AMCHAM organized the 13th Ethics & Compliance Masterclass on September 24^th in New Delhi themed ‘Reimaging Legal & Compliance in a Changing Business Landscape.’ Ms. Ranjana Khanna, Director General CEO, AMCHAM welcomed speakers and participants and highlighted how evolving geopolitical, regulatory and supply chain challenges had created new and interconnected risks for businesses. She emphasized that compliance needed to remain closely connected to the actual business environment and emerging business risks. Ms. Bhawna Ranganadhan, Chairperson – Ethics & Compliance Committee, AMCHAM and Sr. Vice President & Deputy General Counsel, Legal Compliance, Genpact, in her opening remarks, noted that geopolitical risks and uncertainty had increased significantly in recent years and underscored the need for open communication and continued dialogue to address these challenges. Ms. Piya Haldar, Co-Chairperson – Ethics & Compliance Committee, AMCHAM and Chief Compliance Officer, India, Global Compliance Assurance Leader, Honeywell Technologies, thanked AMCHAM for providing a platform for dialogue, while setting the context for the discussions for the day.

The opening session on ‘Navigating Geopolitical & Regulatory Uncertainty’ featured Mr. Asif Ahmed, Partner, AZB & Partners, Mr. Raghav Seth, Partner, AZB & Partners, and Mr. Vasu Muthyala, APAC Regional Head – Investigations and White-Collar Crime Practice, Clifford Chance. The panel highlighted the increasing cooperation between Indian and U.S. enforcement agencies and the potential exposure arising from transactions involving U.S. technology, U.S. dollars and cross-border counterparties. A key area of discussion was the conflict between unilateral foreign sanctions and Indian law, and the resulting uncertainty for companies when contractual obligations span multiple jurisdictions. The discussion emphasized the need for businesses to carefully assess applicable laws and strengthen cross-border contracts, sanctions clauses, compliance controls and due diligence mechanisms to manage enforcement and prosecution risks.

The second session, ‘Managing Whistleblowing Complaints: From Intake to Resolution,’ focused on the practical challenges of managing whistleblower complaints, particularly where facts are incomplete, motives are unclear, and confidentiality, fairness, and business interests must be balanced. Through different scenarios, the discussion explored handling anonymous allegations, senior management pressure, potential retaliation, information disclosed in stages, reporters seeking involvement in investigations, and whistleblowers who may themselves have participated in misconduct. The key theme was the need to assess allegations objectively, protect confidentiality, distinguish credible information from the reporter’s conduct, ensure procedural fairness, and manage investigations independently and proportionately. The conversation featured Mr. Jaskaran Bhullar, Partner, Panag, Babu & Sarangi and Dr. Gunjan Singh, Director and Head – Compliance and Clinical Affairs – India, Compliance Officer – NV APAC, Stryker.

The panel on ‘The Modern Investigation: People, Process, Technology and the Evolving Compliance Landscape’ with Mr. Satyajit Gupta, VP and Associate General Counsel, EXL, Dr. Deepak Yadav, Director, Ethics and Compliance – India, Director on Board, Kenvue GCC, Ms. Megha Janakiraman, Regional Compliance Director for India and Pakistan, Pfizer, and Ms. Damandeep Kaur, Regional Chief Legal Officer, TP in India & APAC, was moderated by Mr. Priyank Ladoia, Partner, AZB & Partners. The session focused on strengthening internal investigations, whistleblower mechanisms, cross-border investigations, and compliance frameworks amid India’s evolving regulatory landscape. Key questions covered the use of external counsel, protection of sensitive documents, whistleblower safeguards, handling anonymous complaints, conflicting regulatory demands, cross-border document requests, and dawn raids. The discussion also examined regulatory fragmentation, the gap between “paper compliance” and actual expectations, board oversight, and potential reforms to ease compliance for multinationals in India.

Mr. Vasu Muthyala, APAC Regional Head – Investigations and White-Collar Crime Practice, Clifford Chance led a masterclass case study demonstration on ‘The Risks’ exploring key corporate risks through real-world case studies on sanctions, export controls, financial fraud, and forced labour. The session focused on practical lessons for identifying risks, strengthening compliance frameworks, and preventing regulatory violations.

Ms. Lipika Arora, Head – Legal & Compliance and Company Secretary, India, Boston Scientific, Mr. Rohit Raj, Senior Counsel for South Asia, Corteva Agriscience, Mr. Jagannadharao Nanduru, Senior Director and Deputy India Compliance Officer, Parexel International, and Mr. Gaurav Ajmani, Associate General Counsel – APAC & MENA, Snap Inc. as the moderator shared their views on the panel titled ‘Are We Ready for the Next Generation of Third-Party Risk Management?’ The session explored the evolving landscape of third-party risk management (TPRM), highlighting the shift from traditional point-in-time due diligence to a continuous, risk-based approach. The discussion covered sanctions and geopolitical risks, adverse media, supply-chain visibility, data privacy, AI-enabled due diligence, and the continued importance of human judgment and effective stakeholder communication. Overall, the discussion emphasized how TPRM was moving towards continuous risk intelligence, supported by technology, human judgment and clear communication, to strengthen governance, resilience, and informed decision-making.

The closing session featured a fireside chat on the ‘Geopolitics of Compliance: From Risk Control to Strategic Resilience’ with Mr. Safi Ahsan Rizvi, Risk Analyst & Geo-Strategist, Former Special Director, Intelligence Bureau, Ms. Bhawna Ranganadhan, Chairperson – Ethics & Compliance Committee, AMCHAM and Sr. Vice President & Deputy General Counsel, Legal Compliance, Genpact, and Ms. Piya Haldar, Co-Chairperson – Ethics & Compliance Committee, AMCHAM and Chief Compliance Officer, India, Global Compliance Assurance Leader, Honeywell Technologies. The chat focused on how sanctions, trade restrictions, geopolitical tensions, and export controls affect multinational businesses and compliance in India. It examined vulnerabilities across supply chains and third parties, the importance of using intelligence and early-warning signals to anticipate risks, and the need for stronger resilience. The discussion also addressed AI adoption, including its potential role in productivity and the need for appropriate regulatory and governance guardrails.

The conference was supported by AZB & Partners, Clifford Chance