The Reserve Bank of India has asked Non-Banking Financial Companies with asset size of exceeding Rs 5,000 crore to appoint chief risk officer (CRO) with adequate professional qualification and a fixed tenure.
This raises the question about would CRO's across industry segments, be also responsible for risk arising out of brand infringements and unfair trade practices? Not just financial services but Health care, Retail Distribution, Auto Parts Manufacturing, Consumer Electronics, Alcohol and Tobacco, FMCGs etc. are all marred with Copyright and Trademark infringement, Unfair trade practices used by Distribution channels and Outright counterfeiting.
In today’s market any brand with enough exposure and clout is at risk of fraud so a dedicated officer for risk assessment and prevention is an imminent need.
Case in point when noodles of a leading global brand exported to US from India had issues regarding food safety and eventually as per the company these were counterfeit supplies.
Counterfeiters are flooding e-commerce websites like Amazon. A study estimated that the worldwide value of counterfeit and pirated goods was $509 billion in 2016, up from $461 billion in 2013. Having a Brand Protection strategy and dedicated resources are becoming more and more requite. Proactive brand protection is the need of the hour
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