Data is the new oil- Digitisation, internal controls and risk management

For many businesses the lockdown was pivotal in their digitisation drive. Many businesses were worried about internal controls in the circumstances and many more planned to take insurance and improve the security of their data.

Task Points to ponder Comments / Next Steps
  • Have you assessed the weaknesses in your internal control which got highlighted during lockdown
  • Which internal controls are weak?
  • Do you need to set up standard operating procedures in areas like approval and payments?
  • Is your data secure at the time of remote working?
  • Important to invest in cyber security
  • Do you need to carry out a due diligence lost the lockdown?
  • Would you like to take a stock of your assets post lockdown?
  • Would you like to value your assets?
  • Which assets may be sold off to raise cash?
  • Important to assess fraud risk in more areas other than cash and revenue
  • Have you got your trademarks registered
  • It is important at this time to protect your Intellectual property
  • Consider the geography in which you wish to protect your IP- whether within India or abroad as well
  • When did you last review your IT systems?
  • Invest in cyber security
  • Be aware of scams, Phishing and cyber crime
  • Use current version of software
  • Use a good quality firewall
  • Take back up of data
  • Do frequent trainings on IT tools
  • Do virtual meetings
  • What percentage of your business is digitized?
  • Do you use cloud-based accounting software?
  • Have you taken insurance?
  • Consider what your
  • Have you taken insurance?
  • Consider what your insurance policy covers
  • Does your insurance policy cover loss of business and insolvency?
  • Are your assets covered?
  • Is the life and health of the owner/ entrepreneur covered?
  • Is the life of the employees covered?
  • What additional insurance do you think your busine