-
Financial administration
An accurate financial administration provides you with the information you need to take the right decisions. The big advantage of a digital financial administration is that it provides insight into your most important financial processes at any time, whether this is the invoices, salary payments or bank changes.
-
Financial insight
You want to take the right decisions, based on trustworthy and clear management information. You want to have access to all your financial data, 24/7, in order to determine your position and be able to adjust where necessary.
-
Global compliance partnering
Outsourced compliance services comprises the total financial compliance of your business, in accounting, financial reporting, payroll, legal and various tax reporting obligations. We can make sure you don’t have to worry.
-
Business risk services
Minimize risk, maximize predictability, and execution Good insights help you look further ahead and adapt faster. Whether you require outsourced or co-procured internal audit services and expertise to address a specific technology, cyber or regulatory challenge, we provide a turnkey and reliable solution.
-
Corporate finance
Finding a suitable match at the most optimum terms. That, in a nutshell, aptly describes the objective of mergers and acquisitions. To most businesses mergers or acquisitions are not standard daily practice. It is, however, for the professionals at Grant Thornton! Seeking their services will add value instantly.
-
Cyber risk services
What should I be doing first if my data has been kidnapped? Have I taken the right precautions for protecting my data or am I putting too much effort into just one of the risks? And how do I quickly detect intruders on my network? Good questions! We help you to answer these questions.
-
Impact House
Building sustainability and social impact. That sounds good. But how do you go about it in the complex world of stakeholders, regulations and frameworks and changing demands from clients and society? How do you deal with important issues such as climate change and biodiversity loss?
-
Transaction services
What will the net proceeds be after the sale? How do I optimise the selling price of my business or the price of one of my business activities? How do I capitalise on synergies following an acquisition? Am I not offering too much? These are all good questions when you’re buying or selling a business. It’s a transaction that concerns significant amounts, impacts your future, and therefore must be executed properly. We provide a solid foundation for your decisions.
-
Valuation, investigation & dispute services
Do you require a fact finding investigation to help assess irregularities? Is it necessary to ascertain facts for litigation purposes?
-
Auditing of annual accounts
You are answerable to others, such as shareholders and other stakeholders, with regard to your financial affairs. Financial information must therefore be reliable. What is more, you want to know how far you are progressing towards achieving your goals and what risks may apply.
-
IFRS services
Financial reporting in accordance with IFRS is a complex matter. Nowadays, an increasing number of international companies are becoming aware of the rules. But how do you apply them in practice?
-
ISAE & SOC Reporting
Our ISAE & SOC Reporting services provide independent and objective reports on the design, implementation and operational effectiveness of controls at service organizations.
-
Pre-audit services
Pre-audit services is all about making the company’s entire financial administration ready for checking before the external accountant begins his/her audit of the annual accounts.
-
SOx law implementation
The SOx legislation dictates that management is structurally accountable for reporting on the internal control relevant to the financial statements.
-
International corporate tax
The Netherlands’ tax regime is highly dynamic. Rules and the administrative courts raise new challenges in fiscal considerations on a nearly daily basis, both nationally and internationally.
-
VAT advice
VAT is an exceptionally thorny issue, especially in major national and international activities. Filing cross-border returns, registering or making payments requires specialised knowledge. It is crucial to keep that knowledge up-to-date in order to respond to the dynamics of national and international legislation and regulation.
-
Customs
Importing/exporting goods to or from the European Union involves navigating complicated customs formalities. Failure to comply with these requirements usually results in delays. In addition, an excessively high rate of taxation or customs valuation for imports can cost you money.
-
HR services
Do your employees determine the success and growth of your organisation? And are you in need of specialists which you can ask your Human Resources (HR) related questions? Human Resources (HR) related questions? Our HR specialists will assist you in the areas of personnel and payroll administration, labour law and taxation relating to your personnel. We provide you with high-quality personnel and payroll administration, good HR guidance and the right (international) advice as standard. All this, of course, with a focus on the human dimension.
-
Innovation & grants
Anyone who runs their own business sets themselves apart from the rest. Anyone who dares stick their neck out distinguishes themselves even more. That can be rather lucrative.
-
Tax technology
Driven by tax technology, we help you with your (most important) tax risks. Identify and manage your risks and become in control!
-
Transfer pricing
The increased attention for transfer pricing places greater demands on the internal organisation and on reporting.
-
Sustainable tax
In this rapidly changing world, it is increasingly important to consider environmental impact (in accordance with ESG), instead of limiting considerations to financial incentives. Multinational companies should review and potentially reconsider their tax strategy due to the constantly evolving social standards
-
Pillar Two
On 1 January 2024 the European Union will introduce a new tax law named “Pillar Two”. These new regulations will be applicable to groups with a turnover of more than EUR 750 million.
-
Cryptocurrency and digital assets
In the past decade, the utilization of blockchain and its adoption of a distributed ledger have proven their capacity to revolutionize the financial sector, inspiring numerous initiatives from businesses and entrepreneurs.
-
Expand into new markets
Do you seek for opportunities in the global business arena? Whether you are about to open a new office in a foreign country or considering an international acquisition, you need certainty of making the right choices for your company. Global expansion isn’t always as simple as it sounds. The good thing is that we’re here to help!
-
Expanding your business in the Netherlands
International expansion is an important step. The Netherlands can be your gateway to Europe for doing business abroad. But why you should choose the Netherlands?
-
Global contacts
Wherever you choose to do business, you want access to people with the best ideas and critical thinking that will enable you to grow your business at home and abroad.
-
Corporate Law
From the general terms and conditions to the legal strategy, these matters need to be watertight. This provides assurance, and therefore peace of mind and room for growth. We will be pro-active and pragmatic in thinking along with you. We always like to look ahead and go the extra mile.
-
Employment Law
Small company or large multinational: in any company your people are of the utmost importance for your business. Employment brings with it many issues in many areas and often has legal consequences. For big strategic, but also for more everyday questions about employment law, our lawyers are ready to help you out. Also for questions about international employment law. Do you have your own HR department? We’ll gladly assist them. We deliver bespoke services and are there when you need us.
-
Specialist Areas
Besides our focus on corporate and employment law, we also advise entrepreneurs on a range of (specialist) legal issues. A corporate acquisition, your company administration, complex question in the field of healthcare issues: you have come to the right place.
-
Sustainable legal
Sustainability is more than a buzzword - it is the core of our legal advice towards sustainable success. From drafting sustainable contracts, integrating sustainable HR policies and ESG due diligence within our M&A practice to advising on ESG and other (national and international) legislation: we prefer to be pragmatic and proactive in helping your business.
-
Maritime sector
How can you continue to be a global leader? The Netherlands depends on innovation. It is our high-quality knowledge which leads the maritime sector to be of world class.
-
Growth in an international network
At Grant Thornton, you will benefit from the expertise and quality of colleagues around the world who will benefit your knowledge, advice and growth.
-
Varied customer portfolio
The customer package at Grant Thornton varies from (large) SME customers to (small) corporate customers. From local customers to customers from the international network of Grant Thornton International Ltd. All this diversity in customers can also be recognized in your customer package.
-
Culture
At Grant Thornton we combine a solid base with a flexible and results-driven mentality.
Businesses have ploughed billions of dollars into technology that promises to keep cyber threats at bay. Gartner claims that end-user spending for the information security market is estimated to grow at a CAGR of 8.5% between 2017 and 2022, reaching $170bn.[i]
While technology undoubtedly plays a major role in combating digital threats, other areas have been neglected. Tellingly, mid-market business leaders surveyed in Grant Thornton’s International Business Report (IBR) say that over-reliance on software is their weakest point in managing cyber and privacy-related threats.
It’s encouraging that business leaders acknowledge this. But now they must act, by improving their employees’ awareness and specialist skills in cyber security.
This doesn’t necessarily mean spending more money. In many cases, companies will be able to taper technology spending as they strengthen and invest in their business acumen, processes and in-house skills.
Customer trust is built on more than technology
“It is essential that businesses understand that investing in technology alone is not the only answer to reducing digital risk, and it will not protect them from losing customer trust should the worst happen” says Vishal Chawla, global head of cyber security at Grant Thornton. “A key starting point for companies is understanding the type of business they’re in, and the value they deliver to the customer”.
Once this is understood, companies will have a clearer idea of the potential impact a breach would have on that relationship, and can better work out how to mitigate this, through a range of measures. Internal governance, processes and people are the other crucial ingredients here.
Take a casino chain as an example. Many casino customers are high-net-worth individuals, who take the security of their financial data – such as transaction history and payment information – extremely seriously. The casino can have the best technology systems in place to protect this data, but it is not enough in isolation.
The company must have robust governance procedures, customer relationship managers and trust policies in place to complement the technology and to protect the company’s reputation in the event of a breach. In this example, the value the casino provides to its customer revolves around customer service, trust and entertainment – with technology acting simply as an enabler to make this happen. Therefore, the company’s approach to digital risk must mirror this – with robust trust procedures around in place, complemented by top-class technologies.
Identify vulnerabilities first, invest later
Businesses need to understand where they are vulnerable to cyber attacks and data-protection breaches before investing in preventive software. This requires specialised skills that most cyber security functions don’t have.
“Businesses need cyber security and privacy-related skillsets to help map out their data and understand their regulatory requirements – particularly in a cloud environment,” says Mike Harris, partner, cyber security services, Grant Thornton Ireland. “They also need cyber technology skills around the technologies they are using.
“For example, if you are using cloud services provided by Amazon or Azure, you need to have the security skills in house to work out what they will and will not do regarding cyber security. That skills component is often overlooked.”
Advanced analytical tech needs advanced analytical minds
Many businesses have invested heavily in advanced analytical cyber security technologies that help identify new threats and vulnerabilities. But these are only as good as the workforce that can interpret the results and implement corresponding changes.
“Lots of people look to technology as a silver bullet, but it isn’t,” says James Arthur, partner, head of cyber consulting, Grant Thornton. “Many companies spend a lot of money on AI-driven, behavioural analytics cyber security software, which can be really useful in some circumstances. However, you normally need to spend an awful lot of human time training it to ensure it delivers useful insights. Then, you need a human at the end of that chain who can look at the output and make/approve changes.”
Insure against the inevitable
“There are only two types of companies: those that have been hacked and those that will be. And even they are converging into one category: companies that have been hacked and will be hacked again.”
These are the words of former FBI director Robert Mueller back in 2012.
His message is clear – and just as relevant today as it was seven years ago: a breach is inevitable. It makes a strong case for investing in insurance as another way to manage digital risk.
“Any reasonable cyber security programme has to have an element of detection, response and insurance, because cyber events will happen,” says Harris. “We see increased adoption of insurance that covers both cyber attacks and data privacy regulatory breaches. But while it’s imperative and its use is increasing, the majority of businesses still don’t have this type of insurance or aren’t protecting the right data assets.”
Understand your most valuable data assets and protect accordingly
Businesses should undertake a structured programme to assess and understand their data assets, using a categorisation and classification process. Then, they can identify their ‘crown jewels’ and invest in appropriate insurance cover.
But how do you do this? One way to identify your most critical data is to think like a hacker and then consider the maximum damage they could cause. “The current data security environment is consistently evolving with new threats and vulnerabilities,” says Chawla. “Leaders have to be willing to step into the shoes of cyber criminals, understand the threats these groups pose and come up with proactive strategies to protect their business’ interests.”
Which email threads could a former employee leak to embarrass their former managers? What intellectual property and trade secrets would be of interest to a foreign power? And how might a cyber criminal use your data to try to extort money from your business? These are just some of the questions you need to ask before purchasing insurance as part of your digital risk management plan.
Five recommendations for balanced cyber risk management
- Companies must understand that the increasing amount of data that customers share with brands means that trust is more important than ever. It’s essential that businesses understand the necessity of trust management, and that digital risk policies and procedures go a long way to ensuring this.
- Traditional approaches to cyber training are not working. Businesses should develop shorter, more frequently distributed training videos and simulate phishing attempts to better educate their workforces.
- Businesses need to identify and map out their digital vulnerabilities. They need to recruit staff with specialised cyber skills that complement cyber security technical skills. This will ensure that their investment in preventive software is focused on the right areas.
- All businesses will suffer a cyber attack – no matter how much they invest in preventive software. Investing in insurance can bolster your risk management but it is crucial to insure your most valuable data assets and explore specific insurance that covers both cyber attacks and data-privacy breaches.
- Once insurance is secured, businesses must be vigilant about adhering to the terms and conditions. If they fail to install updates, it could nullify the insurance.
These recommendations must be implemented in the context of businesses’ specific digital risk environments. The first step for business leaders is to understand their specific vulnerabilities and threats. Only then can they implement the most relevant technologies, training initiatives and insurance coverage.
How to better manage digital risk
[i] gartner.com - Forecast for Information Security Worldwide, 2016-2022 - 25 July 2018