According to Monish G Chatrath - 

"While 2022 brought significant changes to the fore in the field of risk advisory services, 2023 provides the opportunity to implement some of the learnings and prepare organizations for new challenges that lie ahead.

I expect the spotlight this year to be firmly on key aspects of the governance framework, with particular emphasis on the audit and finance functions, which have a legal, moral and ethical responsibility to identify and disclose aspects of a vested agenda that has the potential to impact the interests of other stakeholders adversely. Given the current sentiment of relative uncertainty in the context of a possible recession in USA and several other countries, it would not be surprising to see a marked increase in governance requirements across the globe, including in India.

The focus will also be on the responsibilities and liabilities of members of a board, which has progressed from being seen as a ceremonial function to one that is critical to setting the ethical tone of a company. Consequently, when I am asked the proverbial question from members of boards of various organizations on whether their role has limits in practice, my response is invariably a short, direct and blunt ‘no’.

The best measure of how effectively a board member is able to discharge his/her responsibilities lies in their ability to influence constructive discussions on aspects that go beyond earnings, to evaluating the sustainability of business models and consequent strategies. The focus should be not on just “how much?”, but on “how?”, “at what cost?”, “at whose expense?” and on evaluating the impact of such decisions on all stakeholders. Justifying their decisions otherwise, can be a rigorous and tricky process, particularly for independent directors who have been (possibly excessively?), entrusted with various responsibilities including the exceptional role of managing fraud risks."

About MGC Global Risk Advisory 

Recognized as one of the '10 most promising risk advisory services firms' in 2017, as the 'Company of the Year' in 2018 &, 2019' (both in the category of risk advisory services), one of the 'Top Exceptional Companies to Work For’ in 2020, amongst the ‘Top 25 Customer Centric Companies’ in 2020 and 'The Consultant of the year' in 2021 (in the category of risk advisory services); MGC Global is an independent member firm of the US$ 4.5 billion, Atlanta headquartered - Allinial Global.

MGC Global provides services in the areas of enterprise wide risk management, control assessments (SOC, IFCR & SOX), internal audits, process re-engneering, governance frameworks, IT risk advisory, GDPR, cyber security, CxO transformation and forensic services. Our Firm has the capabilities to service its clients through its offices in Bengaluru, Mumbai, NCR; and has service arrangements in all major cities in India.

About Allinial Global

Allinial Global (formerly PKF North America) is currently the world's second-largest member-based association (with collective revenues of approximately USD 4.6 billion) that has dedicated itself to the success of independent accounting and consulting firms since its founding in 1969. It currently has member firms in 99 countries, who have over 26,000 professional staff and over 4,000 partners operating from 688 offices across the globe.

Allinial Global provides its member firms with a broad array of resources and support that benefit both its member firms and their clients in the key impact areas of learning and development, human resources, international outreach, technical support, knowledge-sharing platforms through its specialized communities of practice, marketing resources, information technology and best practices in practice management.