Indian companies are today facing challenges they have never faced before. A multitude of regulatory changes, immense competition, black swan events, deep recession and so on. Taking on these challenges is the need of the hour. Companies are today looking to make a change in the fundamental ways of doing their business. One of these changes is to strengthen or introduce effective risk management
All companies need to be prepared to take on the emerging risks and challenges that cannot be well defined.
<h1>Challenges that companies face today</h1>
<h3>Introduction of GST, IFRS, and Direct Tax Code</h3>
A lot of regulations are set to change in the next few years. These are sweeping changes and companies need to be geared up with many internal and technological changes before things are done.
<h3>Redeployment of human capital across the organization</font</h3>
As companies are addressing cost cutting measures, there is a lot of internal movement to absorb excess manpower in sales and operational departments. But these movements come at a hidden cost. The cost of loss of knowledge in the old role and the time taken to gain experience in the new role.
<h3>Frauds are ever-increasing</font></h3>
Banking and manufacturing companies alike are faced with a challenge to combat internal and external frauds. With default rates increasing for the consumer segment, the credit card industry is taking a big hit as well. Corporate governance has taken a toll with the Satyam fiasco.
<h3>Regulatory environment continues to be complex</h3>
Interpretation of complex regulations makes compliance to these regulations difficult. Future changes in regulations adds to the complexity and uncertainty. And companies are not prepared for this.
<h3>Uncertainty in the global and local markets</h3>
The financial and liquidity situation across the globe continues to be gloomy. Although recovery seems not far away, whether this recovery reverses all the negative impact and brings India Inc to the mid 2008 period is a question.
<h3>Finally, competition</h3>
We can never forget that competition is always a concern for any company at any point of the economic cycle.
We want to be part of your challenges and help you with some of the pain points. Connect with Risk professionals at Riskpro and we are sure that you will be able to navigate through these challenges.