Middle East demands risk management

The main challenges banks in the Middle East will face this year are transparency, efficiency and network, reports Gulf News.

"There is a misconception that if you have the best risk management solutions you are safe. It depends on how you use it. If you want to have the best risk management solutions and if you don't have the best IT support you cannot achieve it," says Wissam Khoury, MD of Sungard financial systems Middle East.

He explains that central banks in the Middle East have become strict on transparency and clear reporting.

The International Finance Corporation (IFC), an arm of the World Bank, is injecting some $300 million into Nigerian banks to support attempts to revamp the banking sector, says This Day.

IFC's vice-president for global industries, Jyrki Koskelo, says the support is “to major financial institutions in Nigeria and is part of IFC's broader strategy to the strengthening of Nigerian banks in the aftermath of the global financial crisis.”

“IFC is also helping partner banks improve corporate governance, risk management and develop robust environments and social monitoring systems as well as supporting the CBN's initiatives to strengthen the banking sector,” he adds.

Jeff Fitch has been named senior vice-president and chief risk officer for Aviva US, states the Des Moines Register.

Fitch will report to Dan Guilbert, executive vice-president and chief risk officer for Aviva North America, with dotted-line accountability to Aviva USA president and CEO Chris Littlefield.

Before joining Aviva USA, Fitch served in actuarial roles at Principal Financial Group, including senior actuary with a focus on risk management and financial modelling.