{"id":21387,"date":"2021-03-10T12:30:00","date_gmt":"2021-03-10T09:30:00","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=21387"},"modified":"2026-03-27T20:42:12","modified_gmt":"2026-03-27T17:42:12","slug":"first-ever-erm-diagnostic-survey-of-regional-companies-by-protiviti-highlights-an-imminent-need-for-stronger-risk-management","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/first-ever-erm-diagnostic-survey-of-regional-companies-by-protiviti-highlights-an-imminent-need-for-stronger-risk-management\/","title":{"rendered":"First-ever ERM diagnostic survey of regional companies by Protiviti highlights an imminent need for stronger risk management"},"content":{"rendered":"\n
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\u0639\u0631\u0628\u064a<\/a><\/div>\n<\/div>\n\n\n\n

KSA;\u00a0March 09, 2021:\u00a0<\/strong>Spurred by the desire to mitigate the impact of risky events like the COVID-19 pandemic on businesses,\u00a0Protiviti conducted the first-ever Enterprise Risk Management (ERM) survey in the Middle East to help regional companies evaluate their ERM preparedness. Protiviti\u2019s\u00a0largescale\u00a0ERM Readiness Assessment Survey\u00a0included 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.\u00a0The purpose of the study is to sensitize companies about the need to invest in and integrate ERM to manage the fallout from events like the pandemic.\u00a0\u00a0<\/p>\n\n\n\n

\"Darshan<\/a><\/figure><\/div>\n\n\n\n

Darshan Mehta, Managing Director, Protiviti Member Firm and ERM Leader for the MENA region<\/strong>, said \u201cOur 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.\u201d<\/em><\/p>\n\n\n\n

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\u00a0–\u00a0Initial Adopter, Actionable, Influencer, and Leader<\/strong>. These categories indicate the sophistication of a company\u2019s ERM program and how well they are integrated with strategy setting and performance management within the organization.<\/p>\n\n\n\n

\"Protiviti<\/a><\/figure><\/div>\n\n\n\n

Risk governance was the most mature pillar across all quadrants and was exceptionally high (81%) for \u2018Leaders\u2019. <\/p>\n\n\n\n

Overall, the survey reveals that the weak pillars of risk appetite, risk culture and ERM integration with strategy and planning require the strongest interventions \u2013 both in terms of financial commitment and management buy-in. <\/p>\n\n\n\n

Key findings<\/strong><\/p>\n\n\n\n