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| A webinar on the topic "Satyam -
What Should You Do?" has been scheduled for January 21 as elaborated in the
press release from Alsbridge and Hunton & Williams below.
The Indian government has dissolved the board of directors at
Satyam Computer Services after revelations of an estimated $1 billion in
fraud through accounting irregularities at this major outsourcing company in
India, which has roughly 50,000 employees. Many leading
multinationals have used the outsourcing services of Satyam.
Pricewaterhouse was the auditor in India. This scandal is obviously a
major blow to the reputation of the IT outsourcing industry in India, and
reveals some of the challenges of due diligence in such relationships. |
|
FOR IMMEDIATE RELEASE
Alsbridge to Host Webinar on Contingency Planning in Wake of Satyam
Scandal
Firms Must Act Quickly, Wisely to Avoid Risk of Disruption to Operations
DALLAS, Jan. 9, 2009 -- Alsbridge, Inc., the leading outsourcing
advisory and consulting firm, will hold a webinar "Satyam - What Should You
Do?" on Wednesday, Jan. 21 at 2 PM EST (1 PM CST). Companies with
concerns about offshore outsourcing are invited to attend.
In the free webinar, two of the industry's leading experts will discuss key
facts about the recent financial scandal at Satyam Computer Services
("Satyam"). Factors that companies should consider in assessing outsourcing
relationships will be explored and some practical alternatives to help
mitigate risk will be presented. Ben Trowbridge, CEO of Alsbridge, Inc., and
Jim Harvey, co-chair of the Outsourcing practice at Hunton & Williams LLP,
will bring their decades of outsourcing industry business and legal
experience to bear in an interactive discussion of the practical realities
of recent events at Satyam.
The session will offer ample opportunities to pose questions participants
might have and present a nuts-and-bolts primer on how to protect companies
from current and future offshore outsourcing risks.
All participants must preregister for the webinar at
https://www1.gotomeeting.com/register/597472493
"The scandal at Satyam has prompted many companies that outsource to
evaluate their agreements," said Trowbridge. He said companies should
proactively evaluate their operational, financial and legal alternatives,
risks, exposure and courses of action whoever their provider is.
"Evaluating outsourcing agreements and developing risk management and
contingency plans are complex tasks that require specialized experience and
expertise. Trying to accelerate these plans may lead to cutting corners and
making mistakes that are worse than the current risk."
Offshore outsourcing clients need advice from an experienced outsourcing
advisory firm "as surely as you need legal advice on your legal obligations
and exposures in outsourcing contracts," Trowbridge said. "You shouldn't
review your multi-million dollar contract, operational risks and contingency
plans without qualified outsourcing counsel."
"Scarcely a month after the world media was flooded with news of the
catastrophic terrorist attacks in Mumbai, headlines are once again rife with
articles on the global impact of events in India. This time, the news has
focused on Satyam, previously one of India's largest and most prestigious
outsourcing providers, and a series of missteps that began in October 2008,
when alarming allegations of possible involvement in a customer security
breach surfaced in the media. After that news, there were allegations of
misdeeds with customers, a failed takeover attempt, and now the chairman's
confession of massive accounting irregularities. Companies who are currently
engaged in business with Satyam should take steps to safeguard their rights
and interests amid the chaotic climate," commented Harvey.
For more information on outsourcing advisory services, contact Alsbridge at
214-696-6410 or visit www.Alsbridge.com. For more original research and
insight on outsourcing topics, visit
www.OutsourcingLeadership.com
.
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About Alsbridge, Inc.
Alsbridge, Inc. is an award-winning global advisory firm, providing
unparalleled expertise in information, technology and business process
outsourcing, shared services, finance and accounting, and benchmarking. The
firm is fact-based and client-focused, with a proven methodology that
fosters success. Alsbridge defines client goals and scope, finds the best
cultural fit with providers, refines the best solutions and eases
transitions and implementation. Founded in 2005, Alsbridge is the proven,
effective difference. For more information, visit
www.alsbridge.com . |
|
Selective recent article links about
the Satyam scandal and outsourcing services in India |
| "India's
Enron", The Economist, Jan. 8, 2009 |
| "Satyam Executives
Arrested", The Financial Times, Jan. 9, 2009 |
|
About Hunton & Williams LLP
Hunton & Williams LLP provides legal services to corporations, financial
institutions, governments and individuals, as well as to a broad array of
other entities. Since its establishment more than a century ago, Hunton &
Williams has grown to more than 1,000 attorneys serving clients in 100
countries from 19 offices around the world. While the practice has a strong
industry focus on energy, financial services and life sciences, the depth
and breadth of their experience extends to more than 100 separate practice
areas, including bankruptcy and creditors' rights, commercial litigation,
corporate transactions and securities law, intellectual property,
international and government relations, regulatory law, products liability,
and privacy and information management. For additional information, visit
their website at www.hunton.com . |
|
| Additional
sources of news reports about business in India |
International
Business Times - India edition |
| India Times,
and The Economic Times |
www.indiatimes.com
www.economictimes.indiatimes.com |
| Express India
and The Financial Express |
www.expressindia.com
www.financialexpress.com |
| Business
Standard (India) |
www.business-standard.com |
| India Today |
www.india-today.com |
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