Raising awareness of the benefits of certification and assurance services
IIOC member DNV reports its 2022 financial performance, with headline revenue up 16.6% to 25,031m NOK.
DNV states that, ‘We are entering a new era of risk characterized by ever more intelligent but complex digital systems and the rapid expansion of green energy accelerated by increased focus on energy security. Customers across the maritime, energy, food and healthcare industries are in more need for advice and assurance to keep their operations safe, efficient, sustainable, and compliant than ever before.’ This summarises how the assurance industry is evolving to better serve the changing needs of business, governments and society.
The Business Assurance division of DNV reported revenue of 2,957m NOK, up 2.2% on 2021. DNV reports that, ‘After redefining its business perimeter to management system certification and related training activities, Business Assurance delivered strong results across all geographies. 2022 was marked by a volatile business environment which both constrained operations and created new opportunities. Customers’ responses led to increased needs in areas such as information security, cyber security, and energy management.
2022 was the first year of the three-year certification cycle, which means a lower baseline of recurring revenue. Through a combination of strong commercial performance, improved operational management, and new sales, Business Assurance achieved solid growth.’
Of the near-term future, DNV state that, ‘DNV has applied reasonable caution in plans for 2023, with mitigating strategies in place to be able to effectively respond to greater uncertainty in its core markets’. These comments are made in light of DNV noting coming out of a challenging 2022, ‘With tight monetary policy in place to curb inflation, the world’s largest economies are facing growth slowdowns. Continued uncertainty related to the ongoing war in Ukraine and the lingering pandemic is likely to impact many sectors throughout 2023.’
Within this, for Business Assurance, ‘Management system certification services are projected to deliver solid sales and revenue growth in 2023, underpinned by plans in the food and beverage, automotive and aerospace, and information and communications technology sectors.
The full DNV 2022 Annual Report can be seen here.