A first-of-its-kind, interactive seminar held in Dubai today (February 18) discussed the risks faced by an increasing number of companies in the region due to defaulted or unpaid credit.

The seminar was attended by financial and credit experts from some of the leading international and regional financial and legal companies.

The event, organized by Millennium Insurance Brokers Company as the first in a series of niche, industry-focus seminars, examined different angles and strategies for protecting the bottom-lines of companies, with regard to managing credit risk.  The high-profile panelists presented the insurance carrier, broker, legal, and banking angles of credit risk. 

Albert Rodrigues, managing director of Millennium, said that the seminar provided important, educational insights that would help companies determine the extent of the credit risk faced by their organizations. “Credit risk is not something that impacts financial organizations exclusively but all companies are exposed to it,” he added. “With the recession, it has become all that important for companies around the world to re-look at their credit strategies in order to remain profitable.”

Rodrigues explained that objective of holding such interactive events was to learn from the collective experiences of leaders in the field, and provide a better understanding of how they have managed to mitigate risk through the combination of business processes and technologies.

Speakers at the event included Mahan Bolourchi, Middle East head of risk management for Euler Hermes, Anil Berry, regional manager for Euler Hermes, and Murad Abida, partner at Hadef Al Dhahiri Associates, one of the leading legal firms dealing with credit risk cases.

“An effective management & mitigation of credit risks will improve cash flow, allow businesses to focus on sales effort, secure business growth, secure trade finance, inculcate disciplined payment terms besides being able to sustain during the global downturn,” explained Bolourchi.

Anil Berry pointed out to the audience how companies can turn operational risks into opportunities when the risks are effectively managed. “The restructuring of credit policies at financial institutions in the Middle East shows that credit risk management policies are gaining more importance,” he said. “Many companies are increasingly recognizing the benefits of total credit insurance to safeguard themselves against such risks.” – TradeArabia News Service