Driving Risk Management Evolution
Mohit Sachdeva
Head of Internal Audit, Member of Risk Management Committee & Disciplinary Committee,
Sony India
The bedrock of trust, regulatory alignment, and risk mitigation within any organisation hinges on unwavering integrity and transparency in its financial operations. This commitment doesn’t just bolster relationships but also optimises operational effectiveness, laying a foundation for sustained growth and long-term organisational robustness. At the forefront of this critical balance is Mohit Sachdeva, serving as Sony India’s Head of Internal Audit and a Member of the Risk Management Committee and Disciplinary Committee, spearheading the fortification of the organisation’s risk management endeavours.
Mohit, a seasoned chartered accountant, has curated a wealth of expertise in internal audit and risk management. Commencing his journey in internal auditing, he honed his craft in audit processes and compliance, progressing through pivotal roles at Sahni Natarajan & Bahl, Grant Thornton, Ernst & Young, and PricewaterhouseCoopers. In these prestigious positions, he specialised in internal audit, compliance, and forensic expertise, delving deep into risk assessment, control evaluation, and forensic audit techniques.
Since assuming the role of Head of Internal Audit at Sony India in 2016, Mohit’s leadership has been pivotal. He orchestrates robust risk-management strategies, ensuring rigorous compliance with regulatory requisites and fortifying internal controls. Mohit’s strategic counsel to senior management aids in mitigating risks and elevating internal control frameworks. His steadfast commitment to upholding integrity, transparency, and the continual enhancement of financial processes underscores his indispensable role in Sony India’s triumph. His diverse expertise, cultivated across esteemed organisations, positions him as an invaluable asset, significantly contributing to Sony India’s sustained growth and unwavering adherence to compliance.
TradeFlock interviewed Mohit to understand his critical role in the field of risk management.Â
What inspired your choice to enter internal audit and risk management? How has the industry evolved during your career?
My interest has perennially revolved around comprehending and mitigating organisational risks. The prospect of aiding businesses in identifying and preemptively addressing potential issues enticed me to this field. Throughout my career, I’ve witnessed a significant industry metamorphosis. The increasing complexity of business operations, tech dominance, and evolving regulations have redefined internal audit and risk management. Data-centric approaches and tech adeptness are now pivotal in risk analysis. There’s a shift from reactive compliance to proactive strategic roles, integrating risk management into business strategies. This evolution intensifies the field’s dynamism and deepens my commitment to this professional path.
What's your most notable accomplishment in internal audit, risk management, or disciplinary procedures?
My most significant professional milestone involves successfully instituting a comprehensive risk assessment and mitigation programme within my organisation. This initiative encompassed a meticulous evaluation of financial, operational, and compliance risks, collaborating across teams to implement robust risk management strategies and monitoring mechanisms.
How will you boost your risk and internal audit expertise to further strengthen Sony India?
My endeavour to augment Sony India’s risk management and internal audit capabilities involves a structured approach encompassing continuous learning, networking, compliance adherence, and technological advancements. Continual professional development through staying abreast of industry trends and regulatory changes, attending seminars, and pursuing certifications remains foundational. Establishing robust networks within the industry fosters knowledge exchange, contributing to fortified risk management practices and internal controls. Upholding compliance and ethical standards while aligning internal audit practices with industry benchmarks assures ethical integrity. Furthermore, embracing cutting-edge data analytics and technology solutions promises deeper insights into risk landscapes, enhancing Sony India’s internal controls and risk management efficacy. These concerted efforts aim to bolster Sony India’s operational resilience and regulatory adherence.
How do you manage risk identification, assessment, prioritisation, and integration into strategic planning within an organisation?
I adopt a comprehensive approach to identifying, assessing, and prioritising risks within organizations. This begins by closely collaborating with various departments to pinpoint potential risks, spanning operational, financial, compliance, and strategic areas. Techniques such as risk workshops, data review, and staying updated on industry trends and regulations assist in this process. Subsequently, I evaluate each risk’s likelihood and impact, utilising risk assessment matrices and scenario analysis for quantification. Prioritisation follows, emphasising critical risks for effective resource allocation. Integrating risk management into strategic planning involves advocating for risk-informed decisions, conducting strategic workshops aligning organisational goals with risk tolerance, and delivering concise risk reports to senior leadership. This integration ensures informed decision-making, aligning long-term objectives while mitigating potential threats.
How do you keep your team ahead in managing evolving risks in the electronics sector amid constant technological and media changes?
Ensuring my team remains at the forefront of understanding and mitigating industry specific risks involves strategic approaches. Continuous education forms the bedrock, prioritising updates on technological advancements through industry events, webinars, and certifications. Engaging with industry leaders offers crucial insights into emerging risks and best practices, while vigilance on industry trends and regulations aids in preparing for new risks. Facilitating cross-departmental collaboration ensures a comprehensive grasp of industry specific risks. Additionally, conducting risk simulations helps anticipate and prepare for potential future risks. Establishing partnerships with regulatory bodies and advisory firms ensures access to vital information on best practices and emerging electronic sector risks. These strategies collectively fortify our proactive stance in navigating the evolving electronic sector risk landscape.
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