Experts Mull GCC Financial Risk at Symposium

Doha, January 30 (QNA) - Central bankers, regulators, financial experts and risk management professionals from across the banking, insurance and asset management sectors Monday assembled here to mull various issues involved in managing risk in the GCC at a symposium, organised by the QFC Regulatory Authority. HE Qatar Central Bank Governor Sheikh Abdullah bin Saud Al Thani opened the symposium with an inaugural address. In responding to the lessons of the global financial crisis, financial regulators have placed an increased emphasis on identifying, assessing and managing financial risk arising within financial services firms, and within capital markets more generally, the Qatari authority said. While effective risk management best practices have been examined extensively in many international venues, the symposium is one of the first to address risk management issues that are specific to the Gulf region. Topics discussed at the symposium included 'Containing the Spread of Global Financial Risk in the GCC, key macro-prudential developments in the region and the benefits and challenges of implementing the Basel III Directive in the GCC. The purpose of the symposium was to provide not only a forum for discussion and the exchanging of knowledge but to improve understanding within the industry and deepen relationships between the industry and the QFC Regulatory Authority. QFC Regulatory Authority Chairman Phillip Thorpe, "The QFC Regulatory Authority is continuing to strengthen its ability to identify emerging macro prudential risks to the financial sector, as well as to highlight financial risk management best practices that are specific to Qatar's financial services industry. We have therefore organised the symposium with the intention of bringing industry professionals together for the first time to discuss risk management issues that should be a common concern within the GCC." "The staging of the symposium demonstrates both the QFC Regulatory Authority's proactive approach to addressing risk across the financial sector and Qatar s determination to be a regional leader in risk management best practices," he added. (QNA)