Forensic Outlook 2017
Driving compliance in the era of corruption
The launch of numerous Government initiatives, strong domestic demand and rapid inflow of foreign direct investment have led India on an upward growth trajectory, making 2016 a transformative year. India’s score in Transparency International’s Corruption Perception Index 2016 improved marginally, from 38 to 40, which it shared with two other BRICS nations Brazil and China. This indicates that combating corruption has become an important aspect for developing nations to contemplate in their growth aspirations.
In line with this, we have listed down key trends which will enable companies to enhance compliance, stimulate business growth and redefine the Indian business diaspora.
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Curbing financial crime in the banking and financial services sector
The banking and financial services sector has seen immense volatility because of rising financial crime, money laundering, non-performing assets and cybercrime. In 2017, there will be a focus on newer solutions such as robotics and automation within lesser-explored areas such as KYC during customer on-boarding and transaction monitoring to enhance efficiency.
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Driving compliance and defying risks through technology
The widespread use of and dependence on technology are transforming the compliance landscape. As large volumes of information continue to be exchanged over networks, the risk of data leakage, data theft and cyber-attacks will escalate. In 2017, the use of technology to fuel compliance and combat risks will be instrumental.
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Continued crackdown on bribery and corruption
The focus on bribery and corruption risks has seen an upswing, fueled by international scrutiny and public awareness. Improved regulations, enforcement actions by accountability watchdogs and greater transnational collaboration would help establish resilient anti-bribery and anti-corruption mechanisms, deter potential risks and echo companies’ commitment in driving transparency.
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Re-engineering the CFO
The role of the new age CFO is unique and has transformed to become disruptive over the years. 2017 will usher in a new wave of transformation for the modern day CFO through greater focus on bringing in reforms, managing fraud and corruption risks, and building formidable businesses.
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Raising standards of food safety compliance in India
India has seen a paradigm shift in the production and consumption of food products, with amplified emphasis on quality and safety. In 2017, the logical progression of the food industry would be to move toward instituting and documenting proactive and self-compliant measures of food safety.