In recent years, the Risk Management industry has experienced a transformation in the Middle East as the need for Risk Consultants has increased dramatically.
This increase in demand has been driven by public sector investment, corporate governance improvements, particularly amongst regional holding groups and financial institutions. The factors which have been key drivers in the Risk market in the Middle East have been Cybersecurity, Oil prices, Financial Services regulations, financial crime, corporate governance and transformation projects. This has resulted in companies either reacting to changing circumstances or putting preventative measures in place after learning from previous mistakes. Consequently, companies have started to think more strategically when it comes to risk management.
Furthermore, we have seen growth in both the Advisory and Industry sectors of the Risk market. Accordingly, it is expected that the next 2 years will see a rise in the demand for talents such as Chief Risk and Governance Officers particularly within in local and regional diversified holding groups and Governmental entities. It is predicted that this will fuel the demand for top talent from both local and international markets. The region has also experienced a change in the role of Risk Consulting within organisations. Previously, Risk Consulting was perceived as an administrative support function, however, it now plays a more critical and strategic role within the business in order to assist organisations in navigating change, market downturns, government transformation projects and strategic shifts.
Lastly, as the market has emerged over the years, highly specialized technical expertise within the risk function has become more critical than ever before and thus limited the space for generalist risk professionals in the market.
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