India’s growth chart has seen a marked change over the last few years, swiftly marching toward becoming an economic powerhouse. Robust local demand, increased foreign and domestic investments, new laws, a thriving entrepreneurial ecosystem and innovation have been key factors enabling the transformation. However, businesses have struggled with many challenges such as geopolitical uncertainties, fraud, bribery and corruption, export slumps, non-performing assets (NPAs), cybercrime and ransomware, currency fluctuations as well as money laundering.
The future of corporate India can have a favourable outlook with organizations showing zeal and readiness to mobilize resources and set up strong compliance frameworks and anti-fraud and anti-corruption programs.
For 2018, we have encapsulated key trends that could power rapid growth, leveraging compliance as an advantage in technologically disruptive times.
Overcoming tribulations in emerging markets
Emerging markets have been seen as the epicentre of global growth in recent times.
The digital transformation of compliance
Cybercriminals will continue to exploit vulnerabilities in systems using newer sophisticated techniques. Blockchain will be increasingly used to secure digital transactions, safeguard data against cybercriminals and reduce counterfeiting.
Propelling Chief Compliance Officers to the front seat
Chief Compliance Officers will have to jump aboard the technology bandwagon and comprehend and implement analytics, AI, blockchain and robotics to improve the efficacy and extent of compliance programs.
Strengthening governance in the financial services sector
2018 will witness a greater supervision by the regulators as the financial services sector looks at a clean-up.
Clashing against bribery and corrupt forces
The focus to curb bribery and corruption in the public and private sector alike will continue to see an upsurge this year.