Managing partner Feargal O’Rourke is charge of 2,400 people in PwC Ireland, and a member of the firm’s EMEA leadership team. He was previously head of tax practice and has 20 years’ experience advising multinationals investing in Ireland

Activity With Brexit, the new political leadership in the US, EU state aid oversight, increasing regulation, possible trade wars, cyber-hacking on the rise, and scarcity of talent and skills, there is no doubt that there is greater uncertainty in the world of business. Companies are planning to deal with this change and we are working closely with them to ensure their business models are fit for the future.

Clients People, technology, data analytics (especially around customers), and having the right business models are top of mind for growth focused companies. Concerns about cybersecurity have also risen sharply. On people, the focus is not only on ensuring that they have the right technical skills for the digital world but also the right leadership skills, including the ‘soft’ skills needed to lead diverse teams.

On technology, we see a strong focus on data analytics and embedding digital right across organisations. We see predictive modelling, artificial intelligence and robotics all getting greater attention to reduce costs, improve efficiency and also to free staff to devote more time to customers.

Having smart business models is also critical, and we see businesses transforming their organisations to embed new technologies. We also see many organisations stepping up their data and information security technologies to deal with current and future potential threats.

A lot of Brexit planning is around supply chain impact and exploring alternative markets. In financial services it is helping them plan for continuing access to the Single Market. There has been much focus, too, on the likelihood of a simplified US tax code and the dangers that may pose to foreign direct investment. However, the potential for a trade protectionist approach under a Trump administration could be more damaging in the long run.

Finance The availability of finance and capital for mid-market is better than it was a year ago, though there is still a perception that there is insufficient funding in the market. However, in many instances, the parties seeking the funding are either (a) over-borrowed already (b) seeking a debt solution when, in fact, equity is required, or (c) do not have sufficient sustainable cashflows from their business to support bank lending. The transfer of loan portfolios from traditional banks to new funds will provide certain debtors with the opportunity to avail of discounts being offered by these funds and refinance their borrowings.

Talent The average age at PwC is 30 years and has been so for the last number of years. Career choices for graduates, in particular, are endless, so we have to continue to work hard to attract the best people for our business. In 2016 year we were recognised by GradIreland as the graduate employer of the year and we recently recruited over 300 graduates. However, like many businesses, we are also finding it more challenging to recruit for key specialist roles.

Technology Almost a quarter of global CEOs believe technology will completely reshape competition in their industry over the next five years, and I have no doubt that technology will also reshape the accountancy profession. There are huge opportunities to use technology, including data analytics, predictive modelling and digital, to do smarter business and engage differently with customers. I already see the ways our assurance group are leveraging technology to enhance the audit in ways that make it fundamentally different from when I joined the firm.

To deliver top class service, we need to be at the cutting edge of technology. Whether it’s the tax and audit services of the future, fintech or blockchain, we are implementing a strategy to meet the long-term needs of our business and the career aspirations of our people, and the finance function is central to all of that.