The Anti-Corruption & FCPA Compliance Committee organized AMCHAM’s 10th Anti-Corruption Compliance and Risk Management Master Class: Ten Years of the Ever-Changing Face of Compliance on September 15th at Hotel Aloft, Aerocity, New Delhi. Ms. Komple Sharma, Director, AMCHAM welcomed dignitaries and participants. The opening remarks were given by Mr. Gaurav Ajmani, Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Associate General Counsel, Business Conduct & Ethics, Amazon Seller Services (P) Ltd. and Ms. Bhawna A. Ranganadhan, Co-Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Sr. VP & Deputy General Counsel, Legal Compliance, Genpact.

The first session, a masterclass on ‘Employees: Your Biggest Asset or the Biggest Threat?’ featured speakers Mr. Gaurav Ajmani, Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Associate General Counsel, Business Conduct & Ethics, Amazon Seller Services (P) Ltd. and Ms. Bhawna A. Ranganadhan, Co-Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Sr. VP & Deputy General Counsel, Legal Compliance, Genpact. They discussed the ACFE report to the nations which mentioned that 42% of the analyzed frauds were detected in time and more than half of the tips came from employees. New trends post COVID like moon lighting, ghost employees, breach of confidentiality, cyber frauds and other frauds in the recruitment processes were discussed. The speakers explained the Donald Cressey fraud triangle through the lens of opportunity, rationalization, pressure and capability. Ways to prevent fraud were highlighted such as trainings, creating policies and procedures, tone from the top, detection mechanism and response mechanism.

The second session was a panel discussion on ‘Evolution of TPRM: What it Was, What it Is and What it Will Be?’ with panelists Ms. Manu Bal, Head of Legal, Compliance and Corporate Affairs, Beam Suntory India, Dr. Gunjan Singh, Director – Compliance, Stryker India and Mr. Avneesh Chopra, Head (Legal) and Company Secretary, Valvoline Cummins Pvt. Ltd. (India) with Mr. Aakash Sharma, Partner, Financial Advisory, Deloitte Touche Tohmatsu India LLP as the moderator. The session gave a comprehensive view of how third-party risk management (TPRM) has transformed over time, the current state of the practice and insights into what the future may hold in this critical area of corporate risk management. Speakers shared valuable insights into the evolving landscape of TPRM including critical elements of TPI Risk Management, on-boarding and off-boarding, shared best practices and the scope of work for TPIs. It also provided insights into what the future holds for TPRM, considering factors such as evolving regulations, technological advancements and global trends in compliance and risk management.

In the third session on ‘India’s Corruption Barometer: Past, Present & Future,’ Prof. Madhu Bhalla, Chairperson, Transparency International India explored the evolution of corruption laws in India. Prof. Bhalla, in her address, gave the historical background of anti-corruption laws in India and also covered the role, duties and accountability of a public servant. Specific laws under the Indian Penal Code, Article 15 of UN Convention, G20 Delhi declaration section on bribery and anti-corruption, Lokayuktas, Lokpals, etc. were discussed during the session.

Mr. Arpinder Singh, Global Markets and India Leader, Forensic & Integrity Services, EY, in the fourth session on ‘Conducting Investigations in Cyber Age,’ shared some market trends and updates in the regulatory framework (DOJ) and followed up with some DOJ opinion requests. Mr. Singh conducted a simulation exercise through illustrative case studies which highlighted ethical dilemmas faced by a compliance professional. He touched upon the thumb rules to conduct an effective investigation that included maintaining a level of professional scepticism, ensuring investigation and supporting documents were legally tenable, fair and objective conduct, ensuring investigations were in sync with companies’ policies and internal compliance framework and always maintaining confidentiality.

The next session was a panel discussion on ‘Digital Personal Data Protection Act: Impact on Businesses’ with Dr. Ruchi Agarwal, VP – Legal Compliance & DPO (India), Genpact, Mr. Shobhit Chandra, Counsel, Khaitan & Co., Mr. Ratnil Chauhan, Counsel, Khaitan & Co., Mr. Ashwini Agarwal, Head of Supplier Anti-Corruption, Nokia and Ms. Anushka Sharda, Partner, Khaitan & Co. as the moderator. The panel opened with the journey of the Digital Personal Data Protection Act 2023 and key definitions. The panel discussed India and the extra-territorial scope of the act, grounds for processing personal data and concepts around privacy notice. The panel also discussed the novel concept of the consent manager, key compliances for data fiduciaries and rights and duties of the data principal in the new act.

The sixth session featured a fireside chat with Mr. Ravi Sethi, Assistant Legal Attaché, Federal Bureau of Investigation, U.S. Embassy and the Chair and Co-Chair of AMCHAM’s Anti-Corruption & FCPA Compliance Committee. Mr. Sethi explained the important role the FBI plays in addressing contemporary challenges, especially related to the business world. He also provided insights into how the agency adapts to changing circumstances and emerging risks.

The last session was a panel discussion on ‘Intersection of ESG & Compliance.’ The panelists were Mr. Seshadri Govindan, Head – Ethics & Compliance, 3M India, Ms. Vasudha Sharma, Vice President (Legal), Accenture, Ms. Malini Gulati, Senior Legal & Compliance Counsel, Boston Scientific, Ms. Piya Haldar, Chief Compliance Officer, Honeywell India and Mr. Sachin Salian, HCCO, Janssen India and Asia Pacific Regional Director. It was moderated by Mr. Inderjeet Singh, Partner, Financial Advisory, Deloitte Touche Tohmatsu India LLP. The session highlighted the evolving role of ESG factors in corporate governance and risk management and the importance of integrating ESG considerations into developing the overall compliance strategy. The discussion provided a profound understanding of how ESG and compliance intersect to drive sustainable business practices.

Mr. Gaurav Ajmani, Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Ms. Bhawna A. Ranganadhan, Co-Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM concluded the master class by thanking the esteemed speakers, engaging audience and valuable event partners: Deloitte, EY and Khaitan & Co.