Risk management 'top priority for Bahrain firms'
Manama, April 11, 2012
Majority of the companies in Bahrain said addressing the issue of managing risk was a key priority, according to a major European and Middle East business survey released this week by KPMG.
The survey incorporates feedback from around 2,900 chief executives and chief financial officers across 31 European and Middle Eastern countries, including 25 senior executives from Bahrain.
KPMG Bahrain advisory head Narayanan Ramachandran said there are many similarities between what Bahrain-based executives are focusing on and their regional and European counterparts but there are some interesting differences as well.
'Perhaps the biggest difference is the emphasis Bahrain-based business leaders are placing on risk management,' revealed Ramachandran.
The survey revealed addressing risk throughout the organisation was a priority for 51 per cent of Bahrain respondents compared to 21 per cent as a survey average.
'This reflects the high importance many business leaders place on risk management in uncertain global times, but perhaps also their appetite for world class compliance processes,' he added.
Ramachandran said most senior executives were focusing on business performance management, aligning their cost base to their organisations' future strategy and ensuring cash and working capital.
Similar to their regional and European counterparts, 41 per cent of Bahrain business leaders place a high importance on improving cash and working capital management.
Changing business operations to realise cost efficiencies was cited by 41 per cent of executives providing clear evidence of the tough year many businesses have come through, he added.-TradeArabia New Service