Risk management practices of Middle Eastern companies need closer scrutiny: Survey
by Michael Bradford, BusinessInsurance.com
Large regional financial services companies in the Middle East are being prompted by the global financial crisis to take a closer look at their risk management practices, a new survey reveals.
Research commissioned by SAS Institute Inc. and conducted by the Economist Intelligence Unit showed that more than 70% of 316 Middle East executives surveyed said that failures to address risk management issues have largely contributed to the global credit crisis. Of the respondents, 59% said they have been prompted by the financial market turmoil to scrutinize their risk management practices in greater detail.
Nearly half of the respondents said fostering a culture of risk management is their most frequently encountered challenge.
SAS—a Cary, North Carolina-based business analytics software and services company—said the survey shows that financial services companies in the Middle East are realizing the value of enterprise risk management programs as a way to treat risk holistically in uncertain financial times.
Copyright © 2009 Crain Communications, Inc.
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