Middle East must change op risk mindset
DUBAI - The discipline of operational risk is gaining momentum as part of the push to implement Basel II in the Middle East, according to a range of regulators and experts speaking at the first annual OpRisk Middle East conference in Dubai in November 2007.
The top challenge for op risk executives in the region lies in embedding an operational risk culture, said speakers. "The biggest job we have as regulators is instilling the concept of 'risk culture' into firms," said Michael Lesser, managing director of supervision at the Qatar Financial Centre Regulatory Authority.
Several speakers at the conference pointed out that many banks in the region are closely held by families, so there can be a lack of transparency, corporate governance and risk
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