KATHMANDU, NEPAL: With the market conditions worsening owing to the ongoing recession, it is high time that CIOs to look out for means to gain shareholders' confidence.

"For long, CIOs have not paid enough attention to compliance technologies and solutions, but with market conditions going bad, CIOs have to invest in these solutions to gain the confidence of shareholders," said Sanjay Deshmukh, country manager, India/SAARC, SAP Business Objects Division. He was speaking on 'Winning in the New Reality with SAP Business Objects' at C-Change 2009.

Deshmukh added that in the present climate, due to adverse market conditions, regulations and scrutiny have increased, and this makes it pertinent for CIOs to invest in these solutions before it gets too late. It doesn't matter whether you implement Sarbanes Oxley or any other complaint solutions, choose what is best for you and do it at the earliest. Thus not only the shareholders, even CEOs and CFOs will be confident that the numbers that they are presenting to the public at large are authentic as they have been correctly audited, he added.

Deshmukh added that since the current climate was very uncertain, no one, not even the experts, have an idea as to how bad the crisis really is!

"Analysts are in the dark as to what will and what is happening. Though they are good at doing analysis post the events have happened,"

He added that CIOs should use this crisis as an opportunity to talk to their CEOs and CFOs as to how their company can demonstrate leadership in these times. Time is ripe for CIOs to focus on: managing cash, running lean operations, driving compliance activities and getting closer to best customers part from retaining top talent.

"Laxity is not an option. It is time to have conversation with CEO and CFOs that we need to optimise processes and take a lead in market," he said.