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Corporate Fraud Risk Management Conference
India Inc. is on the verge of the next quantum leap. Recent fraud cases like the PNB Scam, Vijay Mallya case, and the AugustaWestland deal to name a few have cast a shadow of doubt on India Inc. This is exemplified by the drop in the perception the world has on India.
Fortunately, this has been recognised by all and more so by the youth of the country, which is clamouring for change and action. Policy makers have taken their first step to increase corporate transparency by writing several pieces of legislations, including the Companies Act 2013 and the proposed revision(s) to the Prevention of Corruption Act, amongst others.
It is now India Inc.’s opportunity to step-up to the plate. The need of the hour for corporate organisations is thus to invest in right anti-fraud measures, such as, employee background screening, business partner or third party due diligence, effective and well-understood whistleblowing systems and well-tested fraud risk management systems, which would help reduce losses on account of fraud and corruption.
Top Economic Enablers in 2018 (*)
- Starting a Business: India made starting a business faster by merging the applications for the Permanent Account Number (PAN) and the Tax Account Number (TAN) and by improving the online application system.
- Obtaining Credit: India strengthened access to credit by amending the rules on priority of secured creditors outside reorganization proceedings and by adopting a new law on insolvency that provides a time limit and clear grounds for relief to the automatic stay for secured creditors during reorganization procedures.
- Enforcing Contracts: In both Delhi and Mumbai, the introduction of the National Judicial Data Grid made it possible to generate case management reports on local courts, thereby making it easier to enforce contracts.
- Resolving insolvency: India made resolving insolvency easier by adopting a new insolvency and bankruptcy code that introduced a reorganization procedure for corporate debtors and facilitated continuation of the debtor's business during insolvency proceedings. This reform applies to both Delhi and Mumbai and will be extended to the remaining regions over the coming year.
Top Business Risks in 2018 (*)
- Public Protests/Strikes
- Natural Disasters
- Cyber Attacks
- Bribery and Corruption
(*) Based on India Risk Report 2018 by Mitkat Advisory
23-24 January 2019