‘… as blogged twice in this site, although risk management functions exist, yet, directors or executives failure to empower risk managers had radically contributed to this financial cirsis!!”- Mouaz

AMEInfo Financial institutions did not empower their risk management functions enough to curb the activities of risk takers which played a major role in the near collapse of the international financial system in 2008, according to a report from the Economist Intelligence Unit (EIU) co-sponsored by insurer ACE.

Whilst the negative perceptions of operating risks in the Middle East have reduced sharply in the 12 months prior to the survey, according to ACE, the region faces specific challenges from the global recession that may pose future risks.

ACE believes that whilst the region has so far been relatively well protected from the full impact of the global credit squeeze – buoyed by reserve cushions built up during the oil boom – it potentially faces challenging times as its ambitious investment programmes could suffer as the impact of the crisis grows.

… Read the full article at AME Info here.

Lack of empowerment and authority of risk management function contributed to financial turmoil
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