The 7th Cyprus Professional Services Conference took place in Nicosia on 24th May 2022. Chaired by Harris Pistos, Director of International Banking at Bank of Cyprus, the theme of the conference was ‘Rising to meet challenges’ and clearly, with the after-effects of the pandemic and the current war in Ukraine, there was much to be discussed.
The day opened with keynote speeches from Miles Thompson, President of Accountancy Europe and Elzbieta Frankow Jaskiewicz, Chair of Moneyval setting the scene for some lively debate. A common theme throughout the conference was the importance of the rise of technology both as a means to improve the range and efficiency of services offered, and as a business sector and potential client in its own right. Managing Partner, Elias Neocleous was amongst the speakers featuring in a panel discussion ‘The growing tech sector as a source of new business for professional services firms’. He stressed that to win work from such clients the professional firm must be able to proactively embrace the use of modern technology within their ordinary business. Without doing this they will be unable to understand the potential clients’ business or to offer the level and type of support required. He also highlighted the importance of being pro-actively involved with initiatives taken by the sector, such as Techisland. Increased efficiency and cost reduction will allow providers of legal services to capture new opportunities arising.
Other discussions addressed the future paths of the accounting and legal sectors considering factors such as the impact of the war in Ukraine, future skill requirements and possible new client sources. In the concluding section of the programme participants were asked to focus on the notion of developing a new 10-year development plan for the general Cyprus professional services sector.
Attendees at the conference included Dr. Christos Clerides, President of the Cyprus Bar and Mr. Kyriakos Iordanou, General Manager of accounting body ICPAC as well as representatives of the majority of professional services firms in the country. For more information please speak with your usual contact at Elias Neocleous & Co LLC.