Dear members,
Greetings, and thank you for joining us for our most recent quarterly newsletter. At GCC BDI, our team is currently experiencing a high level of activity, with a busy agenda for the remainder of the year. And we eagerly anticipate more opportunities to connect with you, whether it be virtually or face-to-face.
We are very excited to share the news that we have been honoured with the "Best Corporate Governance Institute UAE 2023" award by the International Business Magazine. This accolade serves as a testament to our steadfast dedication towards achieving excellence in the field of corporate governance.
The launch of the Riyadh Membership Chapter in Saudi Arabia on 15 June was a resounding success, with a remarkable attendance of 130 participants. The event provided a platform for our Members and Fellows to forge meaningful connections and expand their professional networks. We would like to thank PwC Middle East who sponsored the event and for their unwavering support and partnership. You can find the event highlights here and access the press release here.
Our UK Study Trip took place from 16 to 19 May 2023 and we had great feedback from our Members who participated. Many thanks to Allen & Overy, PwC, McKinsey and Heidrick & Struggles who provided valuable insights into the UK post-Brexit strategies and opportunities for business and investment in the UK.
The Board’s Role in Risk Oversight
The theme for this newsletter is Risk Oversight. The role of the board in risk oversight is crucial in ensuring the long-term sustainability and success of an organisation. Boards are responsible for setting the risk appetite and establishing a robust framework for identifying, assessing, and managing risks. They play a vital role in monitoring and reviewing the effectiveness of risk management processes, ensuring that risks are appropriately identified, evaluated, and mitigated. By actively engaging with management, boards can provide guidance and strategic direction to address emerging risks and seize potential opportunities. Effective risk oversight by the board promotes transparency, accountability, and informed decision-making, safeguarding the organisation's reputation and enhancing its resilience in an ever-changing business landscape.
We are delighted to have an article in this publication written by John Crawley which explores the significance of the board's role in overseeing risks. The article can be accessed here. Furthermore, McKinsey has published an article titled 'The next frontier in risk efficiency,' which delves into the rise of global risks and economic uncertainty, particularly within the financial services industry. You can read the article here.
We have also included an interview with Pradeep Rana, Group Chief Risk Officer at First Abu Dhabi Bank, who shares valuable insights regarding the board's primary role in risk oversight and ensuring its fulfilment. You can read his insights here.
Membership and New Website
We are continually improving our membership offering, and we have recently updated our membership brochure to provide a comprehensive overview of the benefits and services available for you to explore. You can find the revamped brochure here. Additionally, we are excited to announce that we will be launching a new website and mobile application soon to further enhance your experience. Please keep an eye on your emails for more information in the upcoming weeks.
GCC BDI bi-annual survey on board effectiveness 2023 will be closed on 30 June. We strongly encourage your active participation and the sharing of your valuable insights. You can click here to access the survey and contribute your thoughts.
Team updates
GCC BDI remains on a trajectory of expansion, and we are delighted to announce the expansion of our team. We are pleased to introduce Zuhair Bukhari, who has joined us as our Business Development Director.
Eid Greetings
In conclusion, GCC BDI would like to extend our heartfelt wishes for a joyous and tranquil Eid filled with abundant blessings for you and your loved ones.
With all our very best wishes,
Jane and the GCC BDI team