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Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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Corporate Finance and Deal Advisory
We offer a dedicated team of experienced individuals with a focus on successfully executing transactions for corporates and financial institutions. We offer an integrated approach, with our corporate finance specialists working seamlessly with tax and other specialists to ensure that every angle is covered.
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Economic Advisory
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
We work with a wide variety of clients and stakeholders such as high street banks, private equity funds, directors, government agencies and creditors to implement solutions which provide the best possible outcomes.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Entrepreneur and Private Client Taxes
Our team of experienced advisors are on hand to guide you through any decision or transaction ranging from the establishment of new business ventures, to realising value on exit, to succession planning and providing for loved ones.
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Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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Outsourced Payroll
Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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Tax Disputes and Investigations
Our Tax Disputes and Investigation team is made up of tax experts and former HMRC investigators who have years of experience in dealing with a variety of tax investigations. Our expertise and insight can guide you through all interactions, keeping your cost at a minimum while allowing you to continue with the day to day running of your business.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
What’s the risk?
18 Apr 2017Risk can be defined as ‘a possibility or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided or lessened through pre-emptive action.’
In today’s business world, we all hear the word risk bandied about, as well as companies, firms and organisations discussing how they manage risk or how it is intrinsic in all aspects of their business. The second part of this is correct, that you will encounter risk in all aspects of processes, actions, operations and services and you will be managing risk, to varying degrees, in your ability to operate. However the success or effectiveness of this risk management, often differs greatly to what organisations perceive it to be. Many organisations are simply addressing issues as they arise and classifying this as risk management. Effective risk management occurs when it is fully embedded within your organisation.
There are two key questions, which if asked of staff and management, will provide a real insight into how well your organisation manages risk and how embedded it is within your operations, structures and processes:
- What is your risk appetite?
If posed to staff and management, answers will vary greatly, with many responding that the organisation is risk averse, i.e. that the organisation does not accept risk. Risk aversion is actually quite rare, with all businesses or bodies having to accept some level of risk in order to operate. If all employees are not aware of the organisation’s risk appetite, how can they effectively manage the risks within their operational areas or processes?
- What are your Top 5 Risks?
Again responses from staff and management will differ significantly. Most common responses are actually with regard to that employee’s own operational area, not actual risks to the organisation. How can your organisation operate effectively to its full potential if everyone is not on the same page, being cognisant of the key risks to the organisation, not just in their own area.
These two questions are key to identifying where your risk management framework sits on the spectrum of being non-existent to being fully embedded within your organisation. To effectively manage risk as an organisation, it must be a corporate or collective approach, relevant at all levels. The strategic direction and organisational approach must be clearly defined, with formal processes for the escalation and de-escalation of risks, ensuring effective communication between departments, senior management and governance committees.
How comfortable would you be posing these questions to your employees?