By: Abhinav Goyal Sonali Gupta Welingkar Institute of Management Leading in Turbulent times- Role of Management Education

Turbulent Times “ BUSINESS EDUCATION SEEKS CHANGE. LET IT HAPPEN ”

Role of Management education Methodologies Identified Zachman Framework (View & Define Yourself) Governance in B-Schools (Need of the hour)

Methodologies Identified

Zachman Framework (View & Define Yourself)

Governance in B-Schools (Need of the hour)

Applying Zachmann Framework to B School Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world.

GOVERNANCE IN B SCHOOLS The Governance implication became highly topical following the Enron scandal, when directors of public companies were alleged to have been actively hiding losses in offshore accounts to boost their reported profitability. The sub-prime mortgage debacle is bound to keep corporate governance high on business school agendas for the foreseeable future. As global outsourcing spreads, the opportunities and risks of corporate financial catastrophes from poor governance increase. Here lies the role of B schools to update themselves with the latest compliance acts and regulations in the following areas: There is a need of the hour to introduce latest offerings in context with IFRS, SOX (Sarbannes Oxley Act), and Information Technology Act of 2000, Basel II Compliance. In the subject Outsourcing Management the need of the hour is to make people aware of SAS 70 Reports, the Audit Structure both Financial and Information Technology Audit. No B-school has started teaching XBRL (Extensible Business reporting Language) which has revolutionized the way in which financial statements are prepared with accuracy and effectiveness. None of the B schools teach ERP in practical sense. ERP in theory is very different, when we work on it actually. B-schools in today’s context have to be a part of ICAI (Institute of Chartered Accountants of India) for all latest reforms in Finance. The latest fraud in case of Satyam is being audited now by ICAI to find out the reasons. B-schools should learn from these startegies and do parallel case studies with the teachers and Students. B schools today have to understand that Taking Technology & Business to the highest standards possible.

The Governance implication became highly topical following the Enron scandal, when directors of public companies were alleged to have been actively hiding losses in offshore accounts to boost their reported profitability.

The sub-prime mortgage debacle is bound to keep corporate governance high on business school agendas for the foreseeable future.

As global outsourcing spreads, the opportunities and risks of corporate financial catastrophes from poor governance increase.

Here lies the role of B schools to update themselves with the latest compliance acts and regulations in the following areas:

There is a need of the hour to introduce latest offerings in context with IFRS, SOX (Sarbannes Oxley Act), and Information Technology Act of 2000, Basel II Compliance.

In the subject Outsourcing Management the need of the hour is to make people aware of SAS 70 Reports, the Audit Structure both Financial and Information Technology Audit.

No B-school has started teaching XBRL (Extensible Business reporting Language) which has revolutionized the way in which financial statements are prepared with accuracy and effectiveness.

None of the B schools teach ERP in practical sense. ERP in theory is very different, when we work on it actually.

B-schools in today’s context have to be a part of ICAI (Institute of Chartered Accountants of India) for all latest reforms in Finance. The latest fraud in case of Satyam is being audited now by ICAI to find out the reasons. B-schools should learn from these startegies and do parallel case studies with the teachers and Students. B schools today have to understand that

CONCLUSION “ BUSINESS EDUCATION SEEKS CHANGE. LET IT HAPPEN” Vision with OUT action is merely a dream . Action without vision just passes the time. Vision with action can change the world.

“ BUSINESS EDUCATION SEEKS CHANGE. LET IT HAPPEN”

Vision with OUT action is merely a dream .

Action without vision just passes the time.

Vision with action can change the world.