Case Study
Transforming regulatory compliance into an opportunity for growth
Challenge
The new Companies Act, passed by the Parliament in 2013, introduced sweeping regulatory changes to bring Indian corporates up to mark with global standards, including accounting standards, board governance and compliance, among other aspects.
It also tightened scrutiny of audit practices and board governance by mandating audit firms to rotate out of a client’s statutory audit mandate after every ten years. While designed as a move to bring transparency in auditing process that helps inspire investor confidence in companies, it also implied impending loss of business for the BIG 4 firms. This necessitated the need to generate new audit mandates to replace mandates being rotated out of, so as to maintain and grow revenues of the audit practice.
Approach
Since the decision to appoint an audit firm for statutory audit is the preserve of the audit committee of the board of directors, with other directors also forming part of other committees important for generating business for other service offerings, a GTM program – the BoardMatters Forum – was created with an eye on strengthening connect with the board directors and gain positive mindshare for the BIG 4 Firm.
Targeting a database of board directors from BSE 100 and priority accounts of the BIG 4 firm, the BoardMatters Forum spanned across multiple activities to drive reinforced engagement, anchored on knowledge assets that are useful to Board Directors from a governance perspective and of practical use for them in their quarterly board meetings.
The program included bi-annual exclusive closed-door roundtables in Delhi and Mumbai, the BoardMatters Quarterly newsletter, BoardMatters microsite, cross border marketing programs that provided board directors from India an opportunity to participate in board director programs in the UK and US and roll out of an annual three day board directors training program in collaboration with ISB, Hyderabad, conducted at their campus. In collaboration with the Financial Times, London, a high profile roundtable for board directors was hosted as part of an eight city program across different continents. All these activities provided audit partners multiple opportunities to engage and strengthen relationship with the board directors of companies being targeted to generate business for statutory audits.
Result
BoardMatters Forum drove ToM recall for EY member firm, delivering high impact content to board directors, strengthened connect between Firm’s audit Partners and Board Directors, gaining sustained mindshare and goodwill.
The connect generated by this GTM program help the Firm emerge at #2 position in winning new statutory audit mandates, replacing the loss of existing audit mandates; in addition, the Firm registered noticeable growth in winning internal audit mandates in companies where it had to rotate out of statutory audit mandates and ended up generating business for other practices such as board governance, addressing restructuring of compensation of board directors.
Other Projects
Anil Nim
Anil Nim
Making him a trusted advisor for businesses that are leading the way, driving change, and shaking things up. He’s spent more than a decade each in top roles at major global communication firms and leading marketing teams in-house. His career includes stints at agencies like Vaishnavi Corporate Communications, Weber Shandwick, Genesis Burson Marsteller, and Edelman. On the client side, he’s held key positions such as Head of Marketing Communications at Invista for South Asia (formerly Dupont Textiles & Interiors), Associate Director of Brand, Marketing, and Communications at EY, and National Director of Communications at a top corporate law firm in India.
Anil has worked on mandates for large organisations, like helping MTV India grow into the leading youth music channel in the country, boosting sales for the Almond Board of California, managing reputational risks for GMR during the Delhi Airport privatization, and driving consumer preference and sales for LYCRA and Teflon brands in India. His experience spans a wide range of industries and brand challenges.
When he’s not immersed in work, Anil loves to travel to different corners of the world and has explored places like Spain, Russia, Hungary, and China. At home, he’s an avid reader, enjoys soaking up the sun with a good book, and finds gardening to be a great way to unwind and connect with nature.
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