Forensic Insights
Rahul Lalit
Partner
Forensic Services
Five forces that will reshape the global landscape of anti-bribery and anti-corruption
- Enforcement will continue to evolve and spread geographically.
- Societal action will be more effective than toothless compliance regimes or unenforced regulation.
- Technology will enable automated and preventative compliance.
- As societies become increasingly cashless, facilitation payments will fall.
- Ethical and transparent businesses will become the new norm.
Stay ahead of the curve amidst the changing anti-corruption environment
From the Black Money Bill to demonetisation of high value currency notes and the imminent crackdown on Benami properties, in the last year we have witnessed strong measures to curb corruption in India. These steps clearly signal a stricter, more vigilant and compliant business environment - moving towards zero tolerance of unethical and corrupt practices.
In addition, there is growing sense of watchfulness and alertness towards enforcement by international regulators on companies operating in India and Indian corporates operating overseas.
With the increase in information sharing across the globe and potential impact of regulatory enforcement, it is prudent for businesses to be ahead of the curve by constantly focusing on assessing and mitigating business risks.
Darshan Patel
Partner
Forensic Services
PwC India
Dhruv Chawla
Partner
Forensic Services
PwC India
Financial Crime and Compliance Outlook
Given the growing scrutiny to curb financial crime, it’s very important for financial institutions in India to reassess the target operating models of their financial crime and compliance functions. It is important to treat compliance as a strategic initiative across the institution and not operate in silos. That is when they will be able to address financial crime in a more more structured, efficient and proactive manner. There’s only one choice – act now or react later.
Cyber attack and Incident Response Outlook
While cyber security threats continue to rise and evolve across sectors and geographies, we see the following trends emerging in FY17-18:
- Rise in DDoS (Distributed Denial of Service) attacks targeting Banking, Finance and e-commerce using IoT devices
- Increasing use of machine learning, computer vision and process automation for threat prediction, detection and response
- Change of cyber security strategy from 'Protect, Detect and Respond' to 'Respond, Detect and Protect' due to a large increase in average time for detection, cost of investigation and cleaning in cyber security breaches
- Emergence of ransomware attacks against IoT devices especially targeting Smart TVs and mobile phones
Krishna Sastry Pendyala
Executive Director
Forensic Services
PwC India
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