Quality and management consulting expert Dr. Khalid Bomatia stressed that the current ordeal of coronavirus should be an opportunity for Bahraini institutions and companies’ owners to conduct a comprehensive assessment of their business philosophy and strategy. For example, they should reposition their institutions in the market, stop unsuccessful products and services, launch new products and services, activating modern administrative methods, and planning to increase productivity.
"Coronavirus ordeal will end sooner or later, and the economy will return to the rotation, only then the steadfast companies and institutions will be able to return to work again, and make up for what they missed quickly, as by then the market will be hungry for services and products." Dr. Bomatia said.
He urged micro, small and medium enterprises in the Kingdom of Bahrain to adopt modern administrative methods in the field of "risk management", so that it can overcome internal and external challenges resulting from the spread of coronavirus and its negative impact on the economy in Bahrain, the region and the world.
“Bahraini enterprises are always asking for the support, encouragement, and financing of the government through “Tamkeen” Labor Fund, or to allocate them to part of government purchases, unfortunately, many of these institutions that constitute more than 90% of the total number of economic enterprises have not been able to move to a stage of sustainability in its growth and expansion, or at least to maintain its position in the market, this is due to many reasons, including its lack of a realistic business plan, clear strategy, prudent financial management and effective risk management.” Dr. Bomatia added.
Dr. Bomatia, the CEO of Proact Consulting, stressed that risk management departments should not be limited to large companies in Bahrain, but rather to activate those departments in institutions and companies of all sizes, including entrepreneur projects, and he explained that risk management is an administrative activity aimed at controlling and mitigating risks to acceptable levels, and more precisely, is the process of identifying, measuring, controlling and mitigating risks facing the company or institution.
“The traditional risk management focuses on the risks resulting from financial or legal reasons such as natural disasters, fires, accidents or lawsuits, on the other hand, financial risk management focuses on those risks that can be managed using financial barter tools.” Dr. Bomatia explained.
Concluding his statement, Dr. Bomatia stressed that risk management must be integrated into institutions’ culture and effective policies and programs of senior management, also risk management must translate strategies into practical and tactical goals and define responsibilities throughout the institution for each manager and employee responsible for risk management as part of his job responsibilities.