Business | General
Companies must plan for natural disasters
The UAE's private sector needs risk assessment plans as companies need to be prepared for potential natural disasters among other risks and adopt international best practices, oficials say.
- By Nadia Saleem, Staff Reporter
- Published: 00:48 March 29, 2008
Dubai: The UAE's private sector needs risk assessment plans as companies need to be prepared for potential natural disasters among other risks and adopt international best practices, oficials say.
With the business continuity management system, companies will be able to assess their main operational areas, and plan and test necessary alternatives in case of disasters.
"Companies in UAE are aware of potential disasters but don't have actual plans in place," said Theuns Kotze, managing director for the Middle East and Africa, BSI, a management systems assessment services company, which is holding roadshows in the UAE this week.
Fragile
In a thriving economy such as Dubai, companies are dangerously unprepared for disaster. "A fast growing economy is fragile to potential disaster that can halt business. Companies here expect business to do well all the time, so they don't keep in mind that anything disastrous can happen," said Kotze, whose company will certify companies that have gone through the process of verified tests.
"An economy is only as strong as its ability to recover from disaster. If the companies are prepared, the economy will be prepared," Kotze said. "If companies struggle, the economy will struggle."
While natural disasters are hardly considered in Dubai, financial risks are very much assessed.
"A lot of companies are doing risk assessments as world prices go up," said Kotze. "Companies should not take risks that are not sustainable. Even if perfect alternatives cannot be found, companies need practical alternatives," he said.
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