Filling the Gulf
In the past, there was a risk management-shaped hole in many Middle Eastern banks' day-to-day business processes. As the financial crisis bites, however, many are looking to plug this gap. By Victoria Pennington
The pace at which banks in countries in the Gulf Cooperation Council (GCC) area (Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates) are implementing operational risk management frameworks has been increasing during the past 12 months. Even though the most forward-looking local banks in the region (excluding branches of multi-national financial institutions) have been working
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