The year began with another set of record global revenues. Our network’s ability to keep delivering strong results, despite the volatile and uncertain world we live in, is thanks to our network strategy’s focus on sustainable growth. Growth that comes from building the capabilities that clients need and where they need them; a relentless focus on quality and risk management; and the care we show for our most valued asset – our culture and the people who make Grant Thornton what it is.
Strengthening governance and leadership initiatives
It was important to bring all our leaders together in Tokyo in 2023 for our first in-person global conference in four years, and again in 2024 for in-person regional meetings. In both meetings, our culture was on display for all the network to see. They also provided an important opportunity to remind our leaders of the strategic priorities we have agreed with our Board of Governors.
GTIL's own Trent Gazzaway was appointed in 2023 and continues in his second year as chair of the profession's Global Public Policy Committee, bringing together senior leaders from the six largest networks in the world. It is a mark of the respect the profession has for Grant Thornton's leadership abilities, and it means that Grant Thornton continues to be an important voice on the issues that really matter in the profession.
2024 also marked an important milestone for ISQM 1 implementation as our member firms completed the second annual evaluation and conclusion of their system of quality management. GTIL continues to monitor ISQM 1 compliance, which remains an increasingly important part of the network's quality review processes.
As the risk of cyber-attack continues to increase, GTIL has implemented global cybersecurity programmes to mitigate the network's exposure to these threats through an integrated legal, risk, and technology approach. The programmes are founded on international cybersecurity standards that must be met by all member firms under GTIL's global information security framework. Member firms are also required to adopt certain core security platforms.
Focusing on quality and technology
Following the successful launch of GTIL's new proprietary audit technology platform Leap, I was proud to see its rollout continue across the network throughout 2024 with excellent feedback from member firms.
The Leap tool plays an important role in improving and monitoring audit quality across the network. GTIL launched a new quality monitoring tool as part of the Leap platform which allows reviews of quality control systems and engagements, as well as identification and analysis of root causes from identified quality events.
Leap is just one example of Grant Thornton's digital innovation and development. Building on the success of GTIL's innovation council and innovation exchange, we established a new technology and innovation governance committee (TIGC) that directly supports member firm innovations with the greatest global potential, particularly for growing international business. In addition, three new service line technology and innovation committees (TICs) were formed. Each service line TIC aims to facilitate prioritisation and adoption of technology solutions among member firms and makes recommendations to the TIGC on preferred tools and methodologies.
Prioritising our people and clients
Grant Thornton continues to invest in developing leaders with a global mindset through our world-class leadership development programmes.
As part of our focus on developing a more balanced network, GTIL targets 40% female participation in these leadership development programmes. With only 25% of member firm partners globally being female, we know there is more we need to do to reach gender parity. But by providing the right opportunities to develop more of the talented female leaders in the network, GTIL and the member firms hope to accelerate our progress in this critical area.
Grant Thornton also need our people globally to feel psychologically safe and able to raise issues of concern, including about clients and their workplace. As importantly, our focus on psychological safety helps create an inclusive environment where all voices are heard and our people can give their best.
One of the new areas where Grant Thornton people can thrive is in sustainability services, where our member firms are focused on helping clients grapple with emerging new regulations and reporting standards. The size of the task facing clients, and by extension our talented professionals, is not to be underestimated. But it will undoubtedly be one of Grant Thornton's most important service offerings for many years to come.
Our 2024 transparency report provides in-depth insight into the approach we take at Grant Thornton to ensure we continually evolve our processes and capabilities, improving our quality so each of these aspects not only reflects, but also anticipates, the changing commercial and regulatory markets in which we operate.
