Making a smart career move

‘I don’t like the routine of doing the same thing every day. Mazars is great for that’

Stéphanie Dossou joined Mazars Ireland 10 years ago as IT Audit, Security and Forensics director and has since moved on to become the firm’s director of Artificial Intelligence (AI).

“My role is to set the AI agenda for Mazars Ireland,” Dossou explains. “It’s a new field and we are setting up with new projects using new tools and a new team. I liaise with the Mazars Group internationally as they have been using AI for far longer. I also work with our innovation team in Paris.”

Her role is both internal and external facing, she adds. An example of the internal aspect is support for the Mazars audit function. “We help the firm to deliver better quality and more effective audits by using technology. Auditing is very labour intensive. Most processes are technology-based these days and a lot of data is available. The traditional sample-based approach is fairly limited. You can get a lot more assurance using technology and there is less room for error.”

The external side is more client-focused. One example is the work carried out for clients on Gender Pay Gap legislation compliance. “We have produced tools for clients that they can use to support compliance.”

In other instances, Dossou says, the team’s work extends into the data science realm. “We have developed an anomaly detection algorithm which one of our clients used to check their customers.”

The aspect of her role Dossou enjoys most is its newness. “That’s what I’ve most liked during my entire career. I’ve always enjoyed new things. I got into information security 25 years ago, when the internet was starting to expand. That’s a really exciting area now.”

She moved into the AI and data science side of things 10 years ago when she began her computer science PhD at TCD. “We have seen the maturation of the field since then,” she notes. “Back then the technologies were so expensive that only banks or big corporations could utilise them. But cloud computing has democratised it and technologies are available from Google, Microsoft and Amazon Web Services on a pay-as-you-use basis. It’s completely different to 10 years ago and keeps evolving very, very quickly.”

And it has changed a lot in the three years since Dossou became director of AI. “The technology is more available to more people and there are many more use cases. It’s fascinating. For example, I did a presentation on blockchain and cryptocurrencies a few years ago for the Institute of Internal Auditors. There weren’t many use cases for them then, but it has exploded since.”

Flexibility is also essential. “I really like the flexibility here. I don’t like the routine of doing the same thing every day. Mazars is great for that. In some companies you might be limited by what your team is doing. Mazars isn’t like that and gives you the opportunity to do different things. There is also the flexibility to do research. I have been able to do my PhD at the same time as working.”

Dossou says her best career decision was to do her PhD, which involves a mix of technologies such as AI and blockchain as well as art. “I like being at the forefront of technology. It’s always interesting to keep up to date with what’s going on and my PhD has helped me do that.”

Technology and innovation have a major role to play in the professional services world, she believes. “Technology and innovation are what I do, and what I do changes how we work in Mazars. It’s changing the world of audit at the moment. A lot of auditing is very repetitive. We do similar things year on year. You can automate a lot of it using technology. Auditors can review 100 per cent of the data instead of just sampling. They can focus on anomalies and investigate discrepancies and bring their expertise to bear on those things.”

‘Mazars is a friendly and supportive place to work. The culture and ethos here are very good’

Olive Gaughan, director and head of Actuarial Services, also enjoys the variety that comes with her role. “Having spent 25 years in industry, the move to Mazars was a big change. Every day you’re doing something different. You are working with clients to understand their diverse and unique needs and the challenges they face.”

Gaughan joined in 2018 to set up the life actuarial services practice. “The actuarial team has grown from one or two in 2018 to nine now. It’s great to be part of something from the beginning. It was a great opportunity and a privilege to be able to develop a new service offering.”

The Actuarial Services team serves the insurance industry, both life and non-life, as well as other teams within Mazars.

“We work with the insurance team when they are auditing insurance companies,” she explains. “And we help insurance companies to meet their regulatory requirements. For example, the Central Bank requires independent actuarial reviews of insurance companies, and we provide that service. We also provide outsourced actuarial and risk management services to mid and small-sized insurance companies.”

Another area of activity sees the team independently reviewing proposed transactions within the industry. “If companies want to buy or sell a book of business, it has to be reviewed independently to ensure that policyholders’ interests are not being compromised. The transaction ultimately has to be approved by the High Court. It’s a very interesting process.”

Gaughan says the people side of her role is the most enjoyable aspect. “I like meeting clients and developing relationships. I also like working with non-actuaries and a wider variety of professionals than you tend to encounter in industry. I started my career as a teacher, and I still really enjoy coaching and developing people. I also love the technical aspects of the role; it takes you out of your comfort zone. It’s like a daily workout for the brain.”

Culture is also important. “Mazars is a friendly and supportive place to work. The culture and ethos here are very good. The firm is extremely supportive of people’s growth and development. There is also a strong focus on quality. It’s not enough just to get things done. That leads to a sense of pride in what we do.”

Looking back on her career, Gaughan says she doesn’t regret any decisions she has made along the way. “They were all good at the time. Moving to Mazars was a smart decision as it gave me the opportunity to broaden my perspective and skillsets. The actuarial profession has been very good for me in that it enabled me to maintain a good work-life balance and combine work and family life at various stages in my career.”

Looking ahead, she believes technology and innovation have an increasing role to play, but people need to be aware of the risks.

“I see technology as a tool and as an enabler. Innovation is a mindset. I use technology all the time and it is a great enabler as it allows actuaries the time to devote to thinking about issues and exercising their judgment. We use technology to achieve efficiencies and help clients understand markets and analyse risks. The amount of data available is growing all the time and this presents many opportunities. However, it is important that users are also mindful of the limitations and simplifications associated with their data and models "

That said, there is a lot of room for further innovation. “People in actuarial roles can be quite innovative and creative. The insurance industry is sometimes perceived as lagging behind other industries in terms of innovation. We have seen a lot of innovation at the front end regarding customer engagement and so on but there are lots of opportunities for further innovation at the back end. And there is great scope for actuaries to get involved in that.”

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