NEWS | For Immediate Release
DIFC, January 30, 2012 – Given the very high costs of banking crises and the statistical likelihood that they will happen again, the recent financial crisis is an opportunity for banks around the world to introduce better risk management processes, said Charles Stewart, Senior Director at Moody’s Analytics, during his presentation at the GCC Risk Management Symposium. The one-day event was held today in Doha, Qatar, and was sponsored by the Qatar Financial Centre Regulatory Authority. Charles Stewart’s presentation focused on the Basel III challenges for Middle Eastern banks and on the benefits of Basel III implementation.
(Moody’s Analytics is an award-winning global provider of integrated risk management and credit risk solutions to more than 100 institutions in the Middle East, and has been serving this market for 11 years. Moody’s Analytics is the sister company of Moody’s Investors Service, the leading rating agency.)
“The global downturn led to many banks reporting large levels of non-performing loans (NPLs) in some countries,” Mr. Stewart explained. “In this respect, Moody’s Analytics believes that prevention is better than cure. Regulators also recognise this, hence the drive for change through the adoption of Basel II and III. However, apart from the demands of regulators, recent experience should also be a catalyst for helping banks appreciate the business benefits of putting in place a better infrastructure that will enable them to manage enterprise risk more effectively.”
At the heart of good risk management is robust data management, which is why Moody’s Analytics solutions are in such high demand among so many banks. “But beyond the implementation of stronger and more robust processes, there also needs to be institutional commitment to change,” says Mr Stewart. “The management of risk within the enterprise should not be left to specialists within the organisation. It is something in which everyone has a stake, and ultimately it is a board-level responsibility that should be embraced.”
Moody’s Analytics is a long-standing provider of enterprise risk management solutions to the Middle East region. Established in the DIFC (UAE) since 2008, Moody’s Analytics has been serving the Middle East market for more than ten years and currently serves more than 100 institutions locally with market standard enterprise risk management solutions, professional services as well as credit research.
“By providing unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research, and financial risk management, at Moody’s Analytics we are truly at the forefront of serving Middle East institutions to meet their needs in enterprise risk management including loan origination and regulatory compliance,” said Wael Jadallah, Director of Moody’s Analytics’ Middle East operations, based in the DIFC in Dubai.
About Moody’s Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $2 billion in 2010, employs approximately 4,500 people worldwide and maintains a presence in 26 countries. Further information is available at www.moodysanalytics.com.