UK shares risk management lessons with Gulf

Risk management seminars, supported by UK Trade & Investment (UKTI), and developed by the Futures and Options Association (FOA), will be held in Saudi Arabia, Kuwait, Qatar and United Arab Emirates from 24 to 29 April.

Speakers from FOA, Clifford Chance, PricewaterhouseCoopers and HSBC will:

• look at the roles and responsibilities of the Board and senior management;

• describe the systems and controls necessary to manage market risk, liquidity risk, credit risk, operational risk and legal and regulatory risks;

• analyse the causes of well-known recent failures in risk management systems and controls; and

• provide an opportunity for delegates to consult privately with the speakers on specific risk management issues.

[…] By applying best practice on risk management, businesspeople can improve liquidity, strengthen financial resilience and continue operating profitably during the downturn

Dominic Jermey

Chief Executive

UKTI

UKTI Chief Executive Dominic Jermey said: “In the current environment, risk weighs heavily on the minds of those developing business expansion strategies. By applying best practice on risk management, businesspeople can improve liquidity, strengthen financial resilience and continue operating profitably during the downturn. Ensuring companies have the confidence that they are managing risk effectively is one step towards getting the global economy on the path to recovery.”

FOA Chief Executive Anthony Belchambers said: “Every economic and social endeavour carries risk. Risks have to be run if companies are to be able to grow and innovate – but the principal lesson of the crisis has demonstrated that systems and controls for managing these risks must be “fit for purpose” in an increasingly interconnected marketplace.”

“This seminar is designed to assist regulated institutions and their corporate and institutional customers and counterparties to ensure that their risk management processes reflect the lessons of the current crisis and deliver on the areas for improvement that have been identified by international standard-setting bodies,” continued Belchambers.

The Gulf is an important trading partner for the UK through its investment into the economy and as one of the most important destinations for UK trade and investment. Collective UK exports of goods to Saudi Arabia, Kuwait, Qatar and United Arab Emirates were worth more than £7.19 billion in 2008, an increase of 34 per cent from 2007 (£5.71 billion).