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As Indian companies grow at an astonishing rate, it becomes critical that they pay attention to enterprise risk management (ERM). Foreign investors demand more attention to risk among their offshore providers, and Indian investors see the need for more governance for the increasing number of publicly held companies. But the Indian companies that are early ERM adopters—four are profiled in this report—tend to use ERM for compliance, not strategy. Those companies that make their ERM programs holistic will find that ERM creates transparency and improves organizational and public communication.