The Future of the Firm

In the latest episode of The Future of the Firm podcast, Dr. Katharina Weghmann, Global ESG Leader within Forensic & Integrity Services at EY, and Nick Jones, Director of Client & Markets Engagement also within Forensic & Integrity Services at EY, sat down with Emma Carroll, Head of Content at Source to discuss why ESG integrity is at a crossroads.  Nick and Katharina shared their insights on the following matters and more:    Many organisations face challenges in clearly defining industry-relevant ESG targets and translating them into actionable initiatives. ESG efforts are often siloed from the organisation's core purpose and strategy; treated more as a compliance risk than as an integrated, strategic priority.  A 'say-do gap' often exists between leadership’s ESG commitments and how employees perceive those priorities. Bridging this gap requires clear, consistent communication, and alignment across all stakeholders—employees, investors, customers, and boards.  Companies that excel in ESG often view it as a long-term strategic imperative rather than a regulatory exercise. They integrate ESG into their purpose, are willing to make tough choices and short-term sacrifices for long-term value, and they prioritise building trust with all stakeholders.  To drive Integrity-First ESG, organisations should prioritise a few key areas where they can make a significant and measurable impact, rather than spreading efforts across too many KPIs.    Embracing collective action by collaborating with peers in the industry or region can accelerate progress toward shared ESG goals and deliver more meaningful change.  This podcast discusses EY’s article Why ESG integrity is at a crossroads between aspiration and regulation, which was rated as one of the top pieces of content in Source’s annual report, Quality Ratings of Thought Leadership for 2024.  If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In a recent episode, we talked to Andrew Brothers, former CIO at Primark, about targeting tech investment in retail as a CIO. 

Jan van de Poll, MD and Founder of Prioritize, a virtual consulting platform, shares his expertise on the future of AI in consulting. He reveals that 98% of consulting buyers believe AI will replace some consulting roles. Jan discusses how virtual consulting can democratize insights, benefiting 99% of organizations. He highlights the efficiency of AI in streamlining time-consuming tasks while emphasizing the ongoing necessity for human intuition and expertise. Jan envisions a collaborative future where AI and human consultants work together harmoniously.

Sebastian Stoeckle, Global Head of Audit Innovation at KPMG, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast.   Sebastian and Emma shared their insights on the following matters and more:    Audit today is as important as it’s always been, with its core mission still centred around generating trust in business entities. But the environment in which audit operates is transforming as a result of geopolitical, regulatory, and technological change.   There has been a shift in clients’ attitudes to audit. Historically, they have seen it as burden, but now they understand that it can provide valuable insights for organisations.  Clients now expect more than just an analysis of transactions—they want insights, such as how to evolve their compliance systems and how they stack up against the rest of the marketplace.  The ability to apply a digital audit is limited by the client’s own digital maturity. If organisations themselves have invested in standardising and centralising systems, this increases the capacity for audit innovation.   Neural networks and basic machine learning have been being used in audit for some time, but auditors are increasingly seeing the value of large language models. There’s also huge potential in agentic AI and research reasoning models.   The future of audit is not about replacing humans, but creating a powerful combination of human expertise and machine capabilities.  If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In a recent episode, we talked to Matthew Wilson, Chief Legal Office at Fremantle, about creating business resilience.  

Kapish Vanvaria, EY Global and Americas Risk Consulting Leader, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast.   Kapish shared his insights on the following matters and more:     There have been some big changes in risk services in recent years, including technology innovation, the impact of regulatory changes, and an evolution of client expectations—in particular, clients wanting more sector-specific and personalised solutions.   The sweet spot for risk experts lies in offering strong domain expertise—for instance, top tier talent in regulatory compliance—and marrying that up with deep sector knowledge, while supporting this with insights from other industries as well.   To really solve business problems for clients, it often involves more than just consulting. Audit, legal, industry experts, and technology experts all need to have a seat at the table, and firms should look at creating shared KPIs to encourage this collaboration.   When bringing solutions to clients, firms should be using themselves as client zero, and working on the concept of ‘proof, not promises’. Testing solutions within the firm itself and showing its successes brings credibility to the offering.   When choosing which firms to shortlist, clients are most concerned about expertise, but an ability to implement is close behind. Firms can translate their expertise into implementation by never being afraid to fail and by going through the iterative process of finding what doesn’t work to lead you to what does.   Firms are starting to supplement their workforce with digital FTEs. Beyond improving quality and reducing costs, this also allows work for be carried out more quickly. People become reviewers rather than doers and have more time to thrive as individuals.    If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In a recent episode, we talked to Francine Bennett, Board Member at the Ada Lovelace Institute, about solving business problems with AI.

Source’s Natasha Campbell, Principal Thought Leadership Consultant, and Nicola Kostrzewska, Senior Consultant, caught up with Emma Carroll, Head of Content, on the latest episode of our The Future of the Firm podcast.  Natasha and Nicola shared the themes and findings from Source’s latest Quality Ratings of Though Leadership report, including:  Being relevant to your target audience isn’t just about making your presence continually felt in the market, but also about showing that you deeply understand your clients’ current and future—even latent—needs. For firms to improve their resilience scores in Source’s Quality Ratings report, they should make sure they are not merely naming authors but are also including biographies that outline their experience and knowledge to boost credibility. There is little transparency about how firms have been using GenAI in their thought leadership—and firms could be making an error here: Our quarterly survey found that clients actively want firms to demonstrate their use of AI. This year’s report found that there was less thought leadership made in collaboration with think tanks, universities, or other organisations—but firms would benefit from using partnerships to foster innovation, expand reach, and amplify content.  If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In a recent episode, we talked to Francine Bennett, Board Member at the Ada Lovelace Institute, about the opportunities and risks of AI for client organisations.

Lesley Uren, Global CEO of Consulting for Korn Ferry, shares her expertise on the volatile landscape of human capital consulting. She discusses the ongoing challenges CEOs face with organization transformation and the pivotal role AI plays in shaping business models. Uren emphasizes the power of data integration in uncovering hidden talent and driving performance. Additionally, she addresses clients' pressing questions on skills and future work dynamics, advocating for a data-driven, human-centered approach to support successful transitions.

Michael McMahon, Professor of Economics at University of Oxford, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast to debate the potential impact of President Trump’s policies on professional services via the four global megatrends of deglobalisation, decarbonisation, demographics, and digitalisation.      Michael and Fiona shared their insights on the following matters and more:       The new US government’s protectionist policies are the latest iteration of a global move towards deglobalisation. While clients may turn to consultants to help navigate these changes, the inflationary impact (of tariffs, etc.) may lead to tighter purse strings and decreased consulting demand long term.   Trump has made his stance on climate change and decarbonisation very clear. But firms should not be packing away their ESG services—the world could look very different at the end of Trump’s presidency.   The new US government’s plans to restrict immigration, paired with other demographic changes, will lead to skills shortages in the labour market. This may affect the services clients are looking for—for instance, there may be an opportunity for firms to offer more staff augmentation services to fill this gap.  While the EU is bringing in regulations to encourage ethical AI use, the US wants to keep restrictions to a minimum. The region is therefore likely to see a further boom in digitalisation and tech growth, and firms can expect a boost in tech consulting work as a result.   Consulting leaders should be looking to the capital markets to assess the impacts of Trump’s policies—this is how he will be measuring success. Firms should also keep an eye on client confidence levels and consumer behaviour patterns to respond to any early trends.     If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In a recent episode, we talked to Benjamin Samuels, Former Chief Revenue Officer at WeWork about navigating growth and change.  

Fiona Czerniawska and Catherine Anderson discuss significant trends impacting consulting firms by 2025. They foresee a spike in demand for technology and risk management, driven by shifting client needs. The conversation highlights the importance of understanding clients' industries while offering new perspectives. Additionally, they tackle the growing interest in AI technologies and the challenges of hybrid work. With a cautious growth forecast, firms must focus on enhancing client value and adapting to evolving expectations, especially regarding outcomes-based pricing.

Uta Niendorf, a Partner for Digital Customer at Wavestone, and Neil Sharp, Head of Proposition at Wavestone, share their expertise on transforming service delivery. They discuss how data collection is vital for a frictionless omnichannel experience and the importance of engaging with customers beyond mere sales. Their insights highlight the role of empathy in customer interactions and how AI could evolve to enhance this. They emphasize that while tech is pivotal, genuine relationships remain crucial in consulting.

Ryan Piper, Global CEO at Morison Global, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast.      Ryan and Fiona shared their insights on the following matters and more:    The impact of PE funding on the use of technology in audit firms, in particular looking at how AI can make an impact.  How the time horizons of PE deals have shifted to become more long term as a consequence of market volatility, and whether this shows any signs of changing.  The commoditisation of audit services, and how this leads to a greater emphasis on customer experience to differentiate firms.  Consolidation in the audit industry, and how firms globally are achieving growth and scale through mergers & acquisitions.  Practical advice for audit firms, including exploring funding options and understanding market positioning.     If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In a recent episode, we talked to Benjamin Samuels, Former Chief Revenue Officer at WeWork, about navigating growth and change.