally, start-up companies often invest in cloud technology as they expand, so there will be opportunities to join exciting new companies during periods of early growth. Cloud-related roles The roles across cloud computing all focus on the same underlying technology and therefore often utilise similar skills. Here is a quick overview of the three most commonly listed roles. Cloud Architect: This role involves designing and implementing cloud solutions. A cloud architect focuses on the big picture infrastructure rather than the day-to-day configuration of individual systems, and they consider how cloud computing systems can fulfil business needs. Cloud Engineer: This person is responsible for building, maintaining and linking to cloud services. There is a greater focus on the technical aspects of cloud computing. For example, an Architect might make a decision about which aspects of a business should be moved to the cloud (e.g. data storage), while the engineer actually makes this migration happen. Cloud Security: This job is as it sounds. While cloud improves security in some respects, there are new cloud-specific vulnerabilities that have to be considered. Security experts will be in charge of ensuring data is kept safe and that regulatory standards are complied with. In reality, there is significant overlap between these roles, especially in smaller organisations. Security often comes under an engineering role, while an engineer may be heavily involved in the design process. In much larger organisations, there may even be additional roles such as a Cloud Administrator, Cloud Application Developer and Cloud Automation Engineers. Cloud-based skills Many of the core skills needed for a career in cloud overlap. To start off, a solid grounding in computer science is required across most roles. A degree is often preferable, although some employers are open to equivalent experience. Advanced programming skills are non-negotiable — especially to a cloud engineer. Java, Python and SQL are frequently listed as desirable languages. It will also be important to have experience and/or a certification in at least one major cloud provider (AWS, Azure and Google Cloud). A growing multi-cloud landscape is emerging, so certification in multiple platforms will be a bonus. While qualifications like these prove you have obtained the necessary knowledge, it’s also important to be able to demonstrate these in a portfolio, so some design skills will come in handy too. Less technical skills include communication and management — particularly for a cloud architect. Leading the design and implementation process means you will need to liaise with technical experts, while listening to and advising non-technical business audiences. Finally, Agile and DevOps approaches go hand in hand with cloud computing. Experience with the core concepts will help you integrate with the wider company and facilitate your work on the cloud. Cloud computing is a lucrative and rewarding career. Regardless of what type of cloud-computing role you are after, it is important to first gain the technical skills and experience. Whether you join a start-up undergoing digital transformation or one of the big cloud providers, it is gaining these in-demand skills that will make you an invaluable part of an organisation’s infrastructure.

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