According to the World Bank, the Indian economy is the ‘Fastest growing
market economy’, and this pace is still expected to grow in the upcoming years. This is possible because of the strong economic reforms India has seen recently which led to an increase in consumers and growth. In such situations, incidents of fraud, corruption, bribery and other white-collar crimes can take a toll on both government and private sectors. In a more recent survey, it is found that the integrity and credibility has a direct effect on the company, the employees remain happier and the shareholders remain profitable if the company is credible. But, it is not easy to achieve such a place, it takes in a lot of effort and time for organizations to achieve this state. This often leads to long term survival and higher revenue of the company. A forensic outlook outlines the regulations and compliances to be followed to achieve this state.
Family business is now booming more than ever. A more governed and
regulated business yields more profit and promotes better work ethics. This is important because family business is the backbone of India and keeping it alive and well promotes the Indian economy. This should be done in transparency and thus drawing a line between personal and corporate decisions. At digitalized times like this, it is needed that family businesses adapt to the digital world and be geared-up for a technologically driven world.
Adapting to technology is one thing but putting your data at risk is a whole
different part to deal with considering the bigger picture. All over the world, data privacy protection actisin effect to protect the consumer data and the company’s data to ensure that no one uses these data for their personal gain or using them in a way to destroy lives. Strict regulations should be followed by the organizations to store, organize and correctly structure the data. There are new technologies like block-chain which are becoming increasingly popular in terms of data security. In spite of all these, penalties for data regarding acts should be made severe. Reinforcing ethics and integrity is also an important part of obtaining sustainable success. Companies should encourage the employees to stand-up against the misconducts that they come across in an organization. Ethics in the workplace and regulation should be made more robust and attainable to achieve this state. A study found out that a company that has good credibility stands out more confidently in the global market. This is attainable if the company keeps up with the governance standards set by the government and a good corporate culture also promotes integrity.
The role of technology in all these is still un-avoidable, making use of
technology is a great idea to tackle these challenges. The emergence of AI,
block-chain and IOT has led to a significant change in the way of employing
technology in data analytics and information filtering.