Top Exceptional Leaders in Risk Advisory Services 2023

August 2023 Unveiling Inspiring Stories
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Monish
Gaurav Chatrath
What Future Risk
Management Consultants
Should Expect
Managing Editor
Zoey Taylor
A
n influential factor in increased risk the newest risk management trends that, in the
exposure is the complexity of modern upcoming years, will impact commercial
business. Higher complexity also outcomes across all industry sectors. A few of
indicates that new risks will be created or existing them are Technology as a risk factor and a tool
risks will change, preventing firms from for efficient risk management, Combining risk
achieving their goals. Organizations are changing management with strategic planning, Treasury as
their risk management strategies more frequently a strategic business associate, Data-driven risk
to keep up with the changing business climate management using risk analytics, increased
and address the environment’s complexity, which involvement of the board in developing risk
helps them stay relevant and prove their value. To management plans, Focus on emerging risks,
survive in a cutthroat economic environment, Increased regulatory standards for compliance.
organizations now see risk management through a
“Compliance” lens and as a value driver. Risk management mainstreaming enables
businesses to play a more offensive role.
Successful businesses, among others, prioritize Enterprises consider risk management a value
proactive risk management and prompt addition rather than just minimizing risk.
self-adaptation to shifting market conditions. Successful companies see risk management as a
Companies focus on risk management efforts strategic link in their value chain that fosters
because rewards are plentiful. innovation and long-term, sustainable growth.
In this edition of the Top Exceptional Leaders in

Risk Advisory Services 2023, we include some of
C over Sto r y 08
Monish Gaurav
Chatrath
ARTICLES
24
Assets
A list of the top 10
stocks to buy in 2023
38
Tech & Trends
Top 12 Enterprise Risk
Management Trends to Keep
50
Exclusive
Which is better for your
business: freelancers or virtual
an Eye on in 2023 assistants?
18 30 44
Nikhil Sharma Pooja Shimpi Rakesh Dighe
A Persistence Leader Committed A determined and passionate Transforming and Redefining
to Building an Inclusive IT leader who transfers insightful The Technology Risk
Consulting & Service Company cybersecurity solutions to Management Industry
secure futures with resilience
CXO STANDPOINT
22 34 48
Margaret Hirsch Jonathan Gur Kautuk Choubey
The future of the appliance and The most efficient cooling tower Transformative Leadership in
electronics industry. water treatment solution Middle Eastern Banks
Cover Story
Monish Gaurav Chatrath

Founder & Managing Partner
MGC Global Risk Advisory
08 GlobalBiz Outlook | August 2023

Monish
Gaurav Chatrath
August 2023 | GlobalBiz Outlook 09

Cover Story
T he trajectory of the rise of MGC Global Risk

Advisory (‘MGC Global’ or ‘the organization’) is
a testament to its commitment to the vision with
which it was founded. The inspirational driver for its people
has been a sense of purpose that has served as a concrete
source of their motivation. Clarity of communication has
made their connection between purpose and performance,
clear & strong. Fast-tracked growth has demonstrated the
proof of concept of its unique culture for the team and kept
them progressing together. Customization of experiences
for each client with a personal touch and a focus on value
creation has been rewarded by these clients in terms of the
growth and longevity of their relationship with the
organization. In a relatively short span of time, MGC
Global has become synonymous with risk advisory
services.
History & purpose of MGC Global

The corporate sector has witnessed significant turbulence
over the past few decades, characterized by several
unprecedented changes and challenges. These have
emanated from a multitude of factors that include
geo-political unrest, technological advancements,
globalization, changing consumer expectations, disruption,
regulatory changes and shifting workforce dynamics. The
precariousness of the scenario thus underlined has led to an
increased demand for transparency and accountability in the
public, private and government sectors.
Against this backdrop, MGC Global was established in
2015 by Monish Gaurav Chatrath to facilitate organizations
in unlocking the true value of their business, through good
governance and strong risk management systems. While the
size of the global consulting industry at that time was
estimated to be at around US$ 200 bn, risk advisory
services as a segment was one of the smallest components
of the same. However, the founder of MGC Global, had the
foresight to identify this vertical as the most significant
growth driver in the times ahead due to the increasing
complexity of business operations and the growing
awareness of potential risks associated with them. With
offices in New Delhi, Bengaluru and Mumbai and global
aspirations, MGC Global opened its doors for business in
September of 2015 with the vision to be “the best providers
of risk advisory services wherever it operates”.
management assessments, providing IT advisory (including
Fast forward to the present and MGC Global has ISO 27001 readiness, vendor risk assessments, vCISO
established itself as a leader in the field of risk advisory services and VAPT), and of late CSR and ESG advisory
services with specialized teams undertaking a services.
comprehensive range of engagements. These include
conducting internal audits, developing enterprise-wide risk With associate arrangements in all major cities in India,
management frameworks, undertaking control assessments, MGC Global has built capabilities within a diversified set
providing forensic services, enabling data protection & of services and is catering to the risk advisory requirements
institutionalizing privacy programs, developing cyber risk of its clients across the country. Over the past 2 years, MGC
mitigating frameworks, supporting in human capital risk Global has become the first port of call for reputable CPA

I was so m otivated by th e power of our vision an d driven by
th e courage of convic tion, th at failure was n ever an option.
We h ave faced stron g h eadwin ds, which would h ave
destroyed several organizations. However, we were
determi n ed to m ove for ward regardless. We retain ed our
unwaverin g sight on our goals, did n ot allow ourselves to
get derailed an d kept climbin g high er. We n ever gave up. In
th e process, we h ave built a resilient , versatile an d
responsive organization th at dif ferentiates itself based on
value an d experien ce - for our clients & for our people.
and consulting organizations in the US, member firm of the Atlanta Membership Committee of AG and
Europe, Middle East and Far East Asia headquartered US$ 5 bn Allinial also a founding leader of its
to support the seamless delivery of Global (‘AG’). MGC Global’s strong community of practice for internal
their risk advisory engagements in involvement and participation in AG’s audits and internal controls.
their jurisdictions and across the globe. ‘Communities of Practice’ encourage
exchange of ideas and best practices Values that guide the Organization
MGC Global fosters knowledge with 261 member firms in over 100 “The true strength of our character has
sharing and collaboration through the countries. The Managing Partner of been demonstrated in our relentless
utilization of platforms provided by MGC Global is currently an active pursuit of the desired outcomes and not
way of being a direct and independent position holder on the EMEIA obstacles. The MGC Global brand

Cover Story
words of one of MGC Global’s clients
– “So far, my fateful introduction to
you and the MGC Global team has
been an immeasurable blessing. I want
to keep the engagement going. I want
to keep it going until I have blessed
MGC Global equally”.
The focus on meeting and exceeding

its clients’ expectations is best
measured through the conduct of
regular client satisfaction, feedback
surveys and testimonials. As stated by
Sarthak Taneja, Associate Partner, “My
WOW moment for MGC Global is not
when a client signs our proposal, rather
when we get feedback like this after
the work is done”. Sarthak has
developed a successful SOC readiness
and compliance practice for MGC
Global and is a key member of its
leadership team.
The culture at MGC Global

MGC Global does not have the
traditional or typical hierarchical layers
that have accumulated in several of
their competing organizations over
time. This has enabled the organization
to facilitate teamwork, with relatively
faster information flows, and
consequently, greater flexibility to
respond to its client’s requirements.
The high level of transparency at MGC
Global mitigates risks relating to
destructive organizational politics and
encourages collaboration. Teamwork is
key and operating in silos or
politicking is not an option in the
organization. This culture percolates
from the top, with the Managing
Partner and his leadership team
walking the talk and ensuring that all
experience for our clients entails high-performing professional, an team members are equal stakeholders
personal responsibility, accountability, influential communicator and serves as in the organization, who must be given
responsiveness, independence, a member on the POSH committees for unique opportunities to realize their
integrity & competence; & all of these several of MGC Global’s clients. true potential. Mutual respect,
come with long-term commitment”, transparency and cohesiveness at the
says Ruchi Dadwal, Vice President, The organization places paramount workplace are essential ingredients of
Shared Services who has been with importance on building qualitative and its culture and each member of the
MGC Global since its inception and sustainable relationships of trust with team is encouraged to develop and
along with the organization, will be its clients, regardless of their individual hone diversified skill sets, experience,
celebrating her 8th anniversary this account size. The impact of this and qualifications. MGC Global’s team
year. Ruchi is an innovative and philosophy is best illustrated in the is bonded by a common vision,

mission, goals, values, principles, beliefs, and expectations. MGC Global ensures that each member is kept enthused
The Managing Partner has an open-door policy where he is through initiatives such as celebrating occasions (personal
accessible to any member that may require his mentoring. birthdays, anniversaries, special occasions and client
recognitions) and places special attention on recognizing
MGC Global’s corporate culture is characterized by a the efforts of each member of its team on various social
friendly environment that provides security, creates a sense media platforms thereby showcasing their potential to the
of belongingness and promotes recognition with progress larger industry. Regular team get-togethers in a relaxed
on the basis of merit alone. “My vision for the organization environment (virtual and in person) ensure that each team
and its people is to make MGC Global the best place to member is encouraged to discuss his/her thoughts and
learn & grow”, says Shweta Verma, Director Human perspectives freely. MGC Global enhances interaction by
Capital, who works closely and directly with the Managing engaging its people on a common group chat, having
Partner. Shweta adds that, “MGC Global’s brand experience monthly town halls and annual offsites.
is people-centric and entails respect for individuals,
independence, entrepreneurship, teamwork, agile structure, Employment versus entrepreneurship
fast growth and individual identity”. She has been working The organization’s Managing Partner had recently, in a
with the leadership team in discovering finer aspects that townhall promoted the concept of entrepreneurship versus
motivate individuals at MGC Global, while tapping their that of an employment model. In accordance with the same,
skills and enhancing their performance & growth. each member is encouraged to take ownership of their tasks
with the freedom to build and run verticals in their areas of
The leadership team at MGC Global realizes that their specialization where they have control over
conduct has a significant impact on the culture and decision-making, strategy, and the intended direction of
consequently embodies the values that they would want their actions. Team members are encouraged to provide
their teams to inculcate, while demonstrating the same their inputs and feedback and to bring their innovative ideas
through constant reinforcement and clear communication. to life with the flexibility to set their schedules while
The hiring process also takes a candidate’s cultural fit into working on projects that pertain to their areas of interest.
account by conducting behavioural assessments and
thorough reference checks.

Cover Story
“I make it a point to engage with my team in a way that educational opportunities via inhouse trainings, online
they can contribute to the decision-making and training programs, e-modules and workshops, while laying
problem-solving process. This has enabled inclusivity and emphasis on the importance of staying updated with
ownership, which in turn has facilitated responsiveness to industry trends and acquiring new skills to adapt to the
the requirements of our clients”, says Arun Sundar, evolving risk landscape.
Associate Partner and Leader of the South India Market,
who has been with the organization for nearly 3 years. The organization regularly solicits feedback from its people
by way of a secure feedback mechanism and through
Arun’s words have been echoed in the sentiments of one of regular interactions with its Human Capital Team to
MGC Global’s clients who has stated, “We had used MGC measure its progress on the consistent application of its
Global to assist us in our internal control reviews of the code of business conduct and culture. MGC Global
‘Consumer Engagement’ Program. Their team did a good acknowledges the contributions of the team towards the
job and came up with some relevant findings. They organization’s success by way of awards such as, ‘First
demonstrated a thorough understanding of the rather Amongst Equals’ and ‘Ubharta Sitara’, with the Managing
complex process and maintained documentation that Partner personally writing to the recipients and their
ensured quality discussions with the stakeholders. They also families to congratulate them, which fosters a sense of
ensured timely closure of the review, which is again affinity with the organization.
appreciated”. Arun has been instrumental in launching and
developing the forensic and SOX practice for MGC Global MGC Global has instituted two-way performance reviews,
and has successfully built lasting relationships with various which ensure that members of its team not only receive
CPA firms in the US that use the organization’s resources regular feedback about their performance but are also given
for their engagements from time to time. the opportunity to provide feedback to their supervisors,
anonymously if they so choose thereby ensuring
Training, development & feedback transparency that is the hallmark of a successful
Training and personal development is a strong area of focus organization.
for MGC Global and this aspect has also been given special
attention during the appraisal process. The organization Client engagements
encourages members of its team to engage in continuous All engagements are led by the best-suited practice leaders,
learning and professional development by providing access in terms of their experience, skill sets and cultural fitment
to relevant training resources, certifications, and with the respective clients. Each practice leader is closely

engaged in monitoring the progress by virtue of discussing MGC Global places importance on staying informed of the
the weekly updates that are sent to all clients on ongoing existing as well as upcoming technological tools, trends and
engagements. According to Surender Sharma, Practice software that are relevant to its services. According to Kirti
Director, “Each client is unique, as are their requirements Kumar Salunke, IT Risk Advisory Leader, “We take
and this encourages us to think out of the box in order to informed decisions that provide valuable insights to our
individually tailor solutions by way of a need-based clients by leveraging data analytics tools and techniques to
approach”. The organization’s delivery model requires the analyze large volumes of data and identify patterns, trends,
designated teams to obtain a deep understanding of the and potential risks. Our team has been carefully trained to
industry and business models of their clients, in addition to explore automation and artificial intelligence technologies
objectives of the engagement, the risk appetite and to streamline repetitive tasks, improve accuracy, and free up
organizational culture within the client organizations. This time for higher-value activities.”
aids in providing relevant insights and in developing and
implementing effective risk management strategies. MGC Global is in the process of creating a digital platform
Surender has also assumed the responsibility of developing for risk management solutions that would empower its
and leading MGC Global’s ESG services and has obtained clients to manage and monitor risks effectively by
excellent feedback on the CSR impact & community needs integrating tools for risk assessment, risk tracking, incident
assessments and in the ESG roadmaps that have been reporting and compliance management.
developed by MGC Global for its clients.
Accomplishments
MGC Global’s outreach Awarded for service excellence and being a people-centric
“We understand that satisfying clients and fostering organization, MGC Global was recognized as amongst the
long-term relationships is vital for sustainability and 10 Most Promising Risk Advisory Services Firms’ in 2017,
therefore we believe in providing value by proactively as the ‘Company of the Year’ in 2018 &, 2019’ (both in the
addressing client needs. Moreover, we strive to make a category of risk advisory services), one of the ‘Top
difference with our ongoing thought leaderships, that Exceptional Companies to Work For’ in 2020, amongst the
summarize significant industry-wise developments and best ‘Top 25 Customer Centric Companies’ in 2020 and ‘The
practices” says Mahima Singh, Manager, Shared Services & Consultant of the Year’ in 2021 (in the category of risk
the AG Champion for the organization. MGC Global’s advisory services).
thought leaderships are meticulously created to retain a
lasting impact and are backed by extensive research & Moreover, the Managing Partner has been acknowledged to
expert perspectives. The organization has, over the years, be one of ‘India’s 50 fastest growing CEOs’ in 2017,
built up a repository of knowledge through its inhouse ‘India’s 30 Most Trusted CEOs’ in 2018 and ‘Formidable
research wing (one example being the 'MGC Global Leaders of 2022’.
Business Continuity & Resumption Barometer’). Its
bespoke thought leadership alerts that go out to over 6,000 Way ahead
of its contacts (who are mostly CEO’s, CXO’s and finance The 21st century is all about sustainability. MGC Global,
heads), provide thought-provoking analysis of industry has in pursuit of its goals, demonstrated how a sustainable
developments with best practices relevant to their business. business model can be built through a sound strategy that
focuses on impactful differentiation on the core factors that
Mahima’s role as the AG Champion of the organization appeal to its stakeholders, which includes its clients and
translates to representing it on a larger platform amidst a people.
global network of member firms. AG believes in the spirit
of learning through dialogue and engagement between
member firms, hence it gives them the opportunity to
remain connected with like-minded professionals via the
communities of practices that are virtual groupings formed
for the multi-purposes of networking, engaging in
discussions, exchanging best practices, tapping business
opportunities and collaborating between member firms.
Staying connected with experts enables MGC Global’s
team members to remain up to date with field-specific best
practices and equips them to adapt their strategies and
offerings to align with their individual client situations &
requirements.

Nikhil Sharma
CEO
BIG WATER CONSULTING

Nikhil Sharma
A Persistence Leader Committed to Building an Inclusive IT
Consulting & Service Company
N
ikhil Sharma, a seasoned professional in the work. That allowed him to pursue his career towards
corporate world, holds the esteemed position of software building and solving client’s problem
CEO at Big Water Consulting, a thriving
multinational company based in Belgium. Known for his Driving Excellence:
strategic acumen, innovative thinking, and exceptional As a leader, Nikhil Sharma is known for his commitment to
leadership skills, He has been instrumental in driving the excellence. He instils a sense of purpose and dedication in
company’s growth and success over the years. He has also his team, empowering them to deliver high-quality services
Co-founded a start-up, www.sharetask.eu, under the BWC and exceed client expectations consistently. His focus is on
umbrella, he is a dynamic leader and team player with 18+ continuous improvement which has resulted Big Water
years of IT & IT infrastructure and product development Consulting being recognized in an industry as a trusted IT
experience working with Fortune 500 organizations towards consulting & service provider, setting benchmarks for
customer-focused business solutions, innovation, strategy, others to follow.
and execution. His strong customer-centric focus and
high-quality-driven approach make him stand out. Entrepreneurial Journey
At heart, his leadership philosophy is a client-centric
Innovation and Strategic Vision: approach. He understands that clients are the lifeline of any
One of his key strengths lies in his visionary approach to successful business, and he places great emphasis on
business. As CEO of Big Water Consulting, he has fostered building and nurturing strong client relationships. By
a culture of innovation and creativity, encouraging listening attentively to their needs and challenges. Mr.
employees to think outside the box. He firmly believes that Sharma ensures that Big Water Consulting provides
adaptability and forward-thinking are vital in an tailor-made solutions & services that address their specific
ever-changing global marketplace. requirements. His entrepreneurial journey with two
start-ups “Elymentz” & “Sharetask” made him understand
Under his leadership, Big Water Consulting has embraced day-to-day activities, issues, and success from bottom to top
cutting-edge technologies, enabling the company to deliver management, deal with different cloud infrastructure &
streamlined solutions to its diverse client base. His ability to high volume of traffic. His main goal is to develop products
anticipate market trends and identify growth opportunities to solve bigger problems using technology; in contrast,
has allowed the company to expand its service offerings and running the company, managing projects, managing teams,
extend its reach to new markets. building products & implementing, getting feedback, and
pivoting it based on client feedback, Budgeting, forecasting,
Nikhil’s story - how did he get started? Risk analysis or mitigation allowed him to get to know
His journey to becoming the CEO of Big Water Consulting “how to run a company”.
started with a good educational foundation. He pursued a
degree in Business & Technology, where he demonstrated “I was fortunate to do the start-up where I implemented
in business academic and leadership qualities. After what I learned,” says Nikhil.
completing his education, he embarked on a career path that
showcased his determination and commitment to achieving Challenges: The Gift of Growth Wrapped in Difficulty
greatness. He was inclined to understand the software There were too many hurdles at the company’s start or
architecture or how the software worked to automate the product development. But he has solution-oriented

personality, looking for solutions and allows its users to make their life easy and know with voice what is going
solving problems. He started at 25 with complete E2E client processing on,” expresses Nikhil.
when he needed knowledge of building within the application. The application
products, evolving technology, is integrated with PSD2 to make Dream Big and Achieve Bigger: A
budgeting and spending, people payments, integrated accounting & BWC’s Future Roadmap
management, and critical challenges. book holding services, APIs are open BWC’s success mantra is Dream BIG
to VAT submission, Governance Risk and Achieve Bigger. BWC is now
He learned the most from the Compliance (GRC) and more. focusing on its products and services,
influential founders of start-ups that which is a good evolution; where the
are doing well and prosperous and BWC’s core mission is to bridge the company first focused on consulting
founders who did not do well with gap between Business & IT by but now became a product & custom
their work, learning avenues, and providing niche services & solutions to software development company along
points that could have been better. their customers and providing the best with services. The company is gaining
solution with less turnaround time. experience in cutting-edge
“I am a happy person who looks at life technologies and making partnerships
with a lot of light in my personal and TEAM - ‘Together Everyone to become implementation partners of
professional life. To look at things Achieves More ERP solutions such as Odoo. With the
positively and learn from the “My key responsibility is making my company’s interest, its members are
experiences which could not come to teamwork comfortable to achieve the also growing to focus on bringing more
the expectation. Success allows me to goal and objectives, this indirectly business.
take it as a milestone to do better in the helps both in product development and
next milestone,” assures Nikhil. making our clients happy. Happy “Our upcoming services are dedicated
employees, in turn, happy clients,” Odoo implementation, custom
BIG WATER CONSULTING: An IT says Nikhil. development, Open banking (Europe),
Business Management & Product where we enable different banks to
Development Consulting in Brussels, Nikhil’s Advice on Leadership open API into our system, allowing its
Belgium “All leaders who are already customers (B2B or B2C) to use our
BIG WATER CONSULTING (BWC) enthusiastic are doing great, and every platform to integrate payment
is an IT consulting & software leader will find a path according to the services,” described by Nikhil.
development company initiated in situation. Being a leader is a tough job
Brussels, Belgium, in 2012 to provide where responsibilities come on your Conclusion:
IT & Business management consulting shoulders, but challenges help us Nikhil Sharma’s journey from an
to its clients. BWC built a business by become stronger and more resilient,” aspiring professional to the CEO of
supporting the delivery of high-quality says Nikhil. Big Water Consulting exemplifies the
software and systems quickly & power of determination, innovation,
efficiently. BWC focuses on niche “Recognizing the right resource at the and exceptional leadership. With his
domains such as Cyber & IT security, right time and delegating is essential. visionary outlook and dedication to
Governance Risk Compliance (GRC), Allow your subordinates or team to excellence, he has guided the company
Payment engines, and PSD2 Payment grow and appreciate them, motivating to new heights and set it on a path of
with Open banking in Europe. them to use their skills to bring ideas sustained success. Under his capable
into reality. Shoulder them when it is leadership, Big Water Consulting
Odoo-ERP development & needed, allow them to fail but correct continues to make a significant impact
Implementation Experts: them whenever it is needed. Show in the business world, leaving a lasting
BWC Certified Experts in Odoo them the pros or cons for the team or legacy of integrity, innovation, and
custom development along with subordinates to decide. Finally, enjoy client satisfaction.
implementation which are gaining each day as there will always be a
applauds in the ERP world solution to each problem. True success E: Contact@bigwater.consulting /
BWC’s is expert in building B2B is about living a fulfilling and Admin@bigwater.consulting
products with domain focuses on the satisfying life,” he continued. W: www.bigwater.consulting
day-to-day automated task, timesheet,
invoices, dispute management, “The most crucial attributes that every
Reminder services, questionnaire, leader should possess are “listening
CRM, integrated business application, and observing,” this will allow each
allowing its user to perform end-to-end leader to understand the situation better
work within the application. Horizon

CXO Standpoint
Margaret Hirsch
Executive Director
Hirsch's Homestores
The future of the appliance and

electronics industry.

F
uture technology will definitely enhance the you and tell you when items are running low, what
appliance industry as energy efficiency, water you have and what’s left. Cold zone fridges have
efficiency and personal preference play a become a huge player in the industry by sensing what
bigger part in the choice of products, making the food you have in the zone and then the temperature in
consumer’s life a lot easier. For example, steam irons, that zone is adjusted to the correct temperature so that
in today’s world, will not burn your clothes, no perishable foods like fruit and vegetables will last
matter what setting you use. Visualise sheets being longer. Odours in the fridge will be eliminated and
ironed similar to a printer. You simply put your sheets the temperature settings will ensure that the fridge will
on a surface, and they will automatically iron run for shorter periods of time and reduce electricity
themselves without burning - saving so much time for use.
the consumer and making life that much easier.
Air-conditioning has already been proved to be the
Heaters currently already sense one’s body heat and most cost effective way of heating your home. Here
they are going to make heating far more efficient and again, the air conditioner senses a person’s body heat
cost-effective. Then there’s the incredible advance in and adjusts the temperature accordingly. You just set a
vacuum cleaners and hair dryers by companies like program and the unit will follow your instructions.
Dyson. Ladies using the Dyson dryer have found that
their hair is not damaged and it’s a lot healthier One disadvantage of appliances and electronic
looking. equipment generally is the waste factor – like any
other industry. However, most governments,
Vacuuming a home will also not be the chore it including our own, are already actively working to
currently is. There are already robots with cameras resolve this by breaking the original products down
inside them that vacuum around the house. So if you and taking out what can be reused – like plastics,
are not at home and you want to check on your copper and metal. Re-cycling will be an exciting
children, for example, all you need to do is switch industry going forward.
your vacuum cleaner on from your phone. The
vacuum will then move steadily around the house and I believe that all homes will have more effective,
you can see what is going on – remotely. efficient appliances in the future because consumers
will be able to virtually demand what they want from
When it comes to some of the major appliances like the product and this will be delivered to them. You
washing machines - they already sense the amount of will be able to switch your washing machine or
water and detergent you need and will automatically tumble dryer on remotely (we can already do this with
use the correct amounts so there is no waste of water many other appliances) so it is amazing how much
or soap and there is no environmental pollution as a technology has advanced over the last few years.
result.
I believe that the biggest driver is the efficiency of the
Tumble dryers have always been one of the biggest product and the reduction in the use of water and
users of electricity and they are now reaching a stage electricity which will be a big saving for all
where they are rated A+ and A++. They dry your consumers and at the same time make the product far
clothes efficiently and hygienically without damaging more efficient, less time consuming for the consumer
them, at minimal cost. and more eco friendly.
Refrigeration is probably the most exciting category At Hirschs its been our greatest joy to see the
of all. There are already cameras in certain fridges that appliance industry grow and evolve and as we begin
allow the consumer to see what they have in their each new year we cannot wait to see all the new
fridge via an app on their phone, so when you are at advances in technology and our industry continues to
the supermarket you can look into the fridge and see grow from strength to strength.
what you already have and you will only buy what
you need. Some fridges are even able to WhatsApp

A list of the top
10 stocks
to buy in 2023
2 022 was a terrible year for the stock market. The
S&P 500 lost 19.4% in those 12 months, even after
accounting for dividends, while the tech-heavy
Nasdaq composite lost 33.1%. The reasons behind Wall
will emerge as a new source of significant revenue
alongside product lines like the Apple Watch and the Mac,
even if that price tag will make it a niche product in the
early going.
Street’s decline are well known: Many previously
high-flying stocks suffered as the “risk off” mentality took 2. Dutch Bros Inc. (BROS)
hold of the markets due to rising inflation, skyrocketing While large, well-known corporations like Apple might
interest rates, persisting recession fears, and the provide investors with some security, smaller businesses
Russia-Ukraine war. Thankfully, this opened up a window have more possibility for growth and can strengthen
of opportunity for investors to buy fantastic firms at a portfolios. Let’s compare Apple to the quickly growing
bargain as the new year approached. coffee business Dutch Bros, which is approximately 0.2% of
Apple’s size yet worth about $4.7 billion. In 2022, revenue
Each year, GlobalBiz Outlook chooses ten stocks to invest increased by a whopping 48.4%. With its origins on the
in for the coming year. The top ten stocks to purchase in West Coast, Dutch Bros has 716 sites as of the end of
2023 are listed below, along with how each performed so far March; practically all are in the West and Southwest.
this year, measured by total returns that take dividends into
account: Its drive-thru locations are relatively inexpensive to open
due to their tiny footprint, which enables quicker expansion.
1. Apple Inc. (AAPL) Numbers support this: Dutch Bros added 133 new locations
Apple is the world’s largest publicly traded corporation, in 2022, representing a 25% location expansion. The
excluding government-backed behemoths like Saudi company’s stock started strong in 2023, but shares dropped
Aramco. AAPL shares, like other IT firms, struggled in sharply in early May after a quarterly earnings report that
2022 as recession worries and skyrocketing interest rates missed analysts’ projections. Through June 30th, shares are
alarmed investors in the industry. Apple shares increased up less than 1% yearly.
49.7% in the first half of 2023 after a rare 26.4% decline in
2022, reaching all-time highs and surpassing the $3 trillion 3. Citigroup Inc. (C)
mark for the first time in history. The market’s belief in Next is Citigroup, a roughly $90 billion international bank
Apple’s wide competitive advantage is reflected in its with retail and investment banking divisions. Citigroup
current valuation of 32 times its profits. provides two things to investors: First off, in a time of
increasing rates and strong inflation, it offers shareholders a
The Apple Vision Pro, a virtual reality headset costing decent buffer with a healthy 4.4% dividend yield. Notably,
$3,499, was announced as Apple’s newest offering. that dividend is long-term sustainable, with Citigroup
Investors are betting that some variant of the technology financing its rewards with less than 30% of earnings. In

addition to paying a substantial dividend, Citigroup is a Given that Microsoft Corp. (MSFT), a competitor in the
value company currently, trading for just 0.48 times book cloud services market, trades for about 12 times sales,
value and less than eight times forward profits. In the first assigning the same multiple to AWS values, it is at $1.02
quarter of 2022, renowned investor and financial expert trillion. Investors can acquire the remaining parts of
Warren Buffett started purchasing Citigroup stock. As a Amazon’s enormous businesses, which generated $434
result, Berkshire Hathaway Inc. (BRK.A, BRK.B) currently billion in sales in 2022, for about $280 billion at the
holds a roughly $2.6 billion holding in the company. company’s current estimated value of around $1.3 trillion.
Through June 30th, 2023, Citigroup stock has increased With shares up 55.2% as of June 30th, 2023, AMZN has
3.9%. shown to be a wise investment.
4. Amazon.com Inc. (AMZN) 5. Walt Disney Co. (DIS)

Amazon, a major online retailer, was listed as one of the top A firm’s management team is among the most crucial
ten stocks to purchase in 2023. The e-commerce behemoth factors when choosing stocks to buy and hold long-term.
had a terrible 2022, during which time the value of its shares And Disney has that in spades with the recent return of
dropped by 50%. The main offenders were cost growth, a longstanding CEO Bob Iger. Before handing up the reins to
tight labor market, supply chain issues, and declining Bob Chapek in February 2020, Iger—regarded as one of the
consumer confidence. Nevertheless, the market was far too best CEOs this side of the millennium—presided over
quick to write off Amazon, whose crowning achievement is numerous enormously profitable acquisitions, including
its sizable, rapidly expanding, and wildly successful cloud Pixar, Marvel Entertainment, and Lucasfilm. The House of
services division, Amazon Web Services. Over $85 billion Mouse met expectations for both earnings and revenue in its
in income is generated annually by AWS. May quarterly report. Disney+ recently raised its prices,

which lessened the effect of a massive times projected earnings. The hot foundries manufacturing cutting-edge
loss in subscribers, primarily from its energy market is unlikely to soar as it semiconductors. TSM has a
India site Hotstar. Through June 30th, did in 2022, which was afflicted by substantial market share for chips 7
the cost of DIS has increased by 2.8%. inflation and war, so growth will nanometers and smaller in the
probably slow down in 2023, but semiconductor sector. Foundries are
6. PayPal Holdings Inc. (PYPL) investors should consider the businesses that produce chips for other
Despite earnings per share in 2022 of importance of having an inflation companies. One of TSM’s largest
$4.13, more than any year between hedge in their portfolios. EOG also clients is Apple, which has started to
2018 and 2020, PayPal, a has some credibility with income move its supply chain away from
tried-and-true financial business, is investors thanks to its meager payout China. The company’s revenue and net
oddly trading for less than its ratio of less than 20% and 3% profit slightly increased in the first
pandemic lows from 2020. Due to a dividend yield. EOG shares have quarter but were still down 18.7% and
deteriorating macroeconomic declined as inflation concerns 30% from Q4 2022, respectively.
environment and the termination of its decreased in the first half 2023. Although paying a 1.8% dividend and
profitable partnership with eBay Inc. Through June 30th, the stock has trading at less than 20 times forward
(EBAY), the company’s shares took a experienced a year-to-date loss of earnings, TSM shares have been on
severe beating in 2022, falling 62%. 9.7%. fire in the first half of 2023, achieving
Despite a five-year average ratio of gains of 36.8% through June 30th.
35.5, shares are trading for around 8. Grupo Aeroportuario del Sureste
13.5 times anticipated earnings for SAB de CV (ASR) 10. Diageo PLC (DEO)
2023. PayPal’s lowest This off-the-beaten-path stock is a The beverage tycoon Diageo, with a
price-to-earnings (P/E) ratio between $8.6 billion Latin American airport market cap of around $100 billion, is
2015 and 2021 was 20.3. operator, another repeat choice from the last. Diageo, a consumer-defensive
the list from the previous year. ASR, business, should be able to withstand a
Adding that cautious multiple to its the only industrial firm on this list, challenging macroeconomic climate
average projected 2023 earnings of offers geographic diversification, is a because alcohol is often generally
$4.94, the price per share by early mid-cap company that only some recession-resistant. Alcohol
2024 would be $100.28, representing a investors know and is the only customers, like those who use tobacco,
50% increase from its close on June industrial company on our list. With a have a good amount of brand loyalty,
30th at $66.73. PayPal’s presence in total return of 17% in a bear market in and the corporation enjoys an enviable
physical stores should increase as a 2022, the stock was a gem in the position in the market thanks to its
result of recently announced rough. Of course, the increase in portfolio of premium brands, which
agreements with Apple Pay to take passenger traffic is beneficial: In May includes Johnnie Walker, Guinness,
Venmo- and PayPal-branded cards, 2023, passenger traffic grew 3.2% Tanqueray, Don Julio, Smirnoff,
while Amazon now accepts Venmo year over year thanks to gains in Baileys, Ciroc, and Bulleit. Despite
(which is owned by PayPal), Mexico of 6.8% and Puerto Rico of net sales increasing by 21.4% in the
providing PayPal access to Amazon’s 15.5%, which more than made up for fiscal year 2022, the stock decreased
sizable online marketplace. PYPL Colombia’s 14.2% decline. Airport by 17.4% last year, along with the
stock fell in May when the firm managers make money from various overall market. That’s primarily
released less-than-impressive earnings sources, including parking, ground because of its British roots and a
and cut its operating margin forecast transportation, airport retail, challenging year for the pound
for 2023; as of June 30th, the stock is advertising, the leasing of gates, and sterling. That downturn can’t last
down 6.3% for the year. payment of landing fees by airlines. forever, and shares are currently
The stock provides a 2% trailing trading at a discount to their five-year
7. EOG Resources Inc. (EOG) dividend; as of June 30th, 2023, shares average forward P/E of 24.4, or
EOG is a U.S. oil and gas producer have returned 21.6% overall. approximately 19 times ahead
coming off a stellar 2022 in which earnings. Diageo was added to
shares achieved a total return of 9. Taiwan Semiconductor Berkshire Hathaway’s portfolio in the
56.3%. It was a return pick from the Manufacturing Co. Ltd. (TSM) first quarter of 2023 when Buffett
best stocks to buy a list from the The next company on the list is invested around $40 million in DEO
previous year. Despite this, shares are Taiwan Semiconductor stock. Through June 30th, shares of
still valued as a bargain investment Manufacturing, a $530 billion the defensive stock had decreased by
because they trade for less than 10 company that dominates high-level 1.8%.

Pooja Shimpi
Founder & CEO
SyberNow

Pooja Shimpi
A determined and passionate leader who transfers insightful
cybersecurity solutions to secure futures with resilience
P
ooja Shimpi, Founder and CEO of SyberNow, With a strong mission to empower organizations and
is an accomplished cybersecurity expert with an individuals, our startup aims to provide the necessary tools
extensive academic and certification background, and knowledge to navigate the digital realm safely and with
recognized for her valuable contributions and global confidence,” says Pooja.
prominence in the field. Pooja’s remarkable achievements
and widespread recognition in the global cybersecurity field “So overall the idea for my cybersecurity startup prospered
are attributed to her Master’s degree in Computer Science from the recognition of the critical need for cybersecurity
and CISSP certifications. awareness and a strong security culture. My education,
practical experience, and continuous learning have
Pooja aims to enhance cybersecurity by addressing human equipped me with the knowledge, skills, and mindset
risks, promoting best practices, and advocating for necessary to be an entrepreneur and leader in the
inclusivity and diversity. cybersecurity field,” she continues.
Pooja’s Path towards Cybersecurity Expertise Pooja made the life-changing decision to relocate from
Pooja, hailing from a small town in India, landed a campus Singapore to Australia. However, a strong inner calling
placement at a prestigious tech firm as the only female nudged her towards embarking on her entrepreneurial
candidate from her college, which motivated her to journey in the cybersecurity domain. Driven by a deep
demonstrate her abilities, and led her to develop a strong sense of purpose, Pooja swiftly redirected her path, returned
resolve to prove herself. to India, and began laying the foundation for her
cybersecurity startup - SyberNow.
Pooja explored different tech roles and domains to enhance
her knowledge, ultimately discovering her interest in
cybersecurity and dedicating countless hours to improving SyberNow: Empowering Minds, Securing Futures!
her skills and understanding the field’s ever-evolving nature SyberNow embodies Pooja’s vision of empowering
and increasing threats. organizations with comprehensive Cybersecurity Awareness
& Training solutions while placing a strong emphasis on
Pooja’s Turning Point to Become an Entrepreneur fostering a Culture of security. By leveraging her expertise
The daily reports of data breaches and the unfortunate and passion for training and awareness, Pooja aims to equip
incidents where people lose their life savings to scams businesses with the knowledge and tools needed to mitigate
deeply dishearten her. Witnessing the emotional and mental risks and protect their valuable assets in an increasingly
trauma caused by these losses, all because of misplaced hostile digital landscape.
trust in online entities has motivated her to establish this
mission-driven startup. “Our unique approach involves creating engaging and
informative 2-3 minute-long animated episodes that
“I am driven by the powerful belief that the rate of effectively teach individuals how to protect themselves
cyber-attacks will continue to escalate in various industries, from hacking incidents. These episodes are inspired by
necessitating a heightened focus on security awareness. real-life stories and actual breaches, ensuring their

relevance and impact,” says Pooja. • Setting the company’s strategic of excellence,” says Pooja. “I am
direction, defining its mission, and resilient in the face of adversity and
By combining entertainment and defining its values are her remain steadfast in pursuing my goals,
education, the company empowers responsibilities. Their target even in the face of daunting
users to make informed decisions and audience’s needs must be aligned challenges,” she continues.
enhance their overall cybersecurity with their foundation and vision.
posture establishing an emotional • Pooja is responsible for Pooja’s advice for enthusiastic
connection. Furthermore, SyberNow assembling a talented and leaders just starting in the
will play a significant role in training passionate team and provides Cybersecurity field
and addressing the requirements of guidance, mentorship, and support I strongly believe that passion is the
organizations to foster a culture of to empower team members to most crucial attribute when pursuing a
improved cybersecurity. excel in their roles. career in cybersecurity. The dynamic
• She fosters a collaborative and and ever-evolving nature of the
“We will soon implement phishing inclusive environment where cybersecurity field presents new
simulation, tabletop exercises, and innovation is encouraged, and challenges every day, both in the
other tools to assess the efficacy of this ideas are valued. Effective operational and governance realms.
training. This is because improvement communication and fostering a While qualifications can provide a
can only occur when we measure and positive company culture are key solid foundation, practical industry
evaluate progress,” assures Pooja. aspects of her leadership experience is invaluable. Therefore, I
responsibilities. encourage everyone to be prepared to
Pooja’s Journey Towards dive into hands-on work.
Leadership An entrepreneur who has built a
Pooja became deeply drawn to ‘people’ cybersecurity awareness, training, and Future Vision for SyberNow
when spearheading Cybersecurity culture start-up, she is responsible for SyberNow undergoing significant
Programs for APAC as an Information setting a clear strategy, building and changes and growth within the next
Security Officer; even with the best empowering a talented team, executing two years. As the industry continues to
tools and processes in place, the a comprehensive business strategy, and evolve and cyber threats become more
actions of end users could pose fostering a resilient and security-aware sophisticated, the company must stay
significant risks to the organization if culture. Pooja brings insightful at the forefront of the cybersecurity
they lacked proper training and thinking, an empowering approach, landscape.
awareness. With the exponential and unwavering dedication to creating
growth of cyberattacks in the past five a safer digital world for organizations “I see our cybersecurity start-up
years, it has become imperative for and individuals. expanding its services, extending its
organizations to prioritize security geographic reach, enhancing its
awareness training and cultivate a The Guiding Light Triumph over technology capabilities, and fostering
security-conscious culture. Challenges collaborations. As the leader, I will
Pooja is a tenacious leader, her startup guide these changes by staying updated
Pooja has a keen ability to understand journey is filled with challenges, on industry trends, fostering innovation
the complex cybersecurity landscape, setbacks, and uncertainties. However, within the team, prioritizing client
identify gaps and challenges, and she approaches these obstacles with a feedback, and forging strategic
translate them into innovative relentless determination to overcome partnerships. Through these efforts, we
solutions. This insight allows her to them. will create a transformation that
develop strategies that effectively positions us as a trusted and leading
address evolving threats and provide “Resilience is the one word that cybersecurity solution provider in the
impactful cybersecurity awareness and perfectly encapsulates my personality. industry,” assures Pooja.
training programs. Throughout my journey, I faced
numerous challenges and hurdles, Visit www.SyberNow.com today to
Leadership Responsibilities often finding myself as the sole female learn more about Cybersecurity
As the founder and leader of a team member. However, I refused to let Awareness pieces of training.
cybersecurity awareness, training, and these obstacles hinder my progress.
culture startup, Pooja bears a range of Instead, I used them as fuel to push
responsibilities that are essential to its myself further and to prove that gender
success. should never be a barrier in the pursuit

CXO Standpoint
Jonathan Gur
President & CEO
Ion Enterprises
The most efficient cooling tower

water treatment solution

C
ommercial buildings account for 40% of largest and most demanding commercial real estate
national energy consumption in the United organizations through its ability to deliver consistent,
States and 35% of carbon emissions in North measurable results.
America.
There is an overall growing pressure and urgency to The EnviroTower Value proposition
transform commercial building operations that consume The EnviroTower clean cooling tower water treatment
large amounts of energy and water, and that use solution directly addresses the following critical
substances potentially harmful to the environment and to challenges facing commercial building owners and
human health. managers:
Cooling systems, in particular, consume enormous ▪ Reduce Cooling Costs: With EnviroTower,
amounts of energy and water in commercial buildings – commercial building owners can achieve immediate,
up to 30% of a commercial building’s overall energy verifiable cost savings from improvements in
budget and 50% of the water used. building cooling system efficiency – due to
reductions in energy and water consumption – and
As a result, cooling system efficiency is emerging as the cut their facility’s cooling costs by 10 to 20%, or
prime area for buildings to improve overall energy and about US$0.15 a square foot (or just over $1.50 per
water efficiency and reduce a facility’s carbon footprint. m2).
Commercial building owners and managers are under ▪ Maximize energy efficiency: EnviroTower offers
significant pressure to reduce operating costs associated superior protection against scaling and fouling
with running cooling tower systems. In addition, buildup. Scaling and fouling can reduce chiller
portfolio managers are increasingly charged with energy efficiency up to 25% in some cases.
improving the energy efficiency and overall
sustainability of their building operations.
The EnviroTower overview

The EnviroTower technology provides a proven, reliable
solution for maximizing energy and water efficiencies
while minimizing the environmental impacts of cooling
towers.
This solution enables commercial, institutional and

industrial customers to drive down their cooling costs
through a clean, comprehensive water treatment system
which reduces energy and water consumption, cuts
carbon emissions and reduces chemical usage in cooling
towers. EnviroTower is recognized by leading
▪ Reduce water consumption: The EnviroTower
Engineering and Design firms for its green building
removes the hardness limit on cycles of
benefits and potential to contribute to Leadership in
concentration. Water consumption can often be
Energy and Environmental Design (LEED) certification.
reduced by up to 25 percent depending on the water
quality.
The EnviroTower comprehensive water treatment
solution has earned the endorsement of North America’s

expertise to fit the EnviroTower system to the
customer requirements, reduction of chiller’s tube
cleaning (“punching”), minimal chemical usage,
ability to drain blow-down water into storm systems
(as to lack of harmful chemicals in the water) and
optional system performance monitoring capability.
▪ Technical Expertise: EnviroTower has in-depth

expertise in water treatment, water chemistry,
treatment chemicals, product development,
manufacturing, engineering and application
knowledge. In addition to the numerous patents on
▪ Protect the environment: The EnviroTower its technology, EnviroTower has a key IP advantage
systems produce significant reductions in a facility’s in its proprietary ScaleBuster water conditioning
environmental footprint by conserving energy and technology as well as knowledge and experience in
water use, and reducing the discharge of harmful applying the technology in the field under a variety
chemicals into the environment. of conditions. This knowledge has been used to
develop a proprietary software model that can
▪ Get maximum life span of your equipment: Every analyze a water sample to determine the viability of
time chillers are cleaned and scale is removed (a the solution and operating parameters.
process known as “chiller punching”) either by
chemicals or mechanical brushing or both, some Financial Analysis
copper is lost from the chiller tubes, resulting in
EnviroTower delivers solid financial benefits through
shorter life expectancy of the chillers (vs. estimated
energy, water, chemicals and maintenance savings.
life span by the chillers manufacturers). The
Calculating and measuring these savings is straight
EnviroTower solution keeps scale build up in the
forward. The following tables summarizes an example
chillers under control, eliminating the need for
financial impact of implementing the EnviroTower
chiller “punching”.
solution.
▪ Improve health and safety: Chemical handling and

exposure are a health and safety risk to employees
(and owners). The EnviroTower removes the need
for handling of harmful chemicals.
The EnviroTower differentiation

EnviroTower is focused on delivering long term
customer savings and peace of mind to its customers and
is uniquely positioned in the market by its:
▪ Comprehensive solution: More than just a product,

EnviroTower technology gives the customer a total
solution to protect the chillers and tower in HVAC
systems from scale build up, corrosion and
biological growth in the water. Key solution
elements include full engineering and application

Example 1 – Hotel HVAC (CA USA) with 380,000 sq. ft. (approx.. 40,000m2) floor space
Important: The OpEx savings doesn’t include the potential CapEx savings by increasing the life span of the chillers
(eliminating or reducing “chiller punching” which shorten life expectancy of the equipment as well imposes health &
safety concerns). CapEx improving can be in the range of hundreds of thousands of dollars (US) for the chillers’ life
span of 20-25 years!
EnviroTower Percent
OpEx Cost Components Chemicals EnviroTower
Savings Savings
Chemicals or Minerals $27,000 $1,200 $25,800 96%
Water $36,907 $33,554 $3,353 9%
Annual system cleaning/service $6,000 $0 $6,000 100%
Maintenance/labour $7,800 $1,200 $6,600 85%
Energy (chiller and pumps
$212,400 $189,500 $22,900 11%
operation)
Total OpEx $290,107 $225,454 $64,653 22%
ET system CapEx $142,600

ROI (Months) 26

Top 12 Enterprise
Risk Management Trends
to Keep an Eye on in 2023
A
s companies try to deal with the COVID-19 competition rather than just preventing bad things
pandemic’s long-term effects, the potential from happening.
for a recession, and the rapid pace of growth,
enterprise risk management (ERM) has become the Valente’s research team has been contrasting the
focus. strategies of traditional chief risk officers (CROs),
Executives know that more robust ERM programs are who are hyper-focused on minimizing risk, with those
required to compete in this new environment. As part of so-called transformational CROs, who see risk
of the current risk landscape, businesses must deal management as a competitive advantage to understand
with how hazards are interconnected. better how threats might impede company strategy
and limit income streams.
According to Alla Valente, a senior analyst at
Forrester Research, businesses are becoming even 4. Increasing use of remarks on risk appetite
more connected to the partners, vendors, and suppliers The financial services industry created risk appetite
operating inside global markets. statements to improve communication with personnel,
shareholders, and authorities. A lender must be
The 12 security and risk management trends below prepared to take on some level of risk to increase the
change the risk landscape and affect business number of loans available, but they must also have a
continuity planning. mechanism in place that will take rapid corrective
action if too many borrowers fail to fulfill their
1. Risk maturity frameworks combine workflows obligations.
Companies are considering a risk maturity framework
as risk landscape vulnerabilities grow increasingly Businesses need help to implement a risk appetite
interconnected. Other software development statement for several reasons successfully. Some
frameworks, including the capability maturity model, CEOs are concerned that a poorly worded statement
are comparable to this approach. Handling procedures can be interpreted as endorsing unethical behavior,
and technology is essential to reach a mature risk while others are concerned that it might prevent them
management degree. from exploring new opportunities.
2. Technology stacks for ERM are expanded to 5. Expert panels with subject-specific knowledge
GRC expedite risk assessment and response
Enterprise risk management encompasses information Putting all the risk data together is crucial, but
technology, third-party contacts, governance risk and professionals must interpret it correctly. The GRC
compliance (GRC), and financial governance. A platform is being used by businesses to create a
complete GRC platform can be an essential knowledgeable network of subject matter experts for
integration tier for all risk management tasks, essential initiatives. The appropriate experts can be
including designing and maintaining policies, quickly enlisted to examine the situation and decide
performing risk assessments, analyzing risk posture, the best course of action in the event of a
identifying regulatory compliance gaps, managing and cross-departmental issue, such as a security incident
responding to incidents, and automating the internal involving IT, legal, and HR.
audit process.
6. Greater accessibility of risk mitigation and
3. ERM is considered a tactical advantage measurement tools
Since the COVID-19 epidemic, many firms now view Keri Calagna, principal at Deloitte, observed that
risk management as a tactic to outperform the technologies for actively assessing and managing risks

are advancing. Internal and external company’s C-suite together to the organization’s risk appetite,
Risk sensing systems help deliver implement successful risk and chief information officers and IT
risk intelligence that identifies resilience plans. leaders must collaborate with other
emerging and trending dangers. management teams. By
9. Extreme weather hazards are synchronizing the strategy, people,
According to Calagna, more significant than before process, and technology goals
organizations increasingly rely on CEOs and boards will be along the entire value chain, an
more integrated technologies that challenged to implement risk integrated governance model can
provide a holistic view of risks management techniques to be helpful. This ERM trend ensures
across the organization, capture safeguard personnel and assets if that the risk component is included
leading indicators to show how crises, such as harsh weather, in broader digital transformation
risks are evolving, encourage worsen and occur more frequently. efforts.
accountability for risk-reduction The most recent figures show that
measures, and offer real-time risk weather-related calamities caused 11. Measurement of cyber risk
reporting to help management damages of $145 billion in 2021. According to Kumar Avijit, the IT
make decisions. Services practice director at Everest
By 2023, according to Mark Group, who has heard this
7. A meeting between the GRC Herrington, CEO of OnSolve, an development directly from C-suite
and the ESG AI event management platform, executives, the demand for risk
Another development in business CEOs would need to be trained in quantification services within
risk management is linking risk management to protect their enterprises has increased. These
enterprise risk and environmental, organizations’ assets, personnel, services range from creating unique
social, and governance (ESG) and financial health from the cybersecurity policies to
agendas. Calagna believes that increasingly frequent occurrence of conducting a complete risk
scenario planning and assumption extreme weather. assessment procedure to determine
testing will become more capable. the monetary value of each risk.
To encourage cross-functional 10. Integrating risk management
thinking on risk and explore the with digital transformation 12. Improved and contextualized
influence of potential futures on 75% of executives say that their risk monitoring
corporate business planning and organizations are extremely Avijit is also observing an increase
strategy, businesses are also complex, particularly in terms of in demand for risk management
implementing simulations, war their technology, data, and monitoring solutions tailored for
games, tabletops, and other operating environments, according different personas, such as chief
interactive workshops. to PwC’s Digital Trust Insights information officers, chief business
2022 survey. Businesses are managers, and chief information
8. CIOs encourage C-level accordingly putting integrated officers. New risk management
support for ERM governance, risk, and compliance goals and requirements that various
Companies are forced to put (IGRC) strategies into place faster business users and executives have
resilience ahead of risk to streamline their risk management developed cause this. These tools
management due to the COVID-19 processes. enhance traditional risk
epidemic and the current economic management analytics with
climate. Businesses with It serves as both a facilitator and a drill-down views that provide the
comprehensive ERM plans that driver for IGRC. To identify risks, appropriate detail.
involve all divisions can quickly evaluate their impact, and devise
alter course. CIOs must bring the mitigating methods aligning with

Rakesh Dighe
Founder & CEO
Risk Quotient

Rakesh Dighe
Transforming and Redefining The Technology
Risk Management Industry
W ith a relentless passion to scale new heights in

business, Rakesh Dighe, Founder & CEO of
Risk Quotient Group (a Risk Management
Consultancy with offices in London, Singapore, and
he was mentored by Mr Gautam Bannerjee, who was a
Partner with PwC and eventually became the Chairman of
PwC Asia Pacific and is now the Chairman of Blackstone
Singapore.
Mumbai), is on a mission to transform the Risk
Management sector with the use of leading-edge “In my very first year at PwC, I was promoted twice. I was
technology solutions. then asked- as an Assistant Manager- to provide expert
accounting evidence in a legal dispute at the Singapore
Rakesh is a UK-qualified Chartered Accountant based in High Courts. This was a first for PwC as only Partners of
London who specialises in Technology Risk Management. PwC were allowed to give evidence in Court. Within a year,
In the course of 20+ years of rich experience working with I became a Manager, which was a coveted position,” he
several multinational corporations around the world, he has continues.
designed and implemented risk-based controls frameworks
for strategic, operational, and financial business processes, Rakesh then served a six-month secondment to Shell
primarily in the Energy sector. Singapore from PwC. Impressed by his intellect and
diligence, Nick Shorthose- a British Line Manager-
An eternal optimist by nature, Rakesh sees opportunities encouraged Rakesh to apply to Shell for a full time job.
where others see a meltdown. He is driven by, and derives Despite being on the ‘Partnership Track’ with PwC
immense fulfillment from, creating specialized skilled Singapore, Shell Singapore’s offer of double the salary and
employment and opportunities for professional and personal half the working hours was compelling enough for him to
growth for his people. make the switch.
Coincidentally, it was just at this time that the Shell Group

The Wonder Years - From 1992 to Present had started implementing multi-million US-dollar ERP
Rakesh’s career started in the mid 80s upon obtaining a first projects globally using the German SAP system. Rakesh
class degree from the prestigious Sri Ram College of was soon inducted into the multinational SAP project team,
Commerce at Delhi University, India. Subsequently, after where he quickly built up his niche SAP skills that were
graduating with a distinction from Oxford Brookes soon in high demand across the 140+ companies of Shell.
University in the UK, he completed a four-year training He was invited to assist project teams in Brazil, Holland
contract with a firm of Chartered Accountants in London and Italy, to name just a few.
and passed the professional exams at the very first attempt.
Leveraging his much sought-after SAP skills, Rakesh
“I followed the wise advice of Mr Amal Ganguly, the moved to London with Ernst & Young (EY) in 1999 and
Chairman of PwC in India and father of my dear friend, then to Shell International again. He shuttled between
Anupam. His wise words were, ‘Go East, Young Man’! So Holland and London, UK for nearly 5 years, taking on
East is where I went, firstly to the Tiger economy of increasing regional and global responsibilities. As a
Singapore with plans to go to Hong Kong afterwards. But I consequence, Rakesh has worked in about 34 countries, an
never made it to Hong Kong as PwC Singapore offered me experience that has been invaluable as he charts the future
a job with an excellent set of colleagues, so I forgot about course for his entrepreneurial venture.
moving to Hong Kong,” says Rakesh. At PwC Singapore,

Turning Entrepreneur: Creating & discrimination policy, women (do the right thing even when no
Growing Risk Quotient empowerment, no bribes, to name a one is looking).
“The pivotal moment came when I had few- was our motto and operating ▪ Implement a ‘Fast Track Program’
to leave my cherished role at Shell in mantra right from the outset,” says for younger team members, where
2010 due to medical reasons. I decided Rakesh. “I have always wanted to give Risk Quotient promotes promising
then that I would turn life’s challenges back to society by creating specialised resources every six months and
into an opportunity with the help of my jobs in the emerging economies of the inducts them into the Leadership
incorrigibly-exuberant and positive world and to share the gains fairly with Team in record time.
outlook on life, and a very strategic the staff.”
and creative mind,’ says Rakesh. The Bridge Between Cyber Security
“Our unique structure of being a & Cyber Insurance
Rakesh set up Risk Quotient Group ‘minimalist company’ enables us to Rakesh believes that providing
with the vision of building a global provide high value at competitive comprehensive services in cyber risk
specialist Technology Risk prices. The open culture and informal quantification to insurance companies
Management Consultancy Company work environment Team RQ has offering cyber insurance policies
with its own proprietary suite of created and nurtured ensures a happy presents a huge opportunity for Risk
software tools in the niche areas of team with high productivity levels,” Quotient. In his 3-year business plan,
cyber security and business continuity. says Rakesh. he sees the company rapidly
He identified these as ‘hyper growth transforming itself from a pure services
areas’ for the foreseeable future, as the Core Beliefs and Priorities as an organization to a product-led one, with
digital revolution gained unstoppable Entrepreneur/CEO an array of world-class software tools
momentum. According to Rakesh, an entrepreneur which include AI driven tools.
needs to think outside the box,
The dream of a global consultancy embrace change, and be optimistic in He also intends to rapidly expand
with an India story at its heart started all circumstances and situations. They internationally and enhance the
coming to fruition with the should possess excellent networking excellent network of supporters in
appointment of Chaitanya Kunthe skills and be strategic in their thinking West Africa, Malaysia, Singapore, the
(CK) as the Chief Operating Officer with a strong sense of fair play. Middle East, and India. Risk Quotient
and heading up India operations, based is already seeing early successes in its
out of Mumbai. With a hand-picked He is a strong proponent of ‘Share and West Africa market entry and bright
team of the brightest and best in the share alike’, which is reflected in the prospects in ASEAN markets.
market and applying the AGILE policy of Risk Quotient to share the
project management methodology to rewards of success with its leadership Rakesh envisions the use of
cyber security assignments, CK has team. As a result, the company is 100% appropriate government support
helped Risk Quotient establish a employee-owned. through agencies like Enterprise SG
portfolio of over 100 repeat customers, and tap into the unique skills and
including some of the biggest brands in As CEO, many of Rakesh’s key networks these offer to drive Risk
the BFSI sector. responsibilities are people-centric. In Quotient’s growth. Rakesh is also
fact, he lists the following as his considering external funding options to
CK and I make an unbeatable team highest priorities: fund future growth and scale the
who complement each other well and business driven by its Saas-model
set the tone at the top,”says Rakesh. ▪ On-time payment of salaries for products that are already gaining
While he claims to have his head employees (zero tolerance for traction in markets like India, Ghana,
firmly in the clouds, thinking of delays or errors). UAE, and Malaysia.
generating opportunities and strategies ▪ Position HR and other
to leverage his vast international complementary policies to bring ‘If I had a crystal ball I would say the
network and the firm foundations laid out the best in employees, leading biggest opportunity for Risk Quotient
by CK and team, he credits CK’s to happy employees and is to be the bridge between cyber
methodical emphasis on delivery and customers. security and cyber insurance. Both are
quality for the growth and success the ▪ Shape group strategy, niche areas that will continue to see
Group has achieved. communicate, and empower explosive growth.”
employees to deliver on strategy.
“Value Creation and Happy Customers ▪ Keep the group compliant with
with well rewarded employees and local and international laws in the
strong business principles- no true spirit of honesty and Integrity

CXO Standpoint
Kautuk Choubey
Risk Management Professional
Transformative Leadership in
Middle Eastern Banks

I
am a Risk Management practitioner with close to valuable insights, enabling banks to make informed
a decade’s experience in various countries such as decisions and optimize risk-reward trade-offs.
India, Saudi Arabia, UAE, Bahrain, Qatar, Oman,
Jordan, Egypt, Sri Lanka, Kenya, Tanzania, and Rwanda to While proactive risk management requires banks to assess
name a few. I have a bachelor’s degree in engineering and a their resilience under adverse conditions, it also demands an
post-graduate degree in Banking and Finance from NIBM extensive infrastructure to operationalize the same. Again,
India. While I’ve worked with Banks and Financial the transformative leaders should encourage the
Institutions across the globe, most of my work experience implementation of stress testing and scenario analysis to
has been in the Middle East. evaluate the impact of potential economic downturns,
geopolitical events, and market shocks. These simulations
This article aims to shed light on the importance of can help banks build robust risk management frameworks
leadership in spearheading the transformation of financial and strengthen their ability to weather unforeseen
risk management in Middle Eastern banks. By adopting challenges. Recent regulations by the regulators in UAE
innovative strategies and leveraging technological and Bahrain are a good example of how quickly the region
advancements, banks can navigate uncertainties and is catching up with its western counterpart.
position themselves for sustainable success.
The Risk Management initiatives, like any other critical
The Banks and Fis in the Middle East have long played a program within an organization, require massive upskilling
crucial role in the region’s economic growth and of the resource pool, both existing as well as incoming.
development. As the global financial landscape continues to Also, Innovation and transformative change too are best
evolve, Middle Eastern banks face unique challenges in achieved through diverse perspectives and skill sets.
managing financial risks effectively. In the light of Leaders must prioritize talent acquisition and development
emerging market trends (particularly, the changing energy to create a workforce equipped with the knowledge and
economics and related dynamics) and technological expertise to manage complex financial risks effectively.
advancements, forward-thinking leadership is required to Cultivating a culture of continuous learning and providing
bring about transformative changes in financial risk employees with growth opportunities will empower them to
management practices. adapt to evolving risk landscapes. To tackle this bank are
actively adapting the dual strategy of uplifting the local
Transformative leadership entails fostering a culture of risk resource pool to fill the existing skill gap in the medium
awareness across all levels of the organization. Leaders and long term, while also drawing the best of international
must instill in their teams a deep understanding of financial resources for the specialized functions.
risks, their implications, and the importance of proactively
managing them. By promoting a risk-aware culture, Middle On a different front, we also observe the collaboration
Eastern banks can avoid complacency and build resilience between the banks, regulatory bodies, and global financial
in the face of market fluctuations and geopolitical institutions in the region. Transformative leaders are
uncertainties. fostering collaborative partnerships to share best practices
and exchange knowledge. The key objective of these
The landscape of financial regulations is ever-changing, collaborations is to collectively address regional and global
presenting a challenge for banks in the Middle East; recent financial challenges.
regulations on IFRS 9 and Internal Liquidity Assessment
etc. are a good example of the same in the region. Finally, the Middle Eastern banks stand at a pivotal juncture
Transformative leaders must adeptly navigate these where transformative leadership can drive the evolution of
regulatory challenges by staying abreast of updates and financial risk management practices. By embracing a
proactively implementing compliance measures. By doing risk-aware culture, leveraging technology and data
so, banks can build trust with stakeholders and enhance analytics, navigating regulatory challenges, and fostering
their reputation in the global financial community. collaborative partnerships, banks can position themselves as
resilient and dynamic institutions in the face of a rapidly
In the age of digitalization, leveraging cutting-edge changing financial landscape. The journey towards effective
technology and data analytics is crucial for effective financial risk management begins with visionary leaders
financial risk management. Forward-thinking leaders must committed to embracing innovation and steering their
invest in the state-of-art risk management systems, artificial organizations towards a prosperous future.
intelligence, and machine learning to identify and mitigate
potential risks in real-time. These tools can provide

Which is
better for your
business:
FREELANCERS
or VIRTUAL
ASSISTANTS?
I
n this piece, we examine the features, benefits, Learning about Freelancers
and factors to take into account when hiring Independent professionals who take on projects as
independent contractors and virtual assistants freelancers frequently provide their services to several
for business help. Along with the variables to consider clients at once and possess various talents. You can
regarding project duration, money, skill requirements, access specialized skills for a particular task or project by
and communication preferences, we also address the hiring a freelancer without making the long-term
experts’ expertise, adaptability, and cost-effectiveness. commitment of a regular employee.
By comprehending the distinctions and assessing your
particular demands, you may decide if freelancers or Freelancers’ advantages
virtual assistants are the best fit for your company. Expertise: Freelancers are helpful resources for activities
requiring specialist knowledge since they frequently have
It can be challenging to decide whether to hire virtual specialized knowledge and specialized abilities.
assistants or freelancers when you need support for your
business. Both alternatives provide flexibility, Flexibility: When working with freelancers, you can
knowledge, and cost efficiency, but it’s critical to scale their engagement according to your company’s
comprehend how they differ and choose the one that best needs by hiring them as you go.
suits your business needs. To aid you in making an
informed choice for your company, we’ll examine Cost-effectiveness: Since freelancers are not your paid
freelancers’ and virtual assistants’ traits, benefits, and workers, you are not obligated to cover their payroll
factors in this article. expenses or other overhead expenses.

Vast talent pool: Online markets variety of activities, including data other hand, a virtual assistant can
and freelancer platforms give you entry, customer assistance, research, offer dependable support if you
access to a global talent pool, and more. require continuing assistance with
making it possible to discover the typical administrative duties.
ideal professional for your project. Assistance from a dedicated
professional: By hiring a virtual Budget: Evaluate your financial
Freelancers’ Considerations assistant, you have access to a situation and decide whether you
Project management: It’s crucial to committed worker who is familiar need ongoing assistance from a
use excellent project management with your company and can offer virtual assistant or only sporadic
when dealing with independent ongoing help. freelance knowledge. Analyze each
contractors to ensure clear option’s long-term worth and
communication, on-time delivery, Cost-effectiveness: Virtual cost-effectiveness.
and alignment of expectations. assistants frequently provide flexible
pricing options, letting you pick the Requirement of Skills: List the
Availability: Since freelancers level of assistance that fits within precise knowledge and abilities
frequently work with numerous your spending limit. needed for the current tasks. When
clients at once, it’s crucial to compared to virtual assistants,
establish availability and deadlines Virtual Assistants: Things to Keep freelancers frequently provide
in advance to ensure clarity. in Mind specialized talents.
Building trust and Trustworthy
Building long-term relationships: communication: Since virtual Preferences for communication
While freelancers might be great for assistants collaborate remotely, and collaboration: Consider your
quick assignments, because of their developing trust and keeping lines of preferences for communication and
availability and obligations to other communication open are essential teamwork with the people who will
clients, it may be challenging to for productive teamwork. help you. While virtual assistants are
establish a long-term connection and frequently more involved in
work consistently together. Onboarding and training: Some continuing day-to-day operations,
virtual assistants could need initial freelancers may require more project
Recognizing a virtual assistant training and onboarding to become management.
Conversely, virtual assistants are acquainted with your company
dispersed experts who offer processes and systems, depending Conclusion
corporate clients administrative, on the activities’ complexity. Virtual assistants and freelancers are
organizational, and other support both excellent options for business
services. They are capable of Differences between time zones: help, but which one is best for you
performing a variety of Setting clear expectations for ultimately depends on your unique
responsibilities, including managing availability and communication is requirements and situation. To make
social media accounts and email crucial when working with virtual an informed choice, consider the
correspondence and organizing assistants from different time zones. benefits, factors, and considerations
appointments. described in this article. Whether
How to Choose the Best Fit for you select virtual assistants or
Virtual assistant advantages Your Business freelancers, utilizing their
Saving time: By doing ordinary The following variables should be knowledge and assistance can help
administrative work, virtual taken into account when deciding if your business grow while letting you
assistants give up your time to freelancers or virtual assistants are concentrate on your key talents.
concentrate on more essential the best choices for your company:
elements of your organization.
Project duration: Employing a
Versatility: Virtual assistants freelancer may be the best option if
frequently possess a broad range of you have a short-term project that
skills, allowing them to help with a calls for particular talents. On the

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Top Exceptional Leaders in Risk Advisory Services 2023

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August 2023 Unveiling Inspiring Stories

A LIST OF THE TOP 10

TOP 12 ENTERPRISE RISK

WHICH IS BETTER FOR

In this edition of the Top Exceptional Leaders in

Monish Gaurav Chatrath

08 GlobalBiz Outlook | August 2023

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T he trajectory of the rise of MGC Global Risk

History & purpose of MGC Global

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The focus on meeting and exceeding

The culture at MGC Global

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The future of the appliance and

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4. Amazon.com Inc. (AMZN) 5. Walt Disney Co. (DIS)

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The most efficient cooling tower

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The EnviroTower overview

This solution enables commercial, institutional and

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▪ Technical Expertise: EnviroTower has in-depth

▪ Improve health and safety: Chemical handling and

The EnviroTower differentiation

▪ Comprehensive solution: More than just a product,

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Total OpEx $290,107 $225,454 $64,653 22%

ET system CapEx $142,600

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W ith a relentless passion to scale new heights in

Coincidentally, it was just at this time that the Shell Group

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Unveiling Inspiring Stories

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