India’s risk and compliance landscape today is more complex than ever before. Watchdogs are introducing new policies and modifying existing ones to safeguard businesses and consumers. Regulatory guardrails are getting stronger while regulators increase their focus on areas such as data, privacy, compliance, operational resilience, and business continuity.
As per a media report, 250 companies in India were penalized for non-compliance by the government and quasi-government bodies in 2022. The cost of non-compliance is clearly becoming more expensive than investments in technology. For example, in the recent Data Protection Bill the penalty for non-compliance is over 60 million dollars. Highly regulated industries like healthcare, banking, energy, and financial services, are challenged not just by the pace of change but also the intense pressure associated with potential fines.
Operational risk, cyber risk, market, and geopolitical risks are thwarting growth for businesses in India and can cause significant impacts. Risks are also no longer happening in silos and are highly interconnected with implications across the enterprise. For example, the recent cyber attack on AIIMS…
