2024 was an extremely busy but immensely successful year for the Consulting division here at Davies.
From expanding our capabilities and footprint, to growing to a team of over 500, there is plenty for us to reflect on and celebrate.
The coming year promises new opportunities to build on our success, drive innovation, and strengthen partnerships. So, what’s next for the Consulting division in 2025?
Regulatory change
We know that regulatory compliance is a key concern for clients and we are focused on helping them to navigate changes. In the UK, for example, DORA (Digital Operational Resilience Act) will require the financial services (FS) sector to take a proactive approach to managing Information and Communication Technology (ICT) incidents, and our team of experts are already helping businesses assess their current resilience strategies and implement robust risk management frameworks.
Similarly, in the US, the Securities and Exchange Commission’s (SECs) incoming requirement to centrally clear Treasury securities transactions promises to dramatically alter the FS landscape for US and international businesses dealing in the US Treasury markets alike. Businesses will need to adopt more robust compliance frameworks and adjust to new reporting standards, as well as maintain a stronger oversight of their liquidity and risk management strategies.
Political change in the UK and US
We also need to remain alert to the impact of political change in the UK and US. For example, the recent Autumn Budget means that FS firms in the UK need to review and adapt the support they provide their customers.
Meanwhile, the economic impact of the incoming Trump administration will require careful thought and planning. Businesses must stay agile and prepare for shifts in trade policy, tax reforms, and potential regulatory changes that could affect both domestic and international operations.
As the landscape continues to shift, Davies will be helping clients navigate these political uncertainties with confidence.
Growing our capabilities
At the same time, Davies’ mission for growth remains of the utmost importance. In October, for example, we announced the purchase of the learning and development consultancy, Bespoke Training Solutions (BTS) to expand our L&D (Learning & Development) offering. This year we will continue to look for ways to add to the division’s global footprint, as well as our service capabilities.
Committing to responsible business
In 2024, we expanded our existing ESG department to create a brand-new, dedicated, Office of Responsible Business which now manages our Responsible Business strategy, initiatives, and global reporting. This is headed up by our Global Responsible Business Officer, Gillie Fairbrother who designed our People, Planet, Purpose strategy back in 2023, with 2024 marking the publication of our second-annual Responsible Business report, which charts our progress across these three core pillars.
Notable highlights from 2024’s report included winning the Diversity and Inclusion Award at the prestigious 2024 National Insurance Awards, gaining an ‘Exceptional’ EcoVadis rating for our policy of ethics issues and tripling our Sustainable Procurement score, as well as appointing an ESG and Climate Analyst to manage our carbon accounting and decarbonisation strategy. Plus, we saw the creation of two new Employee Resource Groups (ERG) aimed at empowering our diverse colleagues, the launch of a new global volunteering policy, and a staggering £7,000 raised for our charitable arm, The Davies Foundation.
The results from our latest report stand testament to the hard work we’re doing in this space and the value it holds—and we have plenty more planned for 2025. So, stay tuned!
Technological changes
If one thing is for sure, it’s that 2024 demonstrated how quickly the technological landscape continues to shift. AI, and Generative AI in particular, are significantly impacting the ways in which businesses deliver their services to their clients, as well as how they think about their growth strategies.
We know how important harnessing new technology will be for our clients to remain competitive this year, which is why we have appointed a Chief AI Officer, Paul O’Brien to lead our efforts in integrating AI solutions across our operations. Our focus will be on helping clients adopt and scale AI technologies in ways that create sustainable value, while ensuring that they stay ahead of the curve in an increasingly digital world.
Final thoughts
The financial outlook for 2025 presents a complex landscape, offering significant growth potential for our financial consulting firm. While lingering inflation and geopolitical uncertainties are expected to moderate global growth, they also create opportunities for our expertise in navigating volatile markets and restructuring. We anticipate increased demand for services related to risk management and digital transformation, as businesses seek to adapt to evolving regulatory frameworks and technological advancements.
Therefore, by staying agile, investing in data analytics and specialised expertise, ensuring we remain a trusted partner and focusing on client needs, we project a positive trajectory for 2025, with growth driven by both traditional and newly evolving sectors within a cautious global economic environment.
