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4 NEWS 23.2.2023 BDO, a global network of public ac- counting, tax and advisory firms, has announced a combined fee income of €11.8 billion for the year ended Sep- tember 30th, 2022. is represents a 12.1% increase from the previous year at constant exchange rates, with a strong 20% increase in rev- enue in the US market and a 14.5% in- crease in the Americas region. Despite ongoing geopolitical issues and con- flicts in Europe, BDO has experienced stable growth in the UK and German markets and a growth in brand trust in France, Norway and Israel. In response to the data-driven world and resource scarcity, BDO has in- vested in cutting-edge technology and digital transformation, position- ing the company as a market leader in a world of opportunity. BDO's mul- ti-disciplinary model remains a core part of its business strategy, allowing the company to offer the best possible solutions to clients while preserving the size and scale of the organisation to continue investments in quality and risk mitigation. As a purpose-driven organisation, BDO is committed to helping peo- ple and this is reflected in its actions. During the Ukraine war, BDO estab- lished a global crisis response team to prioritise the safety of its Ukrainian colleagues and set up a global fund for donations. BDO's unique culture is key to its success, enabling the com- pany to be the best it can be for its people, clients and communities. Commenting on BDO's 2022 perfor- mance, newly-appointed global CEO, Pat Kramer, said "In the change-dom- inated world in which we operate, nothing is more important than to protect and strengthen BDO. We are relevant to our clients. We strive al- ways to lead on quality and client cen- tric solutions. As we reach new mile- stones of global growth, we are more committed than ever to invest in our business and our people with a true global mindset. BDO has a strong foundation on which we will continue to build and transform. We embrace the change that will come and we will continue investing in quality, digitali- sation, technology and talent, for the benefit of our clients and our people." Commenting on the results, BDO Malta CEO Mark Attard stated that "At BDO Malta, we are proud to be a part of the larger BDO global net- work and contribute to the impressive results announced by our Group. The Group's commitment to delivering top-quality, client-centric solutions has also contributed to driving our growth and success in Malta. We will continue to invest in our people, tech- nology and services, to stay ahead of the curve and meet the evolving needs of our clients. As a purpose-driven or- ganisation, we are passionate about making a positive impact in the com- munities we serve and are committed to helping our clients succeed." BDO ends 2022 with global revenues over €11.8 billion The ripple effect of AI Mark Attard - CEO BDO Malta LAST week, the Malta Chamber and e Malta Business Bureau in collab- oration with the General Workers Un- ion organised a business seminar – e Ripple Effect of AI. is event was or- ganised as part of the EU TransForm- Work Project, which is being funded by the EU Social Dialogue Programme. e TransFormWork Project aims at bringing together social partners for the digital transformation of the world of work. As Artificial Intelligence increasingly becomes an integral part of businesses' operations, there must be continuous awareness of the opportunities that AI brings to improve productivity but also about the risks if new technology is left unchecked. e seminar included a discussion on the usefulness of the ap- plication on AI in the workplace when the necessary checks and balances are in place. Chris Vassallo Cesareo, Deputy Pres- ident at e Malta Chamber welcomed the employers, trade union represent- atives, experts and stakeholders, at- tending the morning's seminar by high- lighting the crucial role that AI plays in today's businesses. He said, "we strongly believe that any digitalisation and AI should still be hu- man focused and led. Social dialogue continues to be vital for a strong de- mocracy and good industrial relations. rough this partnership.'' e Malta Chamber stresses that in- vestment in digitalisation, including en- forcement agencies and the law courts should rank as one of the top priorities of Government in this legislature. Lo- cal businesses should be incentivised – through reductions in enrolment fees or tax incentives - to invest in their em- ployees to undergo specialised IT relat- ed courses. e first presentation introducing the seminar's topic focused on the use of AI at the workplace. In his presentation, Prof. Joshua Ellul, Associate Professor at the University of Malta introduced the different means that AI can be ap- plied in today's offices and workspaces. As a tool, AI, if embraced and utilised correctly can provide endless possibili- ties in keeping businesses competitive. is introductory presentation was followed by a keynote speech by Hon. Dr. Jo-Etienne Abela's, Consultant of Surgery and Minister for the Elderly & Active Ageing, who explained the po- tential for innovation and success AI has in the medical field. In being able to harness the positive elements of this technology, doctors are now able to use AI-led tools that simplify major surgery. In discussing the importance of hav- ing the right set of checks and balances within the workplace, Dr. James Sciclu- na, Partner at WH Partners took on this discussion from a legal perspective. He addressed the importance of having a regulatory framework that addresses the different forms of AI technology and its risks but that does not stem in- novation. During this presentation, Dr. Scicluna explained the main elements of the legislative proposals currently being discussed at EU level to address exactly this, namely – e AI Act and the AI Liability Directive. Whilst the AI Act aims to set a legal framework on AI based on the level of risk, the AI Liabil- ity Directive introduces rules specific to damages caused by AI systems. Joe Tanti, CEO at the Malta Business Bureau led the panel discussion titled EU Initiatives and the use of AI at the Workplace which was composed of representatives from the social part- ners and experts, including Dr. Daniela Grech, Head of Projects and EU Funds at the Malta Chamber, Josef Bugeja, Secretary General of the General Work- ers Union; Stefan Farrugia, CEO at Eu- nioa; and Dr. Angelo Dalli, AI & Tech- nology Expert. Together with the panellists, Tanti dis- cussed the way that digitalisation has been shaping businesses at the work- place, the advantages such technology can bring about, the risks it poses, how we can overcome these risks and the re- sources available for businesses to em- brace this technology. He concluded the panel by stating that ''our businesses need to remain compet- itive in seeking to innovate through AI but smart in utilising this technology by keeping the human in control principle in mind.'' Brigitte Tanti from Malta Enterprise spoke about a new opportunity for busi- nesses with the launch of the ADMA TranS4MErs, an EU-funded project that has addressing mainly manufactur- ing SMEs. is project makes available funding to guide companies as to where they should place their efforts in order to continue adopting the necessary In- dustry4.0 technologies to become fac- tories of the future and reinforce their competitiveness. For further information on the Trans- formwork Project, please contact e Malta Chamber and the Malta Busi- ness Bureau.

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