Mr. Arpinder Singh, India & Emerging Markets Leader, EY Forensic & Integrity Services & Ms. Poorva Grover, Director, EY Forensic & Integrity Services
Make in India Meets French Innovation: A Strategic Path to Ethical Growth and Operational Excellence
India’s ambitious Make in India initiative continues to drive self-reliance, manufacturing excellence, and ease of doing business. In this evolving landscape, the convergence of India’s scale-driven growth and France’s innovation-led governance offers a compelling opportunity for sustainable development, ethical business practices, and enhanced operational performance.
French companies operating in India are uniquely positioned to leverage this synergy. India’s vision of transparency, quality, and global competitiveness complements France’s legacy of precision and ethical conduct, while supporting India’s push for responsible business.
A key enabler in this journey is the adoption of international standards that promote integrity and resilience. Among them, ISO 37003, ISO 37001, ISO 37301, and ISO 31000 together provide a robust framework for ethical governance, risk resilience, and compliance excellence.
- ISO 37003 offers guidance on fraud control management systems, helping organizations prevent, detect, and respond to fraud effectively.
- ISO 37001 focuses on anti-bribery measures, establishing controls to combat corruption.
- ISO 37301 provides a structure for compliance management, ensuring organizations meet legal and regulatory obligations.
When integrated, these standards empower organizations—especially multinational and cross-sectoral entities—to build transparent, accountable, and resilient systems aligned with global best practices. Together, these standards offer a comprehensive governance toolkit applicable across industries.
Spotlight: ISO 37003 - A Four-Pillar Model for Fraud Resilience
The standard is built around four core pillars:
- Prevention: Establishing controls and policies to reduce fraud risk.
- Detection: Identifying suspicious activities through monitoring and analytics.
- Response: Taking timely and appropriate action when fraud occurs.
- Continual Improvement: Evolving systems based on lessons learned and changing risks.
Strategic Benefits:
By embedding these standards into their Indian operations, enterprises can:
- Demonstrate leadership commitment to ethical governance.
- Conduct context-specific risk assessments to identify vulnerabilities.
- Promote training and awareness across all levels of the organization.
- Establish confidential reporting channels to encourage whistleblowing.
Why It Matters Now
As Indian companies expand globally, the complexity of operations—and the risk of fraud—grows. Financial losses, reputational damage, and regulatory penalties are real threats. Adopting international standards helps build fraud resilience, regulatory readiness, and stakeholder trust.
Implementing these standards leads to:
- Stronger fraud prevention mechanisms
- Compliance with evolving legal frameworks
- Improved credibility in global markets and enhanced brand reputation
- Boosted operational efficiency and profitability
A Strategic Alignment for the Future
This collaboration between India’s growth ambitions and France’s governance excellence is more than symbolic—it’s a strategic alignment. By embracing global standards and ethical frameworks, French companies can not only thrive in India but also contribute to a new era of innovation, collaboration, and responsible growth.