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Privacy and Data Protection
Our digital risk team is made up of a combination of subject matter experts and technical specialists who can help your business comply with the GDPR.
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Governance, Risk and Compliance (GRC)
While business goals and strategies evolve, our services support you wherever you are in your business cycle. The digital economy is simultaneously increasing the magnitude of new business opportunities while increasing the difficulty of getting it right.
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ISO 27001 and ISO 27701
Grant Thornton’s ISO 27001 and ISO 27701 specialists will arrange and oversee the formal audit process.
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SOC 1,2,3
As a service organization there are many ways to provide assurance to your customers and in turn other stakeholders over your control environment. One of the most effective and cost-efficient ways is to issue a Service Organization Control (SOC) Report.
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Incident Response
Grant Thornton’s Cyber Incident Response Team can support your business in the event of a cyberattack or data loss event. We work alongside your existing IT and Legal teams to provide a co-ordinated, timely and efficient investigation and remediation.
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Hacking Services
At Grant Thornton, our cyber security experts can develop a bespoke penetration testing plan to meet your business needs and unique IT environment. We can undertake the full suite of testing or conduct individual assessments, as required.
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Cyber Health Check
Approximately 54% of organizations report that they have experienced at least one cyber-attack during the past year. Grant Thornton’s cyber health check provides you with an objective, jargon-free assessment of your current cyber security, drawing on both qualitative and quantitative elements.
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Dark Web Threat Intelligence
We use a variety of dark and deep web monitoring tools that continuously scans illegal sites to discover any mention of your data, ranging from breached security credentials such as usernames and passwords to leaked confidential documents of your company.
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Digital forensics and electronic discovery
We offer a full suite of digital forensics and data acquisition services in investigations related to cybercrime, disputes, fraud and regulatory investigations.
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Insolvency
If you're facing a time of personal or corporate financial crisis you need advice from someone who listens, who understands your specific issues and deals with them in a supportive and sensitive manner.
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Crisis stabilisation and turnaround
In periods of financial distress, management teams often face considerable challenges, with many directors having little or no experience of similar conditions.
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Operational and financial restructuring
Companies challenged by underperformance often need support in identifying options for financial or operational restructuring. Tapping this type of advice helps them create a stable platform for business turnaround.
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Accelerated M & A
Even fundamentally sound businesses run into difficulties. Cash flow can come under pressure from the loss of a big client, or a dip in performance can threaten a breach of banking covenants if there is insufficient headroom.
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Indirect Tax
Our experienced VAT specialists are available to assist companies and entrepreneurs of all industries and sizes in meeting their obligations.
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Direct Tax
We can help you ensure a bespoke balance between tax compliance and effective tax planning for your special circumstances.
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Life at Grant Thornton
At Grant Thornton Cyprus, we are taking a holistic approach and reimagining the way we work, continually assessing it and making necessary changes to better support our people.
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In the community
Unlocking the potential for growth in our local communities.
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Diversity and inclusion
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
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Global talent mobility
One of the biggest attractions of a career with Grant Thornton Cyprus is the opportunity to work on cross-border projects all over the world.
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Learning and development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day.
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Our values
We are a values-driven organisation and we have more than 56,000 people in over 140 countries who are passionately committed to these values.
ECB Guide on effective risk data aggregation and risk reporting
In May 2024, European Central Bank (ECB) released its final guide on effective risk data aggregation and risk reporting, accompanied by a feedback statement on the consultation that shaped the guide. This document aims to address persistent challenges in risk data management within financial institutions, emphasising the importance of accurate and comprehensive data for sound decision-making and regulatory compliance.
Why is managing risk-related data crucial for financial institutions?
Effective management and aggregation of risk-related data is vital for sound decision-making and robust risk governance. Accurate data supports both strategic and operational decision-making, and is essential for risk, financial, and supervisory reporting.
What are the benefits of accurate data?
Industry studies highlight the economic benefits of accurate data, such as advancements in digitalisation, improved risk management, and more effective strategic steering, leading to higher revenues and profitability. In the long term, accurate data can reduce operational and IT costs through better automation and robust IT architectures and systems.
What is the ECB's role in improving risk data practices?
ECB Banking Supervision has prioritised governance and quality of risk data since its inception. In 2016, the ECB conducted a thematic review of effective risk data aggregation and risk reporting (RDARR) based on the BCBS 239 principles. The review revealed significant shortcomings across institutions, none of which fully adhering to the principles.
What steps has the ECB taken to address these issues?
In response to these findings, the ECB has intensified its supervisory approach, urging institutions to make substantial improvements. Despite increased scrutiny, progress has been insufficient, and many structural deficiencies remain unaddressed. After allowing institutions time to adhere to the principles, the ECB started conducting various On-Site Inspections (OSIs) across regulated institutions.
What is the purpose of this Guide?
The guide outlines ECB's expectations for RDARR, aiming to strengthen institutions' capabilities and address identified shortcomings. It applies national, EU laws, BCBS 239 principles, offering recommendations for enhanced data governance and risk reporting practices.
