Tag: financial

Ireland puts pressure on Big Tech to tackle surge in online financial ad scams

Online financial scams are accumulating a substantial toll within the European Union, as consumers continue to be defrauded at an estimated €4.3 billion in 2022, and similar trends continuing in the year after. 

Sophisticated yet misleading advertisements have been pushed across major social media and technology platforms have become a primary conduit for these fraudulent activities.

Ireland’s stand: A push for pre-emptive action from tech giants

In response to the escalating threat, Ireland is spearheading an important initiative within the EU that proposes a rule change that would force Big Tech companies to vet financial advertisers before their advertisements are published. 

At the core of this Irish amendment, which would add to the already extensive payment services regulation, is to mandate that only financial service providers (who are officially registered with national competent authorities) would be permitted to run financial ads within the EU. 

Such a proactive stance is designed to shift the onus of initial verification onto the platforms themselves, in part because those with the broadest shoulders should bear the greatest burden. Though, the crux of the debate is simply that if a platform “airs” an ad, they should be responsible for it. 

The debate has similarities to the debate of whether web hosting providers, particularly cheap and accessible providers like IONOS, should be responsible for the sites that they host. The proposal has gained a lot of eyes, and traction, with around half of EU member states reportedly expressing support. Though, figures like US President Donald Trump have previously advocated for scaling back the regulation of major American technology firms, so this could further stoke the fire of what appears to be the EU and US going head to head.

Digital Services Act and internal conflict 

Ireland may well face internal conflict too, as a big challenge to the proposal lies in its potential conflict with the EU’s landmark Digital Services Act (DSA). Several EU diplomats have indicated that the European Commission sees a requirement for Big Tech to pre-vet online advertisers as contravening the DSA provisions, which generally don’t force platforms to conduct broad-based, proactive monitoring of content. Of course, broadly speaking, the mood around this topic might be changing, and Irish MEP Regina Doherty has countered that the requirement can be structured to align with existing law. Doherty claims it could focus on verifying the advertiser’s authorised status rather than policing the specific content of each ad, a little bit like how one must be FCA authorised to conduct crypto ads in the UK now. 

Alternative suggestions also exist, like Poland’s proposal for streamlined communication between payment providers and platforms to facilitate post-fraud content removal. Though, this is deemed insufficient by industry critics who argue this reactive approach fails to address the speed and impact of initial fraudulent postings. 

Supporting the need for more proactive urgency, the Bank of Ireland claimed that over 75% of its customers’ fraud losses during the past year come from investment scams, of which many are promoted online.

Creating a safer digital financial ecosystem

The growing crisis of online financial ad scams highlights that something needs to be done, and as is often the case, the EU is where it is most likely to happen. As Ireland pushes for this proactive amendment, we are yet to see how not only internal disagreements play out, but also how US Big Tech reacts to their ongoing battles with the EU.

Coimisiún na Meán awards the Central Bank of Ireland with first Trusted Flagger Status in Ireland

Coimisiún na Meán, has announced the decision to grant Trusted Flagger status to the Central Bank of Ireland. Under the Digital Services Act (DSA), Coimisiún na Meán as the Digital Services Coordinator in Ireland has the power to award Trusted Flagger status to entities established in Ireland who meet certain conditions.

Trusted Flaggers are empowered to identify, detect and notify illegal content within their area of expertise to online platforms. Providers of online platforms are then legally obliged to ensure that notices of the presence of illegal content, reported by Trusted Flaggers are given priority and decided upon without undue delay.

Speaking about the announcement, Digital Services Commissioner, John Evans said: “Coimisiún na Meán is committed to ensuring a media landscape that consumers can trust, and where they are protected from exploitation and fraud. We recognise that financial scams and fraud are a concern to the Irish public, and we welcome the Central Bank of Ireland’s expertise in this area. By granting the Central Bank of Ireland Trusted Flagger Status, we are legally obliging online platforms to ensure that any illegal online content reported by the Central Bank of Ireland, such as financial scams and fraud are prioritised by the platform and dealt with in a timely manner.”

“The Trusted Flagger status is a new statutory mechanism that offers empowerment for organisations by placing obligations on the platforms to give priority to Trusted Flagger notifications. Entities awarded Trusted Flagger status are recognised as such across the EU. Trusted Flaggers will also feed into Coimisiún na Meán’s identification of trends and issues via annual reports which will be instrumental in establishing an informed, evidence-based approach to our platform supervisory activities.”

Meanwhile, Gabriel Makhlouf, Governor of the Central Bank of Ireland, said: “The Central Bank of Ireland is delighted to be the first organisation in the country to be granted Trusted Flagger Status by Coimisiún na Meán. This accreditation marks another milestone in the Bank’s commitment to protecting consumers and strengthens our efforts to disrupt the activities of unauthorised providers of regulated financial services. We look forward to continuing our work to strengthen the framework of consumer protection in Ireland through this new status.”

Under Article 22 of the DSA, Trusted Flagger status can be granted to entities who meet the following conditions:

• It has particular expertise and competence for the purposes of detecting, identifying and notifying illegal content;

• It is independent from any provider of online platforms;

• It carries out its activities for the purposes of submitting notices diligently, accurately and objectively.

The Central Bank of Ireland have been granted the Trusted Flagger status for three years, from 2 April 2025 to 2 April 2028. Their designated area of expertise is financial scams and fraud, including the provision and/or offer of financial services without authorisation. Upon the expiry of the accreditation period the Trusted Flagger status is reassessed and, where appropriate, re-granted.

Further information on the role of Trusted Flaggers and the obligations of online platforms in respect of notices issued by Trusted Flaggers can be found on our dedicated Trusted Flaggers page on the website.

Irish tech company Miagen to help elite football clubs avoid financial ruin

Miagen, the leader in financial modelling technology solutions, today announces the launch of a solution that will help Europe’s football clubs to comply with financial sustainability rules. With football clubs across Europe facing mounting financial scrutiny and risking crippling sanctions, the solution, SportsGen will help clubs to navigate their finances, protect their long-term survival and save up to €3M on wages per season.

Financial sustainability rules have shaken up the world of football recently, after a number of clubs were docked points and even rendered bankrupt for falling foul of them. The rules, which mostly apply to European and English football leagues, were introduced to ensure football clubs operate within their financial means, promoting long-term financial stability and preventing reckless spending.

SportsGen is a financial planning & analysis (FP&A) platform built for mid-tier and elite football clubs. Miagen estimates that that insights enabled by its software can help clubs to increase match-day revenues by up to 10%. The platform enables clubs to see missed revenue opportunities – including those relating to attendance, pricing and scheduling – so they can implement new strategies to optimise ticket sales.

SportsGen’s real-time financial insights are enabled by integrating live data from ticketing, sponsorships, broadcasting and merchandising. It allows clubs to model different league finishing positions, assess financial implications, and stay within spending limits to avoid harsh penalties like point deductions and relegation. With smart forecasting for wages, transfers and operational costs, SportsGen helps clubs to make informed decisions during transfer windows and remain competitive while staying compliant with financial regulations. Additionally, Miagen is already planning updates that will integrate AI-driven player valuation and scouting insights.

The new solution comes on the back of Miagen’s dominance in financial modelling for the world’s aircraft leasing market. The Dublin-based company’s financial modelling platform, LeaseGen, is now used for one in five of the global leased aircraft fleet.

Brian Byrne, COO, Miagen, said: “Football is no longer just about success on the pitch; it’s about sustainability off it. Clubs are making high-risk financial decisions on transfer spending, wage structures and operational costs, but often without the right tools. The stakes have never been higher, as financial miscalculations can mean relegation, massive revenue losses and even club extinction.

“Football clubs are more than just businesses; many have been at the heart of communities for more than a century. They bring people together and are playing a major role in funding and supporting women’s sport. Through better financial planning with SportsGen, they can make even greater progress on this work and ultimately, ensure they thrive in today’s uncompromising football economy.”

About Miagen

Miagen is a consultancy firm specialising in agile business planning solutions that empower finance to lead using real-time business and industry insights. It has developed industry-specific solutions that enhance business performance and unlock competitive edge.

For more information, visit www.miagen.com

8 in 10 financial services firms concerned about accountability of AI-driven decisions

More than eight in ten (81%) financial services organisations using Artificial Intelligence (AI) have adopted the technology for customer service purposes, while three in ten (29%) use the technology to prevent and detect fraud, with a similar number (29%) applying it to risk assessment.

However, despite its growing use, key concerns remain, particularly around accountability and the potential for bias in AI-driven or AI-influenced decisions. Data privacy risks associated with AI also rank high among the sector’s concerns.

This is according to the results of a new survey by Ireland’s professional body for compliance professionals, the Compliance Institute, which polled approximately 150 compliance experts working primarily in Irish financial services organisations nationwide.

When asked what concerns, if any, they had regarding the use of AI in compliance and financial services:

  • More than eight in ten (81%) compliance experts said that are concerned about the accountability and explainability of AI-driven decisions
  • Seven in ten (69%) are concerned about the potential for bias in AI decision-making
  • Six in ten (59%) are worried about data privacy and GDPR compliance risks
  • Almost six in ten (56%) are concerned about a lack of regulatory clarity around AI.

Commenting on the survey findings, Michael Kavanagh, CEO of the Compliance Institute said:

“Given that chatbots and virtual assistants are such a common sight when surfing the internet today, it’s perhaps no surprise that our survey shows that of those organisations using AI, customer service is the main reason they do so. However, it is interesting too the level of disquiet around the use of AI in organisations, particularly around AI bias and the accountability of AI-driven decisions, perhaps suggesting an inherent distrust of AI. Ultimately, AI will never be able to replicate the empathy that humans can bring to decision-making – as well as the nuanced approach they can take.

While AI can have many benefits for the financial services sector, including its ability to detect fraud and to reduce customer service costs, its fast-growing capabilities and increasingly widespread use have raised concerns, particularly around privacy and misinformation issues and the lack of regularity clarity around AI.”

 

Other headline findings from the Compliance Institute research reveal that:

  • AI-driven tools are not yet widely adopted in the financial services sector, with only 2% of organisations using them extensively and 18% using them on a limited basis.
  • More than half of the firms (54%) are considering AI for compliance monitoring, fraud detection, or risk management.
  • More than one in four (27%) have no plans to implement AI tools in the near future.
  • Among organisations currently using AI, its use in personalised financial products (10%) or trading and investment strategies (3%) is less commonplace.

Mr Kavanagh added:

“With only one in five organisations using AI tools, and most of these only doing so on a limited basis, the financial services sector is clearly cautious about the use of AI in firms.  The finding that more than half (54%) of the firms surveyed are considering AI for compliance monitoring, fraud detection, or risk management shows that many in the financial services sector have not ruled out AI – but they are being careful about if and how they might do so. This suggests that there is a strong awareness in the sector of the risks of AI and a determination to ensure the technology is used responsibly.

This is a positive reflection of the sector. While AI has the potential to deliver many benefits, it is important that AI is used in a safe and transparent way, and that the use and adoption of the technology is overseen so that harmful outcomes are prevented.”

3 ways financial modeling software can streamline corporate financial management

With the growing volumes of financial data and the rapidly changing market conditions, financial decision-making has become unprecedentedly challenging at both tactical and strategic business levels. But what if you could calculate the impact of your future financial choices on your business? Undoubtedly, it would greatly improve financial planning and management processes in your company and help reduce financial losses.

Luckily, no magic is needed to predict the future in corporate finance today. Instead, CFOs and finance teams can use software for financial modeling equipped with mathematical models that help assess the current economic performance of their companies and predict how it might change in different economic scenarios.

What is financial modeling software?

Financial modeling software offers templates replicating common financial models (the three-statement model, the leveraged buyout model, etc.), tools for building bespoke financial models, or both. Since models need relevant financial data to make accurate findings and forecasts, these solutions also typically provide robust integration capabilities, enabling them to exchange data with other tools. 

Beyond the highlighted software functionalities, financial modeling systems can offer a range of other capabilities useful for finance management professionals. These can include data visualization to arrange insights from financial data in the form of graphs or charts, scenario analysis to compare different possible financial scenarios, collaborative analytics to share data and insights with colleagues, and many other features.

How can financial modeling software elevate corporate financial management?

1. Improving capital budgeting

Capital budgeting is one of the most critical yet daunting aspects of corporate financial management. Capital projects require long-term substantial investments, and if such a project turns non-viable or fails, the company risks facing financial losses, which can be devastating for business.

Therefore, financial professionals should evaluate possible capital budgeting options with extra caution. And by using financial modeling software, financial professionals can leverage ready-made model templates or build their own models to efficiently evaluate investment opportunities from multiple perspectives, which can help your business make more risk-free and rewarding capital budgeting decisions.

For example, suppose your company is considering acquiring some other business. In such a case, finance teams can use a discounted cash flow model to evaluate that company’s financial health and predict its future financial performance by analyzing the business’s revenue, expenses, and taxes. Teams can simply import the company’s publicly available financial data (balance sheet, income statement, cash flow statement, etc.), and the financial modeling tool will automatically perform all necessary calculations.

Teams can additionally assess an investment’s return potential by using a leveraged buyout model, which also takes into account a target company’s  common financial metrics and combines them with the amount of borrowed money required to fund the deal. Additionally, they can apply a trading comps model, which implies comparing a target company’s financial ratio with other firms from the same niche, helping you choose the most promising and rewarding investment opportunity.

2. Streamlining capital financing

Besides choosing a project to invest in, finance teams must decide how the company should raise funds to support its business operations (taking a bank loan, selling some share of its stock, or else). 

Suppose your company decides to issue common stock through an initial public offering (IPO) to leverage new sources of capital. The company must decide what share of its business it should sell to the public to raise a larger amount of cash, which can later be used to pay off a company’s existing loans or fund internal research and development initiatives. In this case, the finance team can use an IPO modeling template to model various IPO scenarios and estimate the potential for future capital raise.

3. Enhancing working capital management

Among other things, financial teams should make accurate decisions regarding working capital management to help their companies optimize the utilization of existing assets. The decision-making process in capital management requires careful monitoring of both overall company performance and the performance of individual assets.

In this regard, financial modeling software can come in handy, as teams can use it to measure and project their company’s financial performance. Finance professionals can simply leverage the same type of model they would use to assess the value of other businesses or investments, namely the discounted cash flow model, but feed it with internal financial data.

Teams can also implement a ready-made template or a custom formula to calculate the return on a company’s assets. The return on assets ratio allows financial professionals to estimate the percentage of a company’s assets that are profitable and to predict how the economic performance of their assets can change over time. If the future earnings of some specific assets are lower than expected, a company can decide to sell those assets to another business and thus adjust the corporate financial portfolio.

Final thoughts 

Making financial decisions in corporate finance is a challenging duty for any finance team, which nonetheless can be streamlined with the help of financial modeling software. Financial professionals can use these digital tools to make capital budgeting, capital financing, and working capital management decisions more accurately and quickly. 

Nonetheless, if your company decides to implement a financial modeling tool, it should first have to decide whether to adopt a platform solution from Microsoft, IBM, and other vendors or develop software from scratch. Since both options differ significantly in their complexity and cost, you should choose carefully. A reliable technology partner can analyze your business and study its established financial processes to help you make a sounder choice. If needed, the partner can also assist you with the implementation itself and handle all its technical aspects, from software architecture design and coding to solution customization and integration.

 

Irish Firms Embrace Responsible AI: Adoption of Guidelines Doubles in 12 Months

In the last 12 months, there has been a notable jump in the number of financial services firms in Ireland implementing guidelines to ensure the responsible use of Artificial Intelligence (AI). New research reveals that twice as many compliance experts as last year now report that their firm has adopted such measures.

This is according to the results of a new survey by Ireland’s professional body for compliance professionals, the Compliance Institute, which polled 144 compliance experts working primarily in Irish financial services organisations nationwide.

The survey, which examined trends around AI, found that this year, 16pc of compliance professionals said that an AI governance framework (an infrastructure with clear guidelines and standards to ensure that AI technologies are used responsibly) was in place in their organisation – up from 7pc in 2024

However, the Compliance Institute survey also found that there has been a fall in the take-up of AI tools in the financial services sector over the last year, with the number of compliance professionals saying their organisation is actively trialling and/ or using AI tools falling from almost four in ten (37pc) in 2024 to just over one in four (26pc) in 2025. This suggests a more cautious approach towards the use of AI within organisations.

Commenting on the survey findings, Michael Kavanagh, CEO of the Compliance Institute said:

“AI is a rapidly evolving technology that has advanced at a pace few anticipated. While there are many benefits, including its ability to detect illnesses and diseases as well as weather patterns and extreme storms, its fast-growing capabilities and increasingly widespread use have raised concerns – such as privacy and misinformation issues, the potential of the technology to lead to job displacement, or even the risk of AI-altered images and videos disrupting the democratic process. While many believe AI should be embraced for the benefits it delivers, it is important too that AI is used in a safe and transparent way, and that the use and adoption of the technology is overseen so that harmful outcomes are prevented.

The increase in the number of financial services firms that have put guidelines in place to ensure AI is used responsibly in their organisation shows that there is a strong awareness in the sector of the risks of AI and a determination to ensure the technology is used responsibly.”

Groundbreaking Legislation

The Compliance Institute survey also found that three times as many compliance experts as last year are aware of the groundbreaking piece of legislation that aims to tackle the risks of AI and ensure AI is used safely and transparently – the EU Artificial Intelligence Act.

Almost one in four (23pc) compliance professionals are familiar with the legislation today compared to only 7pc in 2024. However overall, awareness of the rules is still low with just over two-thirds (67pc) of compliance experts having either limited or no knowledge of the new legislation. The poll found there has been a substantial decrease in the number of experts with limited knowledge of the new rules – down from 58pc in 2024 to 29pc in 2023. However, almost three in ten (28pc) said they were not familiar with the legislation.

Mr Kavanagh added:

“It is important that there is strong regulation of AI and this is why the new EU AI Act is so important. This regulation should ensure that AI systems are designed, developed and deployed in an ethical and trustworthy manner and that the fundamental rights, health and safety of the individual are protected while promoting responsible innovation.

While our survey shows there’s been a notable increase in familiarity with the AI Act over the last year, it is worrying that only one in four (23pc) are familiar with the legislation and that almost three in ten are not. The reasons for this lack of familiarity could simply because many compliance experts work in smaller organisations or in a specialist area that doesn’t deal with AI.  All the same, given that the AI Act entered into force on August 1, 2024 and will for the most part be fully applicable across the EU on August 2, 2026, it is important that all compliance experts get up to speed with these new rules. Non-compliance with the Act’s provisions could result in hefty fines ranging from €7.5m to €35m depending on the severity of the infringement and the company’s size.”

Other headline findings to emerge from the Compliance Institute survey include:

  • Almost seven in ten (67pc) compliance professionals say their organisation is not adopting AI tech “so far” – an increase on the 60pc who said this was the case when a similar survey was conducted in 2024.
  • While numbers were small, more than twice as many compliance professionals as last year believe that their organisation will not be using AI tools in the near future (7pc versus 3pc).
  • The percentage of organisations actively developing AI frameworks has fallen from 24pc in 2024 to 17pc in 2025.
  • The number of organisations planning to develop AI frameworks remains stable (40pc in 2025 versus 39pc in 2024).
  • The percentage of organisations that have no plans to implement AI governance frameworks has largely remained the same over the last year (27pc in 2025 versus 30pc in 2024).

Mr Kavanagh concluded:

“The findings of our survey reflect a growing awareness and action on the governance of AI across the financial services sector, though progress is still in its early stages for many organisations.”

Top Tips for Safeguarding Sensitive Data in the Financial Services Industry

The modern business landscape demands increased vigilance to protect sensitive records and confidential information. Organizations that handle vast amounts of personal and operational data face mounting challenges, particularly with the rise of sophisticated breaches. The stakes are high in terms of financial losses and in maintaining client trust and organizational reputation. Protecting this data is no longer just about compliance with regulations. It’s about safeguarding the foundation of business operations. For institutions managing high-value data, adopting advanced measures and leveraging innovative strategies is critical. 

Here’s how you can effectively mitigate risks while fostering a culture of security:

Understand Regulatory Requirements

Meeting regulatory obligations is a cornerstone of maintaining operational integrity and security. Various frameworks, such as GDPR (General Data Protection Regulation) and PCI DSS (Payment Card Industry Data Security Standard), outline specific requirements to protect personal and transactional data. Compliance with these standards minimizes the risk of breaches, reduces potential fines, and reassures clients that their information is in safe hands.

For businesses in highly regulated sectors, keeping pace with evolving guidelines is essential. This involves conducting regular audits, maintaining transparency, and documenting processes to demonstrate accountability. Beyond avoiding penalties, adherence to these frameworks helps organizations align their security practices with industry expectations, building a strong defense against unauthorized activities.

Partnering with Experts in Data Protection

Collaborating with specialized security providers can significantly improve an organization’s ability to protect its operations. Advanced platforms offer critical services, such as monitoring threats, identifying vulnerabilities, and enabling rapid responses to incidents. These solutions also provide real-time insights, helping businesses anticipate and prevent potential risks before they materialize.

A trusted provider can deliver customized tools designed to fit an organization’s specific needs, ensuring robust defenses against even the most targeted attacks. Cybersecurity for financial services is particularly vital in protecting high-value assets and managing complex threats. By outsourcing security functions to experts, businesses can focus on their core operations while maintaining a strong shield against evolving risks.

Implement Strong Authentication Measures

Passwords alone no longer offer adequate security for safeguarding accounts and systems. Many breaches occur because of weak or stolen credentials, highlighting the need for additional layers of verification. Multi-factor authentication (MFA) has become a standard practice for securing access to critical systems. This approach requires users to verify their identity using two or more methods, such as biometric scans, one-time passwords, or physical tokens.

Advanced authentication methods, like biometric systems, enhance protection and streamline the user experience. For instance, fingerprint or facial recognition technology eliminates the need for complex passwords, making it easier for authorized users to access their accounts securely. Businesses prioritizing these measures demonstrate their commitment to protecting internal operations and customer accounts.

Regularly Update and Patch Systems

Keeping software and systems up to date is fundamental for any organization seeking to minimize vulnerabilities. Cybercriminals often exploit outdated software, leveraging known weaknesses to gain access to critical data. Regular updates and timely patches address these gaps, ensuring systems remain protected against the latest threats.

Organizations should implement automatic updates for essential applications and establish a structured testing process to verify their effectiveness. Routine system audits can identify any lingering vulnerabilities and guide necessary improvements. By maintaining current software versions and prioritizing patches, businesses can significantly reduce the risk of breaches caused by preventable flaws.

Educate Employees on Security Awareness

Employees play a pivotal role in protecting an organization’s data and systems. Despite advanced tools and protocols, human error remains one of the leading causes of security incidents. Phishing scams, social engineering tactics, and poorly managed credentials can all lead to breaches if employees are unprepared.

Regular training programs are crucial to fostering a culture of awareness. These sessions should cover topics such as identifying phishing attempts, practicing safe browsing habits, and managing personal device usage in professional settings. Interactive workshops and real-world simulations can make the learning process engaging and impactful. A well-informed workforce acts as a frontline defense, significantly reducing the likelihood of successful attacks.

Also, organizations should provide employees with clear guidelines for reporting suspicious activities. By cultivating an environment where staff feel empowered to take proactive steps, businesses can improve their overall resilience against security risks.

Encrypt Data at Every Stage

Encryption is one of the most effective tools for securing information from unauthorized access. It involves converting data into unreadable code, ensuring only authorized parties can decrypt and access the information. This practice protects data during storage and as it moves across networks.

Financial organizations, in particular, handle large volumes of sensitive client information, making encryption essential. Employing strong encryption protocols for emails, transactions, and stored files can significantly reduce the risk of breaches. For businesses with remote teams or cloud-based operations, end-to-end encryption adds another layer of security, ensuring that data remains protected even if intercepted. Regularly updating encryption protocols and training staff on their importance are critical steps in maintaining robust data security.

Conduct Regular Risk Assessments

Risk assessments are a proactive way to identify and address vulnerabilities before they become liabilities. These evaluations involve analyzing systems, identifying weak points, and implementing strategies to mitigate potential risks.

For organizations in the financial sector, regular assessments should include reviewing internal policies, auditing third-party vendors, and testing the resilience of existing security measures. Tools like penetration testing can simulate attacks, revealing areas that need improvement. Periodic evaluations help maintain a secure environment and ensure compliance with evolving regulations. A consistent review process strengthens an organization’s ability to adapt to emerging challenges and maintain trust with clients and stakeholders.

Protecting confidential information in today’s landscape requires a comprehensive and proactive approach. From implementing encryption and robust authentication to collaborating with experts and conducting regular assessments, businesses must remain vigilant. A focus on education and collaboration across all levels of an organization further strengthens its defenses. By adopting these strategies, institutions can build a resilient framework that safeguards their operations and reinforces client trust. Prioritizing security is not just a necessity. It is a commitment to maintaining long-term success.

Nine in ten CFOs in Ireland feel decisions about financial strategy are made without sufficient data or insight

An overwhelming majority (90%) of CFOs and finance leaders in Ireland feel that decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new CFO Mindset Report by AccountsIQ, an award-winning provider of cloud-native accounting software for mid-sized businesses.

The survey of 260 CFOs across Ireland and the UK highlights the increasing pressures facing finance leaders, with many reporting a growing sense of stress and instability as they navigate economic volatility, rising operational costs, and unpredictable revenue.

CFO challenges

The survey determined external factors currently facing CFOs and other senior finance professionals. In Ireland, the top threats to financial stability are technology and software disruptions (42%), market competition (38%), and economic downturn (38%). However, concerns about financial decline are markedly lower than in the UK (48%), where it ranked as the most pressing matter of contention.

When it comes to internal challenges, more than a third (34%) of CFOs in Ireland and the UK report technological limitations as the biggest threat to their organisation’s financial stability. In Ireland, other prominent issues include a lack of skilled talent (34%), being behind on targets (34%), reporting accuracy (30%), and the time spent on manual data input (30%).

Despite differences in contributing factors, internal and external pressures are making it increasingly difficult for finance leaders across Ireland and the UK to maintain control over their organisation’s financial future, significantly limiting the potential for long-term operational success in both countries.

Operating in survival mode

While 70% of CFOs in Ireland and 58% in the UK say their finance function is scaling up to meet business growth demands, 16% describe it as actively slowing down. More than a third (38%) of all respondents state that better financial technology and software would most help them regain control, underlining the urgent need for organisations to implement improved financial tools.

Darren Cran, CEO of AccountsIQ, commented: “The need for modern solutions is clear. CFOs are facing immense pressure to make strategic decisions in the dark, without the right data or technology to support them. It’s a problem across the board but is particularly prevalent in Ireland. The sheer scale of the challenges they’re up against – from volatility to rising costs – is forcing them to operate in survival mode rather than driving growth. This is where finance leaders urgently need better tools and insights – and the good news is, they are out there. These tools can build trust in the numbers and give CFOs the confidence to make informed decisions. It also empowers CFOs to shift from firefighting to forecasting, taking back control of their financial plans and driving sustainable business growth.”

You can download the full report here