Crisis Preparedness And Resilience-By-Design Are Strategic Priorities For India’s CROs: Deloitte And IRM

* 2nd edition of ‘The CRO Circle’ delves deeper on building risk cultures and collaboration. 

Deloitte and India affiliate of Institute of Risk Management (IRM India) highlighted an emergent need for an -integration between ‘Crisis and Resilience Management, and Risk Management practices’ as an area of priority for risk preparedness in Indian organisations. 

This outcome is part of the 2nd edition of ‘The CRO Circle’―India’s unique community of chief risk officers (CROs) across industries, that deliberate on critical business issues, and collaborate with an objective to bring newer avenues of business outcomes. 

The criticality of being resilient and crisis preparedness was evident in a recent global survey report published by Deloitte. As high as 70 percent CXOs surveyed in India, do not see 2020 as a rare event and believe they are likely to see occasional, or regular, disruptions of this scale going forward.  The report confirms that organisations that plan and invest in anticipation of disruptions, either as a result of an isolated cyber-attack, a full-blown health pandemic or due to the impact of climate change are better positioned to respond, recover, and thrive. 

Speaking about the initiative, Rohit Mahajan, President, Risk Advisory, Deloitte Touche Tohmatsu India LLP opines saying, “Today’s environment is not just of heightened risk, but also of prolonged uncertainty. 

COVID-19 pandemic was a wake-up call against the downside of maintaining the status quo of managing risks one by one, department by department. Integrating business-as-usual risk management with crisis management and focus on building ‘resilience-by-design’ in businesses can help enable agility in the face of an uncertain future. 

As India Inc. battles the complexities to thrive, risk management becomes paramount more than ever and resilient organisations with flexible, adaptable, tech savvy, and innovative mindsets that cultivate risk intelligent cultures, will be better positioned to overcome disruptions and succeed in the times to come.”

Commenting on the second session of The CRO Circle, Hersh Shah, CEO, IRM India said, “The events of the past year have highlighted the necessity of a robust risk management structure across the government and corporate sector. As we move towards a post-COVID economy, the focus must shift towards strengthening India Inc., and building resilience and growth through strategic risk management. As a globally recognised body driving excellence in Enterprise Rist Management(ERM) qualifications across 143 countries, we have seen rising recognition of risk management in corporate India, especially in the rapidly-evolving post-COVID economy. Through this partnership with Deloitte, the leading risk advisory in India, we hope to leverage the experience and expertise of the CRO community in India in promoting the best practices in risk management beyond risk compliance. Through The CRO Circle, we have the opportunity here to build a strong foundation of a resurgent economy, one that is based on strategic risk practices with due vigilance of emerging risks, and tailored to meet the unique challenges of the Indian economy.”

Disruptions in technology have been impacting people, process, and policies during the pandemic, putting the spotlight on CROs and their responsibilities. The leaders are now accountable for imbibing a risk culture that thrives through adversities. 

About India Affiliate of Institute of Risk Management (IRM India)

Headquartered in the UK, the Institute of Risk Management (IRM) is the world's leading professional body for Enterprise Risk Management (ERM) qualifications. IRM has been driving excellence for over 30+ years with over 10,000+ professional members and has trained students globally in 143 countries. With 360 exam centres in India, India Affiliate of the Institute of Risk Management is committed to creating an ecosystem for enterprise risk professionals in India with its 5-level professional qualifications with designations that are globally recognized. 

FCM Unveils Bold New Brand Identity And Signals Game-Changing Technology Offering

A rapidly evolving business travel landscape has been the catalyst for award-winning global travel management company FCM to transform its brand identity and take a fresh approach to developing a new tech platform. 

With the global pandemic causing a seismic shift in the business travel industry, FCM has made it a priority to address customers’ pain points and their travel programmes by investing in new technology, rapid implementation, enhanced account management and sustainable and secure travel. 

FCM’s bold new look is designed to showcase the brands’ distinctively flexible and unconventional approach to providing agile travel management services to its customers globally and locally. The end-to-end rebrand has been launched in 97 countries across all websites, customer communications and social media platforms.   

A core component of the announcement is that FCM is forging ahead with development of a ground-breaking proprietary technology that directly targets customers’ pain points with current and legacy corporate travel technology. The in-house platform is an omnichannel offering that is being developed following extensive research globally among customers to understand the different concerns of their bookers, travellers and managers. Findings of this research revealed customers need an all-encompassing platform that is consistent across all markets, but also fully flexible with a positive user experience and simple user interface.   

FCM’s Global Chief Technology Officer Adrian Lopez said the vision for the platform is based on addressing six key pillars: a globally consistent booking experience; always available travel assistance; traveller safety and wellbeing support; sustainability; AI powered reporting and savings, and flexible integration capabilities.  

“The development of FCM Platform’s core experience is already well advanced, including a new proprietary online booking solution planned for key markets and integration of AI enhanced chatbot tool Sam as the digital ‘avatar’, providing live chat and real-time assistance across all of the platform’s channels,” said Lopez. 

With powered-up features like AI powered reporting, allowing a search experience similar to that of Google for actionability of data, customers in several regions around the globe have a lot to look forward to as they begin testing the FCM Platform prior to the first phase of onboarding later this year.

“We are very excited to unveil FCM’s new brand and also to reveal that 2021 will be a landmark year with the launch of our ground-breaking proprietary technology platform,” said Marcus Eklund, Global Managing Director, FCM.  

“Our customers tell us that FCM is unlike any other TMC, that we have a flexible approach and don’t box them into solutions. Our DNA is very different and we have always prided ourselves on having an alternative mindset. But that wasn’t historically reflected in our brand identity. It was time for FCM to stand out in the market as a true alternative to the traditional service offering of large global TMCs, or the digital-only business travel offering of the tech disruptors.”  

“We are proud of our long journey and humbled by the constant support and encouragement received from our partners and customers. The identity refresh is just the beginning of a wave of strategic initiatives ready to be rolled out, both internal and external, by leveraging our technological expertise to create solutions and practices that will help our stakeholders at large. With this development we aim to honour the community and help them meet their expectations.  It’s not just a colour change, it also represents our ethos, our people and our alternative mindset that makes us stand apart” said Rakshit Desai, Managing Director, India, Flight Centre Travel Group.  

About FCM: 

Discover the alternative 

FCM is one of the largest travel management companies in the world, and the flagship global business travel division of Flight Centre Travel Group –so when we say global network, we mean it.  Operating in over 97 countries across the world, our team exists on a global scale. We’re all about supporting each other and staying connected so that you know you’re in good hands, no matter where you are in the world.  Globally connected, flexible, and a little unconventional — we make sure that wherever you’re going, you can always go your way. Whether you have regular international travel needs, take single trips at the last-minute, or want to consolidate your business travel services and costs across multiple countries — FCM’s global network has the experience, reach and negotiating strength you’re looking for in a travel partner. 

Tata Motors Launches ‘Wheels of Love’, A Holistic Programme To Support Parenthood

Tata Motors today announced the launch of ‘Wheels of Love’, a holistic programme that supports new parents in their exciting journey both as a parent and also as a valued employee while promoting a progressive culture of care, inclusion and sensitization within the organization across levels.

Also presented in the form of a specially curated book, ‘Wheels of Love’ puts forth various tenets to enable new and expectant parents successfully manage the need to focus on their growing family while also fulfilling their career goals. In addition to guiding parents, the books also provides valuable insights for managers to support their team members as they progress through the various stages of parenthood.

Announcing the launch of ‘Wheels of Love’, Mr. Ravindra Kumar G.P., Chief Human Resources Officer, Tata Motors, said, “At Tata Motors, we have embraced diversity and inclusion at all levels as a strategy to success.  Over the years, we have strived to cultivate a gender diverse workspace, which is both sensitive and inclusive. It’s built on the foundation of creating an ecosystem that is attractive and supportive to women professionals at various stages of their life and career. ‘Wheels of Love’ takes this thinking forward by creating a cohesive network of connect, warmth and support for new and expectant parents to enjoy the bliss of parenthood.”

Amongst the key aspects covered in the programme are:

* Announcing pregnancy at workplace, understanding the manager’s dilemma, effective management of work deliverables, job handover, maternity leave management and transition back to work

* Mother and Manager guides to help navigate through the various phases of maternity, becoming a parent and transitioning back to work

* Dedicated Counselling Sessions for new parents to address emotional and psychological challenges that may arise

* One-to-one coaching sessions for pregnant/new mothers and their managers to manage work transitions

* Assigning a Buddy to the new mothers to keep in touch with her workplace during the maternity break

* Employee Resource Groups, a special community of new parents, to engage, share learnings and experiences

* Webinars on relevant topics, including guidance on preparing for newborns, childcare responsibilities for dual-career couples, and much more 

Tata Motors will continue to prioritize Diversity and Inclusion to leverage the collective strength of its workforce to create innovative business solutions to enhance the community and contribute to the overall growth of the country.

Ford Introduces New EcoSport SE Featuring Global Design Cues At Rs 10.49 Lakh Only In India

Expanding choices & delivering what consumers want and value, Ford India today introduced a brand-new variant to the EcoSport lineup, priced at INR 10.49 Lakh for petrol and INR 10.99 lakh diesel variants.

Christened Ford EcoSport SE, the new variant features design cues borrowed from its American & European peers, where it is sold without a rear-mounted spare wheel.

“Customers increasingly follow global benchmarks in design and look for things that are unique and distinctive, just like the new EcoSport SE,” said Vinay Raina, executive director, Marketing, Sales & Service at Ford India. “The SE carries forward EcoSport’s fun to drive credentials as well as its rich legacy of outstanding safety and best-in-segment technologies like SYNC 3.”

Apart from an elegantly designed tailgate and a new, dual-tone rear bumper sporting a silver applique, the SE variant retains EcoSport’s butch, robust appeal with a bold grille, 16-inch alloys and high ground clearance that enhance its SUV credentials.

The EcoSport SE carries forward the legacy of superior technology and connectivity with Ford’s renowned SYNC 3 infotainment system that is Apple CarPlay and Android Auto compatible, as well as Ford PassTM integration.

Ford EcoSport is the only compact SUV to offer globally renowned mobility and connectivity solution FordPassTM across its entire lineup.

The new EcoSport SE is being offered with Ford’s trusted 1.5L three-cylinder TiVCT petrol engine that delivers segment-best 122 PS of power & 149 Nm of torque and performance-leading 1.5L TDCi diesel engine, delivering a peak power of 100 PS and peak torque of 215 Nm. Both the engines will be paired to Ford’s responsive and agile five-speed manual gearbox..

Adding to its list of accomplishments, Ford EcoSport was rated among the least expensive to maintain in its compact UV segment by Autocar India in its 2020 Maintenance Report. In the report, Ford EcoSport maintenance cost remained among the lowest in the segment with just Rs. 21,754 (or 36 paise per kilometre) to maintain EcoSport petrol over a 60,000-KM or five-year ownership cycle.

Ford’s recently introduced model year 2021 EcoSport lineup continues to offer unmatched safety, connectivity & convenience with:

* Up to six airbags for enhanced protection

* Best-in-segment SYNC 3 infotainment system with Apple CarPlay and Android Auto compatibility on EcoSport SE and top-of-the-line S variant

* A 9-inch touchscreen-based, infotainment system & embedded navigation on most variants

* A sun-roof on half of the variant lineup, including EcoSport SE

* Unmatched convenience with driver assistance features like automatic HID headlamps, daytime running lights, electrochromic mirror, rain-sensing wipers, push-button start and scores of other intuitive features

About Ford in India

Established in 1995, Ford in India manufactures and exports automobiles and engines made at its integrated manufacturing facility in Chennai, Tamil Nadu and Sanand, Gujarat. Ford’s current range of award-winning products in India includes the Ford EcoSport, Ford Freestyle, Ford Figo, Ford Aspire, Ford Endeavour and Ford Mustang. Ford operations in India also include Global Business Services, with offices in Chennai, New Delhi, and Coimbatore. Registered as Ford Motor Pvt. Ltd. (FMPL) as a legal entity, Global Business Services provides innovative solutions to nearly every Ford locations around the world -- in areas of Information Technology, Product Engineering, Finance and Accounting, Automotive Financing, Material, Planning & Logistics, Marketing Sales and Service, Analytics, and Purchasing. Ford currently employs more than 14,000 hard-working, dedicated men and women across its operations in India. 

Estée Lauder Is AI-Powered Digitally Transforming Planning And Decision Making With o9

* The Estée Lauder Companies, one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance, and hair care products, is working with O9 solutions on a multi-year journey

* The aim to transform its Global Supply Chain Demand and Supply Planning capabilities using o9 Solutions’ next-generation, AI-enabled platform.

o9 Solutions Inc., , a premier AI-powered IBP platform provider, announced a multi-year engagement with The Estée Lauder Companies to transform the company’s Global Demand Planning and Supply Planning processes. The Estée Lauder Companies is leveraging o9’s platform’s capability to review how certain drivers, such as new product launches, promotions, influencer marketing, gift sets, and others are impacting baseline statistical forecasts. The platform enables the company to quickly analyze multiple scenarios of events and drivers and then evaluate forecast changes and related valuation impacts to the business.

From a supply perspective, the o9 platform generates production plans based on constraints across all product categories. With its large portfolio of brands and a dynamic demand picture, the platform allows The Estée Lauder Companies to make the best allocation of the constrained resources to the prioritized demands.

“The o9 platform has modernized our planning process by taking our master data of today, applying our new business-defined prioritization logic, and concurrently solving known constraints to generate our most feasible supply plan,” said Naresh Rajanna, Vice President, Global Supply Chain, The Estée Lauder Companies. “This clarity and real-time analysis empowers the planning team to make quick and informed decisions allowing us to be agile and strategic in our ever-changing landscape.”

“The o9 platform has modernized our planning process by taking our master data of today, applying our new business-defined prioritization logic, and concurrently solving known constraints to generate our most feasible supply plan,” said Naresh Rajanna, VP Global Supply Chain at The Estée Lauder Companies.

“We are thrilled to work closely with The Estée Lauder Companies to provide an integrated platform and global solution for demand and supply planning,” said Igor Rikalo, President and Chief Operating Officer, o9 Solutions, Inc. “Together with the very strong Planning teams at The Estée Lauder Companies, we were able to implement planning cycle processes with a high degree of maturity enabling orchestration, synchronization, and what-if scenario planning at the company’s scale.”

“Together with the very strong Planning teams at The Estée Lauder Companies, we were able to implement planning cycle processes with a high degree of maturity enabling orchestration, synchronization, and what-if scenario planning at the company’s scale.” — Igor Rikalo, COO, o9 Solutions.

About o9 Solutions:

o9 Solutions is the premier AI-powered platform for driving digital transformations of integrated planning and operations capabilities. Whether it is driving demand, aligning demand and supply, or managing P&L, any process can be made faster and smarter with :o9’s AI-powered digital solutions. Bringing together technology innovations—such as graph-based enterprise modelling, big data analytics, advanced algorithms for scenario planning, collaborative portals, easy-to-use interfaces and cloud-based delivery—into one platform. To know more, please visit www.o9solutions.com.

About The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, Tommy Hilfiger, M·A·C, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford Beauty, Smashbox, Ermenegildo Zegna, AERIN, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, Kilian Paris, BECCA, Too Faced and Dr. Jart+.

Cloud-based Email Threats Capitalized On Chaos Of COVID-19

* Trend Micro intercepted a surge in malware, phishing and credential theft 

Trend Micro Incorporated (TYO: 4704; TSE: 4704), the leader in cloud security, today revealed that it blocked 16.7 million high-risk email threats that slipped past webmail providers' native filters. This amounts to an increase of nearly a third on 2019 figures. 

The new statistics are provided by Trend Micro's Cloud App Security (CAS), an API-based solution that provides second-layer protection for Microsoft Exchange Online, Gmail, and a host of other services.

"COVID-19 forced many organizations to accelerate their digital adoption plans, and SaaS apps have become indispensable to remote workers. However, where there are users, there are also threats and we've seen a spike in attacks targeting organizations' perceived weakest link during the pandemic," said Wendy Moore, vice president of product marketing for Trend Micro. "Trend Micro Cloud App Security has been indispensable in providing an extra layer of protection — each one of those nearly 17 million threats previously missed represents a risk of corporate data theft, ransomware and fraud." 

Detections of malware, credential theft and phishing emails all recorded double-digit year-on-year increases in 2020, while BEC volumes dropped slightly. 

Malware-laden emails: Trend Micro detected 1.1 million emails containing malware that would otherwise have appeared in users' inboxes, up 16% on 2019 figures. These included many Emotet and Trickbot attacks which are often the precursor to targeted ransomware. 

Phishing: Trend Micro intercepted over 6.9 million phishing emails in 2020, a 19% increase from the previous year. Discounting credential phishing, the number of threats in this category surged 41% over the period. COVID-19 was a common lure, as were big-name brands like Netflix that have become popular during the pandemic. Attackers were typically looking for personal and financial information to monetize. 

Credential phishing: Trend Micro detected nearly 5.5 million attempts to steal users' credentials that were allowed through by existing cloud native security filters. This was a 14% increase on 2019 and accounted for the vast majority of detected phishing emails. Attackers are increasingly supplementing these with phone-based vishing attacks. 

Business email compromise (BEC): Although BEC detections declined 18% year-on-year, average losses continue to rise — increasing 48% from the first to the second quarter of 2020.

Trend Micro Cloud App Security offers comprehensive multi-layered protection for platforms such as Microsoft 365 and Google Workspace via: 

Machine learning-powered Writing Style DNA to spot BEC 

Computer vision and AI for credential phishing detection 

Sandbox malware analysis 

Document exploit detection 

File, email, and web reputation technologies 

Data loss prevention (DLP) 

Trend Micro Vision One, a comprehensive XDR solution providing investigation, detection, and response across your endpoints, email, network, and servers. 

 

India’s eCommerce Market Is Projected To Surge 84% To US$111 Billion By 2024, New FIS Report Finds

 Key findings

* Digital Wallets are projected  to represent nearly half of online payment transactions by 2024

* Data shows use of ‘Buy Now, Pay Later’ payment methods growing quickly in the country while prepaid cards and cash on delivery methods are declining

* By 2024, digital wallets are projected  to overtake cash as the most popular in-store payment method

India’s eCommerce market is expected to grow dramatically as a result of the Covid-19 pandemic. The market is forecasted to increase by 84 percent by 2024 to US$111 billion, according to a new report released today from financial technology leader FIS® (NYSE: FIS).

The 2021 Global Payments Report by Worldpay from FIS, which examines current and future payments trends across 41 countries, found that global trends in digital commerce accelerated under the pandemic. Countries including India have seen a shift in consumer behavior caused by Covid-19, and new payment trends are shown to be on the rise.

eCommerce Payment Trends

India’s eCommerce Market Grew Significantly In 2020 Amid The Pandemic. The FIS Report Found:

* India’s eCommerce market is projected to grow by 84 percent between now and 2024, driven by mobile shopping, which is projected to grow 21 percent annually over the next four years.

* Digital wallets (40 percent) followed by credit card (15 percent) and debit card (15 percent) were the most popular payment methods online in 2020.

* Buy Now, Pay Later is the fastest growing online payment method in India. Currently only 3 percent of the market, based on analysis in the report, it is projected to increase to 9 percent by 2024.

* Data in the report shows that purchases made with digital wallets are expected to increase their market share of online payments by 2024 to 47 percent.

In-Store Payment Trends

The FIS report found:

* Point of Sale (POS) market in India is projected to increase by 41 percent between now and 2024 to US$1,035 billion according to data in the report.

* The most popular in-store payment method is cash at 34 percent, followed by digital wallets (22 percent) and debit card payments (20 percent).

* The report projects digital wallets will overtake cash as the most popular in-store payment method by 2024, accounting for 33 percent of payments.

“The Indian eCommerce industry has witnessed a huge upsurge due to COVID-19 and there is substantial room for future growth,” said Mr. Phil Pomford, Managing Director of Asia Pacific, Worldpay from FIS. “eCommerce capability is no longer limited to just traditional websites, and physical retail has blended with the digital world. The shop floor is now in the palm of our hands and consumers expect the same hassle free and convenient shopping experience whether they are purchasing in app, through their social feeds or in the real world. Merchants will be well positioned to be successful, if they put customer experience at the heart of the checkout process. Those who position themselves with digital payments capabilities will be well-positioned to capture the next wave of growth in the retail and eCommerce market in India.”

About the data

Figures quoted are taken from data published in The 2021 Global Payments Report by Worldpay from FIS unless otherwise stated or referenced. This data was collected using consumer surveys, B2B surveys and input from local research teams. 46,000 consumers were surveyed globally. For research methodology, please refer to page 135 of the report.

About FIS

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.