Businesses warned to prepare for new data regulations

Businesses in Northern Ireland that process the data must prepare for the significant legal changes taking place next year, regardless of the situation around Brexit.



This was the key message from Dr. Ken McDonald, head of regions for the Information Commissioner, in a speech to the chief executives and chief accountants of public and private sector organizations at a breakfast briefing at a Europe hotel organized by The Management Accountants Collegiate Institute of Ireland (CIMA).

The new General Data Protection Regulation (GDPR) will take effect in May next year, and CIMA held the joint event with the heads of the Forum to highlight the challenges facing organizations.

CIMA Ireland chief Roger Acton said: "The forum aims to address the most difficult challenges facing leaders. This issue is at the top of the agenda of our members who have adopted to listen to the Dr. McDonald about.

"The new principle of accountability in GDPR requires controllers to be able to demonstrate compliance and risk assessments should begin now.

"With fines of up to 20 million pounds or 4% of worldwide turnover, the cost of not receiving the house is very high," he added.

Dr. McDonald has focused on the impact of reputation and potential economic harm from misconduct, requiring companies to now prepare to change with the help of the 12-step guide in the OIC GDPR that is available on their website.

Majority shareholder in Marsa Race Track consortium comes from Henley & Partners

The majority shareholder of the consortium that is investing 18 million euros in Marsa racetrack is a partner and a Henley & Partners Holdings Ltd group manager based in Jersey.

Henley and partners are the distributors of the Malta Capital Sales Program - Individual Investment Program (IPP) - which was controversial at the local level and to some extent at EU level. In October 2016, Justice Minister Owen Bonnici revealed that the controversial PII had generated 310.3 million euros. The PN had mentioned a number of allegations about the program in the past, including the one used to buy votes.

Hugh Morshead owns 72 000 shares (100 000) issued shares in the company registered in Malta, called Marsa Race Track Ltd., the consortium that will receive the runway concession.

On March 22 of this year, the government signed an agreement with Marsa Race Track Ltd for a concession on the Marsa track. The company, Marsa Race Track Ltd, has also been included on the same day. The consortium said it will develop a facility at the forefront of horse racing technology, which would include a family park. The prime minister said it was the largest private investment in the sports sector and that the project attracts thousands of tourists each year. The memorandum of understanding was signed in Castilla.

So far, only lawyer Pio Valletta was a member of the consortium, but this newsroom can now reveal another. In addition to Dr. Valetta and M. Morshead, British citizens, Kusam Sharma and Irish nationals, Aldred Kenneth Alexander, also have shares in Marsa Race Track Ltd. In addition, two companies: F. Schembri Holdings Ltd (a Maltese company- Company Owns 5,000 shares), owned by Frank Schembri and true to its type Ltd (Ireland-based company with 10 000 shares).

According to Henley and Associates website, Hugh Morshead is also a qualified accountant and an Associate of the Chartered Institute of Management Accountants, and relied on Jersey for many years. He has also registered as Henley Maltese company director and partners.

He addressed the international press of the Malta IIP program. For example, the EU Observer reported that M. Morshead said: "We have many advised the government regarding the creation of legal, promotion and implementation of our own malta office."

During the signing of the Memorandum of Understanding, architect Edwin Mintoff said that once the necessary permits from the Planning Authority had been obtained, the project would require approximately 18 months to complete.

When asked if he would or would not publish the MOU, Dr. Valetta told the newsroom that they are not willing to publish it for the time being because there is a confidentiality clause. "This should be an agreed version. At this point, I do not think this is the scope for now. I do not think that's going to be a problem later." He said that once negotiations on the concession contract begin, which will be soon, this will probably be the time of its publication.

When asked if he had a problem of delivery of the MOU if the government had no objection, he said: "We would have no problem. There is no reason why anyone has a problem, if both parties agree."

AICPA to Roll Out New Branding

The American Institute of CPA establishes a new brand in collaboration with the Institute of Accountants Management and its joint venture, the Association of Certified International Professional Accountants.

The measure will create a unified brand for the three organizations, sharing the logo of the sphere and the same color palette. At present, only the logo of the association was published; The rest of the brand change that takes place in the coming weeks and should be completed by the end of 2017.

The renommement was announced in a letter to members of the institute's president, Kimberly-Ellison Taylor, and president and president of the CIMA Association, Andrew Miskin.

"This new brand signals that we are part of a global family with a shared commitment to accounting and management when we are within the framework of the Public Association," they wrote. "The same logo, colors and other attributes appear in all our brands to represent a constant beacon of quality and integrity in the world."

​Savant Announces New Team Member, Recognizes Current Employees

Savant Capital Management, a national wealth management company, added Ambari Prakash Pinto to his McLean office and recognized Joel Cundick to receive the designation of Accredited Portfolio Management Advisor and Yonas Bedane having received the title of general accountant authorized management.

Ambari Prakash Pinto Savant joined in January as a financial advisor. She is a member of the advisory team and is responsible for managing all aspects of financial planning and the investment process for Savant's customers. She meets regularly with clients, advisors, portfolio managers, accountants, lawyers and financial advisors to formulate and coordinate effective strategy planning, investment and taxation.

Pinto has been involved in the financial services industry since 2011. Prior to joining Savant, he worked with asset managers, accountants, and the insurance industry. She was also a lawyer company, as a partner in a law firm in Washington, DC and New York. Pinto received a bachelor's degree in political science from the University of Vermont and a law degree and a Financial Planning Certificate from Georgetown University.

The planning and tax specialist on Yonas Bedane was awarded the Global Management Accountant (CGMA). According to the American Institute of Chartered Accountants and the Institute of Management Accountants, CGMA is a general accounting management designation that recognizes the unique role of men and women in organizations around the world that combine financial and accounting expertise With strategic knowledge. Better business decisions.

Financial Advisor Joel Cundick received the Accredited Portfolio Manager (APMA®). APMA® the designation process involves hands-on practice in more than one course of study that integrates client assessment and relevance, risk / reward investment objectives, fixed income portfolio theory and stock and psychology of Investors. Individuals must pass an end-of-course exam that tests their ability to synthesize complex concepts and apply theoretical concepts to real situations.

​Savant Announces New Team Member, Recognizes Current Employees

Savant Capital Management, a National Asset Management firm, added Ambari Prakash Pinto knew office and McLean acknowledged Joel Cundick who has received the manager of the APPOINTMENT accréditéSM portfolio not Yonas Bedane of Received the DESIGNATION public accountant of global management.

Ambari Prakash Pinto Savant is in Unió January de As financial advisor to the United Nations. She is an Advisory Team Member and is not responsible for the management of All Aspects of Financial Planning and the Investment Process for Savant clients. She meets regularly with clients, advisors, portfolio managers, accountants, attorneys and financial advisors to formulate non-coordinated planning of effective investment strategies and taxes.

Pinto involved this in the Financial Services Industry from 2011. Prior to UniRSE a Savant, I work with Asset Managers, accountants, and in the Insurance sector. She was also a Lawyer Company, as a partner at a law firm in Washington, DC not New York. Pinto received a bachelor's degree in Political Science from the University of Vermont not as a law and Financial Planning in a Certificate from Georgetown University.

Planning specialist and title tax Yonas Bedane received Global Accountant Management (CGMA). According to the American Institute of Chartered Accountants and the Institute Collegiate Institute of Accountants of Management, the CGMA is a general accounting designation that recognizes the role of single men and women in organizations around the world that combine accounting and The Experience with a Strategic Financial Vision. Best Business Decisions.

Financial Advisor Joel Cundick received the Accredited Portfolio Manager (APMA®). APMA® The Process of DESIGNATION Implications The practical practical in a more than course of study that integrates the Evaluation and clients pertinence, the Risk Investment Objectives / reward theory of the fixed income portfolio and Actions and Psychology Investors. Individuals Must pass a final exam that tests the Course unable to synthesize Complex Concepts and Theoretical Concepts APPLY has Real Situations.

​Navigating the new normal: Measuring what matters in the value economy

Businesses have long relied on financial professionals to measure value and provide feedback on business decisions.

The role of finance and accounting is at the heart of measurement, transactions and the value of expression through concrete figures. For many years, this system has worked well, because business models focused on tangible issues, operations and properties.

However, more and more business models are born of technological problems, and converge towards something that is more futuristic, values-based and intangible. In this climate - economic value and knowledge - traditional measures are no longer applicable.

There is a disconnection

There is a fundamental change that occurs between the time the finance and accounting have been and where it goes. Business models today are based on the creation of value to intangible assets. In the knowledge economy, organizations use their unique skills to meet the needs of their clients - this is where their value. Disconnection occurs when funding continues to try to measure value and success in a traditional way. The shoe no longer fits.

So how do CEOs make business decisions when they can not rely on traditional measures like finance and accounting have always been used? And how do financial executives find new ways to measure the value of making better decisions? In essence, how to navigate companies in the new normal value of the economy?

Creating a new package

Finance and accounting should make some adjustments to better supporting organizations operating in the value-based economy. These companies need a new set of tools: a new way to measure value and success, and to make decisions. There are three key steps to building this new toolbox in your organization:

1. Identify new key performance indicators

To understand and manage the value of your intangible assets, it is important to measure. This means identifying a new set of key performance indicators (KPIs). Although KPI must evolve, its application is an important starting point for controlling the company and its progress.

The ICP for intangible assets must consider some key elements: they must be measurable, have an impact on the activities and be linked to the specific data. According to a recent study by the American Institute of CPA (AICPA) and the Chartered Institute of Management Accountants (CIMA), key performance indicators identified by companies measuring intangible assets are as follows:

• Quality of data
• The return on invested capital (ROIC)
• Employee productivity
• Experience and customer satisfaction
• Employee Engagement and Withholding
• Competitive activity
• Pipeline and customer retention
• Brand awareness and equity

However, another ICR to consider include:

• Supply of talent
• Social commitment
• Social sentiment
• Effectiveness of Digital Marketing

2. Connect the key performance indicators to assess factors

It is important to also understand the value drivers behind the KPI is measured. In other words, how does this KPI really affect the business?

Organizations today have to demonstrate the market the way they are different, and the customer is usually at the beginning and end of the value chain. Therefore, most value drivers must relate to the customer in one way or another. Therefore, according to the same research mentioned above, the top five factors to consider are:

• Customer satisfaction
• The quality of business processes
• Customer relations
• Quality of people (human capital)
• Brand reputation

3. Measure, measure, measure

In order to measure intangibles, companies have to establish links between financial results and prefinancing measures that they can use as main indicators, usually on the basis of a causal relationship or correlation. Going back to the first step, this means that your key performance indicators should be linked to the data, and you should be able to collect and analyze these data accurately to measure the value of your intangible assets. With advances in large data, there are now many more tools available to assemble, track and analyze intangibles than ever before.

For example, companies can use social analysis tools as a means to measure the equity of their brand or

Can the creative industries help Ireland in post-Brexit world?

While Ireland is trying to prepare for the impact of the Brexit crash for the world economy, several industries are planning their way into some unknown waters.


Bernie Cullinan, CEO of Pragma Adviser and a member of the Chartered Institute of Management Accountants, thinks there may be a special role for the creative industries, as the impact of the UK's decision to leave the EU continues.

Pragma, which provides strategic planning for national and international companies, works with companies in various industries, including software, creative industries, professional services organizations, government, manufacturing, construction, sports and the nonprofit sector.

Cullinan sees the creative industries as key opportunities and plays a central role for Ireland in the post-Brexit era.

It is expected that funds for Creative Europe for this sector to reach 1.4 billion by 2020, but the Irish sector's funding by the Irish government should increase substantially, given heavy cuts during the recession. This is a sector in which there is a considerable multiplier effect, and the government has a very good value of its investment in the sector.

Award-winning animation studios to major Hollywood movies that revolve around the country of Ireland is already growing, but could grow even more as companies start looking outside of the UK.

"The film industry is a great example," Cullinan said. "The tax structure is now very favorable and after some initial problems in implementation, it attracts a lot of international interest in this industry.

"Ireland has an intellectual property management framework for Robuste.L'impact Brexit means that the UK is in danger of losing certainty around the management of intellectual property rights, which are long active term and so Both need long-term visibility of the legal situation.

We have a large infrastructure studio, including Troy Studios recently launched at the old Dell plant in Limerick. The size of these studies, and other factors already mentioned, Ireland makes a very attractive proposal for large budget productions, "added Mr Cullinan.

While the creative industries are in a good position, Cullinan said that there are real threats to the situation in Ireland as a place to invest, since the decline in funding for education and the lifestyle that the country can offer.

"The issue of financing is critical and must be addressed along with the quality of life affecting employees, housing and personal taxation." FDI determines its location based on its ability to attract and retain employees from High caliber. Lifestyle is an important consideration for them. "

"In terms of research, particularly in areas such as cancer, autoimmune diseases, nanotechnology and innovation in medical devices, Ireland is at the forefront with a reputation and world-class facilities.

"This is a great asset to invest in." It provides Ireland with a very strong platform to create new indigenous companies capable of playing on the world stage and anchoring FDI businesses here to continue to participate in the research ecosystem. It is noteworthy that after the vote Brexit, many British scientists are trying to place Ireland in particular to gain access to EU research funding.

Anatomy is an appropriate term to use for frustrated scientific calling, working with newly formed and established companies to reach the next level while also providing a response to companies in "life support."

"I have developed an interest in the business from an early age, which comes from a family business," Cullinan said, "so the next natural step after BComm degree was to get into management accounting. From inside the anatomy companies. "

Lifelong learning lawyer, Cullinan has a great admiration for the model of the DCU, which provides access to all to education. His personal mantra is to learn something new every day, and it is established that the CIMA qualification that supported his career is a very valuable springboard that the world continues to adapt and change over the next few years.

"CIMA offers great flexibility to enter any pays.