Spurred by the desire to mitigate the impact of risky events like COVID-19 pandemic on businesses, Protiviti conducted the first ever Enterprise Risk Management (ERM) survey in the Middle East to help regional companies evaluate their ERM preparedness. Protiviti’s largescale ERM Readiness Assessment Survey included companies from across sectors like Government, Financial Services, Technology, Media and Telecom, Real Estate and Construction, Transportation and Logistics, Energy & Utilities, Consumer and Industrial products. The purpose of the study is to sensitise companies about the need to invest in and integrate ERM to manage the fallout from events like the pandemic.
Darshan Mehta, Managing Director, Protiviti Member Firm and ERM Leader for the MENA region, said “Our first-ever ERM diagnostic survey of regional companies shows a growing trend of ERM adoption, while also highlighting the fact that, for most organizations, ERM is a relatively new venture with 44% of the respondents falling in the early-stage category of adoption. The study also highlights the worrying lack of integration between ERM, strategy and business performance which shows that risk analysis is still not a part of the boardroom decisions. In the current business scenario, there is an imminent need for stronger risk management functions in companies.”
Response from Chief Risk Officers and C-suite-level respondents from 150 largescale enterprises from GCC were assessed for several ERM best practices and they were mapped into four ERM Readiness Quadrants - Initial Adopter, Actionable, Influencer and Leader. These categories indicate the sophistication of a company’s ERM programme and how well they are integrated with strategy setting and performance management within the organization.
Risk governance was the most mature pillar across all quadrants and was exceptionally high (81%) for ‘Leaders’.
Overall, the survey reveals that the weak pillars of risk appetite, risk culture and ERM integration with strategy and planning require the strongest interventions – both in terms of financial commitment and management buy-in.
Key findings
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