Reflections from Chiang Mai (Part 1)

I realised I have not had the chance to blog about one of the main projects I've been working on: Project Elephant Nature Park. Leading this team of 20 people on a project that was conceptualised since last October, and not expected to end until this November, is not easy.

It was a journey fraught with many professional and personal challenges for many of us, but it opened our eyes to what can be achieved so long we set our heart and soul to what we want to achieve as a team.

But one picture clearly summarises my feelings for this project and the team:

You guys rock man! I promise that we will finish the last leg together as a team. And we will finish well.

And to our wonderful, wonderful supporters who have contributed in cash, in-kind, or just your prayers and encouragement, here's something for you:

Thank you so much for your support! Watch out for our planned photo-essay exhibition at the end of this year. And stay tuned for more details...

Branding for the future for Singaporean companies (Part 1)

I learnt of some interesting findings from the recent Brand Finance Forum held in SMU last week.

Singaporean companies still have a long way to improve the value of their intangible assets like branding, according to the Brand Finance Annual Report for 2009 on Singapore's intangible assets and brands.

Singapore may have jumped three places to the 24th position in terms of intangible contribution to enterprise value, leading countries like Taiwan and South Korea, but its share of listed value contributed by intangibles has actually decreased to 11%, down from 52% in 2007. This is definitely a far cry from the global average of 40%.

On top of that, 93% of brand value for Singapore is concentrated in the top 50 brands like household names such as SIA (an anomaly in an industry where many airlines are failing), Keppel Corp, Semb Corp and DBS (rather surprising given their recent fiascos with their non-profit partners). Our top 10 brands now account for 56% of the total brand portfolio value in Singapore. What does this show?

It means that there are vast disparities in the branding effectiveness of our top brands - which are mainly home-grown MNCs who have been in the industry for several decades - and that of our mainstream companies - consisting mainly of SMEs and start-ups. Despite the efforts of IE Singapore and Spring Singapire, there is definitely so much room for our SMEs to grow and further strengthen their brand values.

So what should we do to strengthen the brands of Singaporean companies?

At the macro level, the government and industries should:

• Rebuild public confidence in the key sectors driving the economy such as real estate, banking & financial services, tourism, and construction. There's a very good reason why 209 brands fell out of the top 500 banking brands worldwide and that's due to the collapse of public confidence in these financial behemoths

• Promote and advertise the availability of government loans (especially from IE Singapore and Spring Singapore) to help local companies develop and expand upon their brand values

• Leverage on national branding effects such as "Buy Singapore" concepts where one can leverage on our good reputation in areas like medical innovation, technological reliability etc.

At the micro level, companies should:

• Understand and identify the key drivers of their brand value, and allocate more resources to strengthening them. This also means using new methodologies like assessing brand energy levels, and the brand cloud which tracks the brand effectiveness of rivals and complements relative to the company's brand

• Maintain strong communication to convince management and shareholders to continue investing in intangibles and branding during the downturn, and not be too quick to cut branding budgets or devote too much resources to the tangibles (i.e. products and services, R&D). Even if you have the most effective piece of technology in the world (or so you think), it will matter little if people perceive your brand to be inferior to others. Brand values have to be communicated effectively and constantly to both internal and external stakeholders

• Acquire companies abroad with strong brand values and similar synergies, for local companies that have strong cash-flow and have large cash surpluses. After all, in the current downturn, many companies are going on the cheap. Just as much as we do our bargain hunts during the Great Singapore Sale, companies should go on the prowl for bargain offerings

• Internationalise or go regional. Serving a market of 450 million is better than serving a market of 4.5 million. With the strengthening of the ASEAN Common Market and the growing reputation of Singaporean companies in places like China, India and the Middle East, the stage is set to strengthen and communicate brand values to these large markets

Let's look at a couple of good case studies in the next post...

A wonderful word....

"Actually, I asked God for a word for Kenny. The word "energy" came to mind. I trust that God wants to give a new surge of energy in all that he does. God wants to be his positive energy. And he can do so because he is made alive in God." - From Nirelle (Josh's fiance)

Thanks Nirelle for the prayer and the revelation!

The truth is that I have been juggling work and multiple CCA projects together. Momentum has slowed down in the past week because of unexpected snags in the workflow schedule, and external factors that my teams have been unable to control. With the end of summer looming soon and the threat of deadlines flashing in our faces, it can be quite demoralising and draining. A newfound energy and enthusiasm is what we need now.

In times like this, the Word of the Lord speaks. Thank you once again for the very encouraging and refreshing sharing!

And if any of you would like me to pray for a word for you, do not hesitate to buzz me. I'll be more than willing to help!

Playing soccer with binoculars

Almost died laughing with this. Hahaha!

Antics in the library!

Got this great video off youtube! Funny as hell and I seriously dare anyone to try this at the National Library. Looks like I'm becoming a fan of Japanese game shows!

Oh my...family...

A couple of years back, if someone were to ask me if my family was a priority in my life, I would say 'no'.

Today, the answer will be an unequivocal 'yes'. Why?

I have seen how families can tear apart because no one in the family was willing, or had the courage in come in and intervene when there were family disputes. I have seen families with so much bad blood between the members just stray apart because of all the negative feelings clouding the perceptions they had of each other. Fast forward it 20 years down the road and think of all the wasted years of frayed relationships, and the cost of it all. Is it worth it?

Imagine starting your own family and your son\daughter asks you "What happened between you and uncle\aunt\grandfather\grandmother?". How would you answer?

"Oh, we just have our differences," you sheepishly say, then go back to lecturing them on how they should patch up their differences with the kid they had a fight with in the playground.

I want to bring up my family in an environment where they can develop and grow with the right values about people, and especially towards people. I want my family members to experience the joy of togetherness, of unity, of shared experience, and the sense of security from being around the very people who gave birth to them, and spent their childhood with. There are so much indescribable feelings in seeing a family that is so in love and happy with each other.

That's why we have to make a stand when family disputes happen, especially the kind that threatens to break up your family. I know that certain disputes just seem insolvable and there are times when you just feel like running away from it all. Thinking about it makes you feel sad and helpless.

Trust me, I've experienced it all. There are times when I buried myself with work and did things that distracted me from the problems at home. But I found that I did not like the path that it led me to because I know it will only lead to more alienation from the family that I have grown up with throughout my life. Problems don't go away just because we want them to.

But there is no place truly like home. And if one gives in to resignation and despair, the battle is already lost. And with that, all hopes of reconciliation are gone. What a waste.

You see, we all have a choice in life. We can choose to sit back and take the blows from life's twisted paths, and always accepting things for what they are because we are just...fatalistic. Or we can choose to take control and change the situation around us for the better. If we fail trying, oh well. At least, we've tried and can boldly lift our heads high, knowing that we did not give in to resignation.

And while I do my best, I can only hope and pray that things will be for the better for my family. And I pray that you and your family will enjoy the fruits of togetherness.

How to handle a potentially dicey confrontation

Today, I had to handle a potentially dicey confrontation when one of my former team members queried why a certain task that I had promised to be done a year ago was still not completed and he was understandably edgy about it, even adopting an aggressive and confrontational posture towards me. The truth is that I have missed the urgency of the task and let the months pass by because I hadn't considered the task to be a priority.

Nonetheless, the way one handles such a situation will determine whether the problem escalates or not. Here are some tips to defuse the situation:

1. If you're in the wrong, admit your mistake. There's no point in defending yourself and you're only inviting the aggrieved party to step up the attack if you stonewall yourself.

2. Acknowledge his grievance. If he took the trouble to approach you and became emotional about it, surely you have to respect his grievance, regardless of whether it is justified or not. As a leader with responsibility, your members' views and grievances should matter as much to you as your own.

3. Thank the other party for sharing his grievance. This is a sure-way to defuse the tension because you're responding with grace and displaying humility. I find that most of time, it makes sense to thank the other party for bringing up an issue that you otherwise would have missed, because the consequences of ignoring the issue are huge. Think context - not just focus on your pride. And of course, thank sincerely from the bottem of your heart.

4. Promise to act on the grievance - and do it right. In this case, it's better to have a gameplan ready and a mental note of the timeline and course of action that needs to be taken. Everyone likes a solution to every sticky problem, and everyone certainly treasures those who act on their promises. The ball is now in your court to follow through on your promise and be a person of integrity. What you do here affects how people perceive you to be.

5. Update the other party on your course of action. By acknowledging the grievance and promising to act on it, you have now made yourself accountable to the other party on your progress. Take it one step further to assuage his fears and mistrust by updating him on the course of action. If you found that there's nothing you can do about the situation, be frank to the other party. There's no point covering up one lie with another excuse or lie.

Those of you who have read the Straits Times forum pages will shake your head at how some people respond aggressively to criticism, or how some companies go to amazing lengths to justify their actions, even when there is genuine room to examine the writers' grievances. The truth is that we cannot be right all the time, and how we respond to criticism (justified or not) tells more about us than how our reputation is affected if we are perceived to be wrong.

One can forgive another for making a mistake, but one can't forgive another for assuming that he's too right to make a mistake.

How to get up, eat breakfast, and get ready for work in 5 minutes!

Got this off a friend's blog. Trust the Japanese, who are notorious for being in the office 1 hr early, to come up with such brilliant ideas. Laugh yourself silly with this one!

Thank You Lord for Everything...

What is it like to cry out to God for help in one of your darkest moments in life, begging him for answers to questions that keep you awake at night?

What is it like to surrender your heartbreaks and troubles to God, knowing that you are powerless, but in your weakness, He is made perfect and mighty?

What is it like to have to walk away from love and to exit with grace and humility even though it pierces your heart so much?

What is it like to embark on a faith journey, to be utterly broken by God in the process, to have three breakthroughs in two weeks, and to have a renewed vision to serve the Lord once again?

Father, thank you for hearing my cries and seeing my tears. I know that You have not forsaken me, and will never will. I have not received an answer from You on many things, but I patiently wait for You to call. And on my many darkest nights, thank you for providing a listening ear as I struggle with myself and my emotions. The struggle is still ongoing but I know I will come out of this stronger, wiser and more humble.

Father, I have seen what You have done for me in the past two weeks and I am in awe. Amidst the emotional roller-coaster ride and the swirl of events that have changed so many things in my life, I have surely grown to be a vessel for Your work. While I recover and rejuvenate in the Spirit, I pray that you will guard my heart and emotions, and to listen to my prayers, including those for my loved ones.

Father, I know I have every reason to be joyful because this is a new season of seeking what You want for me, not just what I want. And I am hopeful that the future will be positive and fruitful with You once again in my life. With you as my shield and rampart, I know that I can overcome unsurmountable odds and live to see a greater tomorrow. For I know that after the bleak winter, there will be a much-awaited spring around the corner.

Amen.

How are student clubs like businesses?

I once went for a consulting workshop where the instructor, Mr Danon Gabriel - an SMU alumnus who spent 3 years honing his skills at Dragonfly Consultants - compared student clubs to businesses. And although the long-term goals of student clubs and their incentive structures resembles that of a civil society organisation or an interest group, Danon is right to point out that there are many similarities between student clubs and businesses.

Here are some similarities:

(1) Competing for talent
Just as businesses compete for talent, student clubs compete for members. Membership in certain clubs does require specific skills, attitude and goals, which explains why certain clubs head-hunt for members or have interview processes to screen potential applicants. Think you are not engaging your members sufficiently? Don't be surprised if they "jump-ship" to another student club where they bring along their skills, and more importantly, their commitment.

(2) Competing for customers
Businesses have their customers but student clubs have their target audience as well: ranging from the public and supporters of their cause, to clients (especially for groups providing specialised services) and sponsors. As such, they need to continuously provide a value proposition for their target audience, and develop certain competencies to distinguish themselves from other similar clubs. This also means creating a certain brand identity.

(3) Watching the bottem-line
All organisations run on budgets. They can afford to splurge when there's a surplus, or tighten their belts when cashflow is low. But what people fail to recognise is that student clubs often adhere to the same accounting standards that businesses have in place. For instance, they have to submit their yearly budget and account for all profits (if any) and expenditure to the school administration that provides them with the bulk of their funding.

(4) Managing operations
Businesses have their chain of command and designated departmental roles. Student clubs have their hierarchy and their specialisation of labour such as marketing, logistics, events and so on. The President acts as a CEO and oversees a team of managers who are his executive committee (EXCO) members. Members within the club also function as employees who are answerable to the EXCO.

Also, student clubs do face the same internal challenges as businesses: the dangers of groupthink, existence of information silos, creating a suitable culture and set of values, and so on.

(5) Incentive structures
Wages aside, members join student clubs to meet new people, learn new skills or to apply current ones, gain experience and recognition for their contribution, or simply join out of interest. In the corporate world, there are many employees who go beyond wages and work for the above reasons.

Since most student clubs resemble businesses, they can also adopt strategies and management techniques that businesses use. Here are some recommendations student clubs can use to beat the competition and strengthen their operations:

(1) Understand one's value proposition - and strengthen it!
It's important to know what your club is good at, or what distinct services you can contribute to the public. If your club is advocating a specific cause like environmentalism, your value may lie in organising workshops and forums for the public on conservation, or leveraging on industry contacts to give talks on eco-friendly technology. By having a consistent vision and core competency, your club will remain relevant to your target audience.

Of course, it also pays off to strengthen your value-addedness by improving the quality of services or diversify into providing new services. Often, it helps to have a system of continual dialogue with all your stakeholders to get constant feedback to improve your club's branding, services and operations.

(2) Build a brand to win over partners, supporters and the target audience
If a student club is well-managed, delivers services that are relevant and professional, and has projects that are seen to be effective and sustainable, why shouldn't its stakeholders continue to support it? After all, I have always believed that having a good brand will help a student club increase, or at least retain, her stakeholders.

What makes a good brand then? I believe it all boils down to the professionalism of the club in delivering excellent services, and communicating their value proposition and vision to its stakeholders.

(3) Practise market segmentation
Many student clubs perceive their target audience to be just...students. However, does that mean that the faculty and staff are irrelevant? As always, there is value to be tapped by customising the message to suit the right audience or market.

Or why not leap-frog the immediate school market to target the public? There are many avenues for student clubs to publicise their events and activities, namely online channels, the media, and also the use of social networks.

(4) Utilise power of social networks
What are social networks? They are social structures consisting of individuals or organisations linked by values, ideas, interests, and so on. Your network of friends is a valuable social network, and so are the friends of your club members, and so are the friends of their friends. Build up those social networks and you will find a ready pool of supporters that you can turn to.

While it's common nowadays to advertise events on face-book and online forums, the corresponding amount of spam and information limits the effectiveness of such impersonal channels. Word-of-mouth by friends and the personal touch of telling your friends about your club or project remains a viable and powerful channel for communication.

(5) Unlock the power of partnership marketing
Partnership marketing, like relationship marketing, focuses on building sustainable partnerships for your student club to create a stronger brand by leveraging on the identity and core competencies of your partners.

Often I realise that many student clubs are loft to partner each other, or to venture out of their comfort zones to partner external organisations. Often, this means that they will lack access to specific audiences or core competencies that these potential partners can offer.

A project run with many partners can potentially lead to loss of autonomy over the project direction and focus, but it does contribute to your club's branding by indicating that there's plenty of involvement, interest and cooperation in your project. The public tends to notice more of such projects, while potential partners might want to join in the bandwagon (since we are all driven by herd mentality).

The key to a successful student club also lies in intangible factors that shape how members communicate and work with one another. Creating a distinct organisational culture is part of the approach to retaining members and talent, and unleashing the full potential of your members to contribute. I will examine more of this in a separate post.

20 Random Things About Me

(1) I respect the mind and how essential it is to help one to analyse situations and problems, solve puzzles, absorb information and so on. As I grew older, I've come to respect the heart and how superior it is to the mind. With the determination and the will to go on, one can overcome hardships and achieve so many things in life.

(2) Having good conversations with people is daily therapy to me, amidst the rush during school. In my breaks, I look forward to just grabbing coffee with a friend and sitting down to have a good chat. I think that human touch helps to clear the clutter from your mind and destress.

(3) Late-night supper is a must for me, given how late that I stay awake at night. Char Kway Teow and Korean Ramyun noodles are extremely unhealthy, but also extremely appetising.

(4) I never learnt to drive, despite its obvious benefits. When I look at the "disadvantages" of driving (i.e. car maintenance, car value depreciation, having to run errands for the family, drive friends home etc.), I decided to postpone taking my driving lessons indefinitely, even though my advanced theory pass lapsed after 2 years.

(5) Running is a sport that makes me feel "free". I love to run at night especially. Plugged into my Ipod, absorbing the sights around me, and feeling the cool night air on my skin, I don't feel inhibited at all. Freedom on earth.

(6) I used to think that Corporate Communications is bull-shit, until I realised how important it is to sustaining a brand, and how related it is to journalism. It's all a matter of perspective and "educating" people on that perspective. Still, I do not wish to build my life on creating a facade that may never last the test of time.

(7) On pt 6, I used to want to become a journalist until it occurred to me how censored and lope-sided our media is. During a stint at ST, I've met people who are rebels who tried to push the boundaries of what they can report on. Unfortunately, even with more people like this, they still can't beat the system. Call it the Uniquely Singapore System.

(8) Even as a Christian, I still believe that everyone is entitled to their own views and beliefs. I've spent enough time defending my faith for 2 years in the army to know why some people perceive Christianity and Christians in a negative light. I've also spoken to enough people of other faiths to understand that just as I have made my peace with God, they have made their peace with theirs.

(9) As the Chinese saying goes, trouble really comes from the mouth. People say that I can be too diplomatic in my words and accommodating at times, and I agree. I just think that when it comes to many topics, people should agree to disagree. And contrary to what people think, I often shoot my mouth off and have gotten myself into enough trouble to know how bad that feels.

(10) I have trouble relating to Accountancy students. Apart from some exceptions, I think most of them are quite stuck-up, narrow-minded, grades-obsessed, tend to hang around in cliques, and are rather shallow. I'm curious to know more Accountancy students to prove myself wrong!

(11) I think "consultancy" is a very prestigious and expensive word. Companies pay a fortune to sort out their operations and find experts to reassure them that they are in "good hands". No wonder so many companies call themselves "consultancies" and so many professionals term themselves "consultants". I guess if you man an IT helpdesk, that makes you an "IT consultant" too.

(12) Sometimes, I wonder how my life now is different from that of a working adult. I return home at ungodly hours because I work until late in school, and devote so much of my time outside, whether I'm busy with academic or CCA stuff. There are fast days, and there are slow days. But it is, as always, satisfying because it keeps me focused in life.

(13) Through AIESEC, I have met some of the most passionate people in my life. That is why I am still a member after 2.5 years, with many more years to go. Many of my close AIESEC friends have left but the thought of inspiring the new members and to contribute to their growth is something that keeps me coming back for more.

(14) Growing up in secondary school in SJI, I was quite a loner. Apart from the occasional outing with a few close friends and joining 2 intense CCAs (Fencing & St Vincent De Paul), I would go home straight after school almost everyday to play computer games. My classmates would also tease about how I keep wetting my hair to keep it down (I was super vain in the past), causing the gel to drip from my hair to my uniform. In hindsight, I thought it was a very silly and disgusting thing to do. So glad I grew out of it.

(15) Based on my past records, I have an 85% chance of acing an interview, be it an application for a prestigious student club, or an internship. I always believe that it all boils down to knowing what you want, who you are as a person, how you can contribute and how to market yourself to the right people. Contact me if you want some pretty good tips!

(16) I've come to believe that as much as we like to think that people and the world run on logic, arguments are often won not by logic but by who the person making the argument is and how fast he can overwhelm you with his words that may not necessarily make sense. This explains why some governments introduce policies that have their logic flushed down the gutter, and why some companies hire the wrong person for the wrong job. 'Nough said.

(17) I think schools do to some extent kill creativity. If the system jam-packs your kid's life with classes and exams to get him to "learn more" and "prep him" for the "big one", then he will never have the time and space to explore himself through alternative means, apart from doing well in school. Think home-schooling is a bad thing? Think again! I think students who are home-schooled may emerge happier than the average student who comes out of the system as "factory output".

(18) I prefer to travel to emerging markets like India, China and the countries in South-east Asia than to the US and Europe (apart from Eastern Europe) because these places have a more exotic charm and have more places to "discover". That's why I'm particularly excited to visit Saudi Arabia, Kuwait, Bahrain and the UAE this coming December for my Business Study Mission (BSM) Middle East module.

(19) I can't understand how people can enjoy drinking beer. It looks like piss, tastes like piss, and eventually becomes piss. Ok, I'm not that great a drinker myself and friends can testify that I get drunk after drinking 1 pint of beer. That's why I drink sparingly and would rather choose wine over beer.

(20) I originally wanted to write "15 random things about me" but decided that I have more things to write, and I'm too unmotivated to finish my assignment which is due the next morning anyway. Hence, here's a "20 random things about me".

The Satyam scandal: Who's truly at fault?

The Satyam scandal has particularly caught my attention for 3 main reasons.

Firstly, I previously interned at the Byrraju Foundation, an NGO started by Ramalinga Raju, the disgraced Director of Satyam Computers, who is also a well-known philanthropist. Even though the NGO operates as a separate entity from Satyam and its subsidiaries, the staff at the Foundation talk about the Raju family with great awe and respect. There is immense pride in working for a Foundation bearing the Raju family's legacy, and at the same time following the time-honoured tradition of giving back to the community.

As the recruitment for new interns to work at the Foundation steps up in SMU, I often wonder how different an atmosphere they will encounter at the Foundation.

Secondly, this is the most significant scandal to come out of corporate India in many years (probably the first?). Until recently, Indian companies have never generated the same controversy as their US, Chinese and European counterparts. Instead, they have built up a steady reputation for diligence, excellence, value-for-money, and of course corporate responsibility.

From a PR perspective, the Satyam scandal threw all of that out of the window because Satyam was often seen as a corporate leader, a first-mover whom others followed, and ironically, they were seen as a role model in corporate governance. Now, there is rife talk that the scandal will not just force current and potential customers around the world to think twice before they outsource to Indian BPOs, but also affect the rest of corporate India.

With this, coupled with the current economic crisis that is affecting the real economy and even eating into the low-cost companies' bottemlines, how will the world and corporate India respond? This is a trend to watch in 2009.

Thirdly, this episode has come at a bad timing for global philanthrophy. The Madoff scandal in the US has shown us that even big-name philanthropists like Bernard Madoff are still susceptible to greed and not everything may be as rosy as it seems beyond the smiling faces and the feel-good image that philanthropists often portray when they talk of giving their wealth back to society.

But while it is easy for the media to portray these philanthropists as villains who have sucked investors of their money, are we overstepping the gun by doing so? An email from a friend who used to work at Satyam offers a different perspective on this issue:

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Dear all of my Satyam Friends,

Yesterday will be a memorable day to us throughout our life. Little bit of business & human nature knowledge is forcing me to write few of my thoughts (Please ignore them if they doesn’t make any sense). Ask yourself who is worst affected by all this mayhem. Is it u & me (employees), Govt or Satyam & Ramalingaraju ?. My conviction says that employees of any MNC are associated to that company as long as they don’t have any better option, the best thing government can do for a company is to keep itself away from it. But there was a visionary who created wealth for a nation for 20 years, the only thing that cannot be separated from satyam for these 20 years & ahead also if satyam remains was\is a name called “Ramalinga Raju”.

Fortunately I got some 15 min of time talking to him when i was an ELTP. He’s much softer then we see him. Imagine what would be going on in his mind when he was writing yesterday’s letter accepting all the things which he did only to save his company. All have made him scapegoat for what has happened & left the company keeping their integrity intact. He was cursed badly for putting the money of a public limited company into his family driven company but it only now clear that how he was transferrring the risk from 50,000 people to his two sons & his known-integrity.

The worst which can happen to we the employees is that we are out of our current job, jobless for time being & then again getting a job which we deserve & our families will be worried for us(as they are always). But a relatively bitter truth will be for the Raju-family who will be annoyed for ages & will be treated as miscreants by those who do not know the truth or more about Greedy investors & money market. And the truth is that he has not stolen some thousand crores rupees into his own pocket, it was a bubble he created which busted. (And every other company on earth does so, being wary of not getting trapped)

One more thing which annoys me is does a philanthropist guy deserve this disgraceful exit ? I really feel sad about the way he’s been portrait in the media. Our rustic fellows have already started comparing him with Harshad Mehta. Tell me any incident in corporate India where any chairman has dared to confess such irregularities in his own firm. And believe me it takes hell lot of guts to accept all this publicly. And as I read the news today morning it was published there that even his community members have suggested him not to tell anything and later on he can play with the Indian laws as every politician does in India. But as he mentioned it was all deep regret in his conscience which lead him to confess all this.

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This scandal is a timely reminder of how intense competition in the corporate world can create bubbles by forcing CEOs to over-declare profits and getting investors to buy into their story of a low-risk, high-returns company. But it also shows that the efforts of regulators and auditors in India are still wanting.

So while Ramalinga Raju will have his more than fair share of the blame, let's not make him a scapegoat for the inadequacies of the Indian regulators and auditors in doing their job properly.