Results for the year
Over the past year, the firm has continued its momentum of double-digit growth for the seventh consecutive year. Audit recorded significant growth, driven by three key sectors: Asset Management, Insurance and Banking. In the non-audit department, GRIC (Governance, Risk & Internal Control) services were the main growth driver.
"I'm often asked about the reasons for our firm's success, both locally and internationally. I believe that it is based above all on a deep understanding of our clients' needs and expectations, on our ability to respond to them in a qualitative way, and on the attention we pay to client satisfaction.
I could give you a whole host of examples of audit and non-audit clients who have turned to us because their service provider wasn't listening to them as they expected, wasn't meeting their deadlines, wasn't providing the level of seniority they expected, was offering generic solutions or was charging prohibitively high prices for the quality of service they were getting. What sets a firm like ours apart is our agility and responsiveness, the attention we pay to the satisfaction of each and every one of our customers, in particular through our commitment to delivering a service that meets the highest quality standards, and the pragmatism we demonstrate in proposing tailor-made solutions for each and every one of them. Our focus on customer satisfaction has not only helped us build a stable customer base, it has also brought others to us. Positive word of mouth is definitely a key factor in our growth." Muhammad Hossen, Managing Partner.
Strategy 2025-2028
At the end of the 2020-2024 strategic plan, our objective was to achieve 50% growth, and this target has been exceeded by a large margin, with growth of 170%. We intend to continue the sustained growth we have enjoyed for the past 7 years, by expanding our customer base and broadening our range of services. On 1 September 2024, we embarked on our new four-year strategic plan, at the end of which we once again expect to double our sales. As this development cannot be achieved on its own, Forvis Mazars aims to recruit 700 staff over 4 years.
Expanding our range of services
"In a constantly changing world, and in a complex environment that is becoming more complex by the day, we have a duty to keep pace with regulatory developments and to develop our service offering in order to support our clients in the new challenges they face," explains Muhammad Hossen.
"Having come into force in 2018, the General Data Protection Regulation [GDPR] continues to present technical difficulties in its practical day-to-day application. While the operational difficulties are significant, the reputational and financial stakes are equally if not more so. We have solid technical expertise in this area to assist our clients on any subject related to this issue.
Technology and sustainability are currently the issues that have the greatest impact on companies. Executives have been under intense pressure to accelerate the digitisation of their businesses, evolve their sustainability strategies and invest in the talent that will change the way they do business.
We have significantly strengthened our sustainability services to support our clients in their transition and provide assurance on non-financial information, which is increasingly scrutinised by stakeholders. This reflects our desire to contribute actively to a fairer and more prosperous world.
In the areas of cyber security and artificial intelligence, we have also expanded our range of services to meet the growing demands of our customers.
The DORA regulation on digital operational resilience and the associated directive, which came into force on 16 January 2023 after being adopted by the Council of the European Union in November 2022, will apply from 17 January 2025. Despite the fact that these new provisions are due to come into force so soon, many market players are still struggling to comply. We have a team of recognised experts who have already helped many local players to implement the ad hoc operational framework.
Quality as the cornerstone
Within the Forvis Mazars group, quality and technical excellence are two fundamental values shared by all. In recent years, we have made strategic investments in two areas: the training of our staff to maintain the technical excellence that is our hallmark, and technology to improve the efficiency of audits and eliminate repetitive work. We will continue and step up investment in these areas in order to sustain our growth.
Strategic alliance with Forvis Mazars
On 1 June 2024, the Mazars Group entered into a with the US audit and advisory firm Forvis to create a network that has been one of the top 10 in the world since its inception.
"Forvis and Mazars have created a new network to better meet the evolving needs of our clients and strengthen our global presence," says Muhammad Hossen. "Through this network, we can offer our clients greater geographic coverage, enhanced specialist expertise and greater flexibility in how we help them achieve their goals.
This structure allows us to focus on our strengths while benefiting from the resources, innovation and knowledge of a global network. For our customers in Luxembourg and around the world, this means access to a wider range of services and perspectives, while maintaining the high standards of quality and local understanding they expect. In short, the new network allows us to deliver more value in today's rapidly changing business landscape."