Boards and Senior Management in the Region Are Placing More Emphasis on Promoting A Culture of Risk Management: Sentiment at Thomson Reuters South Asia Risk Summit in India

Benchmark forum for regulatory bodies, risk & compliance professionals and corporations to discuss the changing and evermore challenging regulatory landscape and its impact on global business

Mumbai - Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, hosted the first-ever South Asia Risk Summit 2016 in Mumbai, India. The summit brought together more than 300 delegates for a dialogue on mission-critical issues facing the ever changing regulatory and risk landscape. Key regulators including SEBI and IRDA participated with other industry thought leaders from the financial markets and risk, audit and compliance communities. Senior partners from Deloitte, KPMG and Grand Thornton shared their insight.

Delivering the keynote address at the summit, Shri U K Sinha, Chairman, Securities and Exchange Board of India (SEBI) said, “Corporations should be open to a culture of compliance for effective and timely supervision. SEBI and Government are actively working towards streamlining processes and driving use of technology for efficient functioning. Continuous monitoring and supervision is an ongoing challenge but we need to be prepared with robust risk management systems, as we work with the global regulators to build common standards for risk. As a nation, we need to imbibe a culture of appreciating guidelines and regulations, take a forward view and set up systems to analyze early warning signals and alerts which keeps us ahead of the curve.”

Mr. Sinha added, “I congratulate Thomson Reuters for organizing South Asia Risk summit. We are also working very closely with South Asia regulatory bodies to build efficient networks and guidelines and will be happy to look at the suggestions and recommendations which came from today’s discussions to help build robust risk management framework within the region.”

Pradeep Lankapalli, Managing Director, South-Asia, Thomson Reuters, said, “We are delighted to host the first South Asia Risk Summit to facilitate dialogue around regulatory issues in the industry.” He further added, “The industry is witnessing significant structural reforms and regulatory changes, which will impact how business is conducted.  While the government and regulators are setting up the right framework, it is key for financial institutions and corporations to continue to focus on corporate governance, conduct risk and review risks in their financial transactions and supply chains.”

The day-long programme explored key themes such as the evolution of the regulatory landscape in India, developing risk intelligence within networks, the culture of risk, effective money laundering programme in the virtual world and risk predictions and recommendation for 2016.

“The governments have an ethical responsibility towards whistleblowers that are saving millions of dollars by volunteering information at a huge personal risk,” said Martin Woods, a former whistleblower and currently Head-Financial Crime at Thomson Reuters. Speaking at the summit on how whistle blowing mechanism can act as a safety net for risk management, he further added, “Whistle blowing is a key control which works in parallel with other risk controls including screening of clients, training of the employees and monitoring of transactions.”


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Contacts

Shweta Munjal

Head – Corporate Affairs, South Asia                               
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Email: shweta.munjal@thomsonreuters.com

Udita Lal

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Email: udita@avian-media.com