Firms 'must have action plan for any crisis'
Manama, June 3, 2014
Many local organisations do not give sufficient consideration to planning for a crisis in advance, an expert has warned.
Global law firm DLA Piper's litigation, arbitration and investigations partner Adam Vause told the Gulf Daily News, our sister publication, yesterday that businesses today face multiple risks and it was imperative that pro-active measures were put in place to deal effectively with risks and crises.
Vause was speaking on the sidelines of a seminar held at the InterContinental Regency Bahrain.
The law firm partnered with the Bahrain Association of Banks (BAB) to deliver the seminar for businesses operating in the financial services sector on how to handle a crisis.
"Increasingly our clients, particularly those operating in the financial services sector, are asking us about how they can best mitigate business risk in relation to a crisis, whether that be a cybercrime attack, a regulatory breach or another unforeseen problem that arises," stated Vause.
"Many businesses, in the region and globally, are taking practical steps to prepare for such events and familiarising themselves with the relevant laws and regulations," he added.
Michael Yadgar from the firm's Manama office, also spoke, outlining key practical and legal considerations for dealing with a crisis situation and managing an investigation.
The BAB was established by a ministerial decree in 1979 and re-registered with the Central Bank of Bahrain in 2010.
It brings together banks and other financial services organisations of all sizes and charters in Bahrain, helping position it as a financial hub in the Middle East.
DLA Piper's practice in Bahrain, led by Yadgar, focuses on corporate law, mergers and acquisitions and the banking and finance sectors.-TradeArabia News Service