Shri Ashutosh K. Dumbare
A string of corporate scandals and frauds have rattled India Inc. in recent times, resulting in decline in investor confidence and loss of shareholder value and in extreme cases, liquidation of business.
Theft of physical assets was the most common fraud experienced in the past year. However, vendor, supplier, or procurement fraud (17%) and information theft (15%) are the next most frequent types of frauds experienced. The majority of businesses believe that they have become more vulnerable to fraud in the past one year. One of the areas identified to be of particular concern is information theft. Most senior executives believe that they are highly or moderately vulnerable to information theft risks such as cyber incidents. (Report)
In the Corporate Fraud and Forensics India Summit 2017 organized by Legal Era Magazine from the Legal Media Group on August 10 & 11, delegates engaged in debate on real-life experiences and cultivated innovative solutions to reshape the quality of corporate fraud detection & control program. The Summit successfully concluded, with the delegates taking back valuable information with regard to high-level risk management programs, upcoming challenges, broadening the fraud dialogue, profiling fraudsters, empowering internal audit committee, psychology of white-collar crime, investigation framework, internal control program, recent trends in corporate fraud to upscale the ethical standards in business, and how to take advantage of the many networking opportunities on offer.