IT spending in Egypt is projected to reach a record $1.9 billion by 2013, reflecting a significant jump from its 2008 levels at $1.2 billion, according to a recent report.

The statistics were released by Business Monitor International (BMI) in its ‘Egypt Information Technology Report Q3 2009.’

With factors such as growing foreign investment and government spending expected to bolster the growth over the forecasted period, SAS, the leading provider of business advisory and analytical intelligence, is confident that better risk management is vital to fuel the development of local businesses in the country.

“Expectations for the Egypt IT sector remain high, with projection of an 11 per cent compound annual growth rate surfacing despite anticipation that 2010 will be another challenging year for the market,” said Sherif Fathy, Business Development manager, SAS - Middle East.

"Specifically, risk management is proving to be an excellent growth market in the country, as the number of initiatives taken to address risk management issues continue to grow."

"In line with this, we are committed to providing risk management solutions and services to address Egypt’s demand for better, timelier analysis of risk and a deeper understanding of how institutions are affected by the global risk environment," he noted.

Furthermore, 'Chartis RiskTech100' report also estimates the global risk technology expenditure to increase by 10 per cent or more in 2010, with Egypt among the countries who are geared up to undertake major risk management initiatives.

With focus on timely analysis of risk, SAS offers its 'Enterprise Risk Management' (ERM) solution, which provides a deeper understanding of how institutions are impacted by the dynamic risk environment of a global financial community.

Designed for the banking and financial services sectors, the system can help improve financial performance by reducing losses, improving capital management and building a risk-aware culture throughout an organisation.

By effectively and efficiently managing all types of risk and lowering associated costs, SAS' ERM software can also reduce time to and cost of compliance.

"Expectations for the Egypt IT sector remain high, with projection of an 11 per cent compound annual growth rate surfacing despite anticipation that 2010 will be another challenging year for the market," said Sherif Fathy, business development manager, SAS - Middle East.

"Specifically, risk management is proving to be an excellent growth market in the country, as the number of initiatives taken to address risk management issues continue to grow. In line with this, we are committed to providing risk management solutions and services to address Egypt's demand for better, timelier analysis of risk and a deeper understanding of how institutions are affected by the global risk environment.”

"Further underlining the importance of risk management initiatives, a global study commissioned by SAS has revealed that more companies are appreciating the advantages of such programs.

“Going further beyond quantitative benefits, another study conducted by the Economist Intelligence Unit revealed that failure to address risk management issues has largely contributed to the current global credit crisis. Embedding risk management into everyday processes at all levels of an organisation, SAS' ERM portfolio delivers a current, credible understanding of all types of risks unique to every organisation, including credit, operational, market, liquidity and trading risks."

Fathy continued: “Amidst the current state of the global financial market, it has become more critical for businesses to make the right strategic decisions swiftly while minimising risks to its lowest possible levels.

“We leverage our extensive experience in the banking industry by working with more than 1,100 global banks to deliver leading risk management solution that address the current priorities of stockholders, boards of directors and regulators.”

“Our ERM solution has been built around the tenet of integrating risk management into everyday processes at all levels of an organisation, with aims of building an effective risk management framework that can keep them operating competitively in today's technology-driven, multi-channel banking industry," concluded Fathy. – Reuters