Major Indian companies from of IT, telecom as well as retail, e-commerce and private equity firms are now investing in ways to tackle fraud, bribery and corruption and create more awareness about such issues, an EY official said. He indicated that there was an increasing demand for forensic talent in the country, which is evident from the growth of the practice from 50 individuals a decade ago to about 4,000 currently. A recent EY report on fraud and corruption stated that over 80 percent of Indians believe individual prosecutions will help deter such (fraud) instances, while 84 percent regional respondents believe they can be more transparent in business. Also Read - Why Indian engineers are missing the mark for the jobs they set out to pursueAlso Read - IT department warns taxpayers about fake SMS phishing attacks: Report
“Several large IT companies, telecom companies, and retail, e-commerce and private equity firms in India, are all slowly becoming proactive adopters of managing bribery, fraud and corruption,” Mukul Shrivastava, Partner, Fraud Investigation and Dispute Services at EY, said. “Automotive, media and entertainment sectors are also proactive on this front. All these sectors are under the scrutiny of a global audience, and are a critical part of global economy as companies want to invest in them. Therefore, they have to come up to speed faster,” he added.
“India has seen a rapid rise in cases related to fraud, bribery and corruption in recent times, sparking the need to have specialists to secure and shield businesses,” Shrivastava said. India’s focus on maintaining its global perception as an avid business destination requires a thorough follow-through in terms of adherence to global compliance principles. “While the current regime is seeding change through several macro changes in law and regulation, focus needs to be on the granular aspects to make this change a reality,” the report had stated.
As corporate companies continue with their commitment to drive anti-fraud and anti-corruption practices, internally as well as in third party dealings, their role will be instrumental in demonstrating India’s renewed stance to the world, it added. To encourage forensic talent in the country, EY Fraud Investigation and Dispute Services and Association of Certified Fraud Examiners (ACFE), Western Region Chapter, have launched the flagship ‘Forensic Trailblazer Award’. ALSO READ: Cloud spending in India to cross $10 billion by 2020: Report