DUBAI —

The latest report by the strategy consultancy firm, Oliver Wyman and the Global Risk Center, “Resilience in the GCC: How Gulf countries can strengthen their governance of major risks,” outlines the risks and examines the efforts being made by individual states in the GCC to deal with the high-level risk agenda. It further outlines the three key priorities that would help regimes improve decision making and resource allocation for long-term resilience.

• Placing a risk management unit (risk governance) at the heart of government to coordinate national risk assessment efforts and drive the resilience agenda across the public sector and beyond,

• Developing strategies that encourage businesses, households, and other organizations to take on new risk responsibilities as part of a whole-of society effort,

• Strengthening the resilience of critical infrastructure through tougher reliability and security expectations, and by investing in new assets to help forestall future crises

“The Gulf countries are not only exposed to global risks, but also threats and hazards that are specific to the region. The Gulf leaders increasingly recognize the role that strong risk governance can play in building resilience, but this understanding need to be turned into clear programs of action, involving governments, departments, the business sector, and citizens.

The success of these programs is critical to these countries’ long-term sustainability,” said Anshu Vats, Partner and Head of Public Sector, Oliver Wyman (MEA).— SG