Bahrain institutions plan to increase their risk management budget

(MENAFN) Risk management is highly taken into consideration by the financial institutions as a result of the increasing regulatory scrutiny in risk governance in Bahrain, according to Gulf Daily News. Expenses of 65 percent of the financial institutions significantly increased on risk management in the current year, compared to 55 percent in 2010. 58 percent of the institutions plan to allocate sums of money to the risk management budget, while 17 percent plan an increase of at least 25 percent in the next three years. Joe El Fadlt, Deloitte Middle East financial services industry leader, said: "The financial crisis has led to far-reaching major changes of doing business in financial institutions' risk management practices, with stricter and ruled based regulatory requirements demanding more attention from management and increasing their overall risk management and compliance efforts."