September 6-7 , 2022 Cybersecurity Innovation Series (CSIS) – UAE Chapter ///// October 15, 2022 Mr/Miss/Mrs International Fashion Idol of UAE 2022 //// 31 October – 3 November 2022 MENA IPO SUMMIT SERIES – Dubai Edition //// 02 - 03 Nov 2022 Middle East Women Leader’s Summit 2022 //// 15th November 2022 The Maritime Standard Awards 2022 //// 16th November 2022 The Maritime Standard Tanker Conference 2022 //// 21 - 22 Nov 2022 AIM Summit Dubai Edition 2022 //// 25 Nov 2022 EUROPEAN PROFESSIONAL DOCTORATE BUSINESS QUALIFICATION, 7th EDITION GRADUATION CEREMONY \\\\ for more information go to https://www.dubaiglobalnews.com/en/our-partners-events

LONDON — Enterprise risk management (ERM) frameworks and capabilities can vary widely among (re)insurers in the Middle East and North Africa (MENA), where economic, political and financial systems risks tend to be elevated, according to analysts at AM Best.

A Best’s Market Segment Report, titled “Shortcomings Still Present Despite Steady Improvements in ERM for MENA Insurers,” notes ERM is gaining significant traction for AM Best-rated entities in the region. However, weaknesses remain inherent within ERM frameworks, which generally tend to lag behind mature markets.

Despite steady improvements over time, common ERM weaknesses identified in the region include inadequacies in stress testing and in the embedding of governance and risk culture practices. Additionally, many companies tend to have a silo approach to risk management, and are yet to embrace an enterprise-wide approach. AM Best’s report also highlights that the greatest risks faced in the region include concentration, investment and legislative/regulatory/judicial/economic risks, and that risk management capabilities are often deficient in these areas.

 29 total views,  1 views today