Ending Keynote

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Ending Keynote
Business Compliance in a globalized economy
Pradeep Gupta Chairman, CyberMedia Group
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Why Me?
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India Going Global

• Languages
• Cultures
• Business Practices
• Legal Systems

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Our Track Record

• Inside India
• Outside of India
• More and more companies going abroad

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Nature of Compliance

• Sox/ Rule 49
• RTI Act

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SOX

• New standards for corporate boards audit
  committees
• Accountability standards and criminal penalties
• External auditors

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Stakeholders

• Shareholders, board, management
• Employees, suppliers, customers, creditors,
  community
• External forces like government, media,
  competition

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Challenges

• Mergers Acquisitions
• Different systems
• Different technologies
• Integration
• JVs
• Multiple accounting practices
• Integration into corporate system

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IT Can no longer be a Black Box

• Board needs to understand overall architecture
• Centralised/ decentralised/ federated
• Different silos must be able to talk to one
  another and should be integrated

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RTI Act

• Duly catalogued/ indexed/ computerised/ networked
• Organisation/ functions/ duties/ powers/
  remuneration
• Rules/ procedures/ norms
• Board/ councils/ committees/ minutes/ resolutions
• Budgets
• Management/ subsidies/ permits/ concessions
• Provide suo moto information

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Exclusions

• 20 years
• Sovereignty/ integrity/ strategic/ economic
  interest
• Forbidden by court
• Breach of privilege
• Commercial confidence/ trade secrets/ IP
• Fiduciary
• Public interest gt Protected interest

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Key steps

• Create a budget
• Actively design for governance
• Indexing and storing
• Integrate applications instead of silos

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Thank You PradeepG_at_CyberMedia.co.in