2018 saw India moving up to rank 77 in the World Bank’s Doing Business 2019 survey; it is also expected to stay unchanged as “the fastest growing emerging market economy.” The forecast as per the World Bank’s Global Economic Prospects Report - January 2019 further projects a static 7.3% growth in FY19, with the coming three years expected to grow at 7.5%.
India’s rich and resilient business ecosystem is led by favorable reforms, a strong domestic consumption pattern and revival in credit growth. In such a state, incidences of fraud, bribery and corruption can cast a strong glare on private as well as public enterprises, making investors, customers and employees skittish about the future.
The direct link between integrity and performance is not new. It has been observed that companies that behave ethically, with a high integrity quotient, tend to have happier and motivated employees. Stakeholders are also aligned toward overall organizational growth leading to better performance and profitability.
While building ethical companies may not be an easy task, it is necessary for long term survival, viability and sustainability. Most importantly, the trifecta of sound governance, transparency and ethical conduct can propel good companies to become great.
As we power through this transformative age, EY’s Forensic Outlook 2019 outlines key trends for companies, their management and boards to inspire trust, instill confidence and create extraordinary value.
Strengthening corporate governance in family businesses
Promoter run or family businesses can accelerate toward a positive growth trajectory by strengthening corporate governance and ethics.
Data privacy and protection in a technologically driven era
We see a growing significance and awareness of data privacy in a technology driven economy where harnessing data has become pivotal for business excellence.
Reinforcing ethics and integrity
Achieving the integrity agenda can be a game changer for corporates in their quest for sustainable success.
Emerging technologies for forensic
Forensic auditors are increasingly identifying potential fraud, misappropriation and misconduct by using emerging technology platforms and advanced analytics in investigations.
Spotlight on new trends shaping the fraud ecosystem
New developments in digital wallets, global in-house centers, the financial services sector and insider trading are expected to impact businesses.