Moroccan financial institutions face a number of challenges in managing their operational risk, audit, and internal controls. These challenges include: The increasing complexity of financial products and services The growing number of regulations and compliance requirements A lack of awareness of operational risk and its impact on the financial institution. Inadequate systems and processes for managing operational risk. The increasing frequency and severity of cyberattacks The shortage of skilled staff Poor coordination between different departments within the financial institution. Here are some statistics: According to a recent study by the World Bank, operational risk costs Moroccan financial institutions an average of 1.5% of their annual revenue. The study also found that Moroccan financial institutions are more likely to experience operational risk events than their counterparts in other countries. A study by the World Bank found that operational risk costs the global financial sector an estimated $200 billion each year. The Basel Committee on Banking Supervision estimates that operational risk represents about 70% of the total risk faced by banks. A survey by the Association of Corporate Treasurers found that 60% of financial institutions have experienced an operational incident in the past year. The average cost of an operational incident is $1 million. M3T Consulting and RiskNucleus® System can help Moroccan financial institutions overcome these challenges by providing: A comprehensive operational risk management framework that is tailored to the specific needs of the institution A team of experienced consultants who can help implement the framework and train staff A state-of-the-art risk management software system called RiskNucleus® These statistics show that operational risk is a major challenge for financial institutions. M3T Consulting and RiskNucleus® System can help Moroccan financial institutions overcome these challenges and protect their businesses. RiskNucleus® is a in premises software system that helps financial institutions automate their operational risk management processes. The system provides a single view of risk across the entire organization, and it helps institutions to identify, assess, and mitigate risks. Contact M3T Consulting today to learn more about how we can help your institution overcome operational risk challenges. M3T Consulting and RiskNucleus® have a proven track record of helping financial institutions overcome operational risk challenges. We have helped over 100 institutions in the Middle East, Europe and North Africa region, and we have a team of experienced consultants who can help you implement a comprehensive operational risk management framework. Contact us today to learn more about how we can help your institution.

Behavioral interviewing is a method of evaluating job candidates based on their past behavior and performance in specific situations. It involves asking candidates targeted questions about their previous experiences and the specific actions they took in order to assess their skills, knowledge, and suitability for the role.Behavioral interviewing is based on the belief that a person's past behavior is the best predictor of their future behavior. Therefore, by asking candidates about their past experiences and the actions they took in specific situations, it is possible to get a sense of how they are likely to behave in similar situations in the future.Behavioral questions typically begin with phrases such as "Tell me about a time when..." or "Describe a situation in which..." and require the candidate to provide a specific example of their past behavior. This can help to provide a more detailed and accurate assessment of the candidate's skills and abilities than more general questions about their qualifications and experience.Behavioral interviewing can be an effective tool for targeted selection because it allows the interviewer to focus on the specific skills and experiences that are relevant to the role. It can also help to identify candidates who are a good fit for the company's culture and values.

BRICS, (Brazil, Russia, India, China, and South Africa), was established on June 16, 2009, with the primary objective of reducing member nations' dependence on the Western economy. Notably, BRICS collectively represents 25% of the world's total economic output, covers 26.7% of the world's surface area, comprises 41.5% of the global population, and boasts a combined GDP of $25 trillion. And now we know why people are fascinated by BRICS.Upon closer examination, it becomes evident that South Africa stands as the weakest member. Meanwhile, Brazil contends with an alarmingly high interest rate of 13.25%, and Russia remains embroiled in a protracted conflict that was initially expected to last no longer than two months but has now persisted for a year and a half, leading to a host of sanctions. In contrast, India appears to hold the most promising long-term potential within BRICS, and China's impressive, meritocratic GDP cannot be overlooked.However, skepticism lingers regarding BRICS' ability to fully meet global expectations, driven by factors extending beyond economic considerations. One pressing concern centers on the significant conflict between BRICS' heavyweight members, China and India, particularly in the heavily militarized Tibet region. Recent events, such as those in the Galwan Valley, have amplified these tensions (https://lnkd.in/epYzuYpM).Additionally, the recent inclusion of new members within BRICS, including KSA, UAE, Argentina, Egypt, Iran, and Ethiopia, raises questions. While KSA and UAE demonstrate economic strength, Argentina grapples with staggering hyperinflation at 113.40%. Egypt's economic performance, marked by high inflation and a soaring interest rate of 19.25%, is concerning, and its national currency has seen a significant depreciation from $0.10 in 2008 to just $0.032 in 2023. Meanwhile, Iran struggles under sanctions.Amidst these uncertainties, my skepticism regarding BRICS' prospects remains unwavering. I believe that the recent recruitment of new members has extinguished the last opportunity for BRICS to thrive. Photo Credits to visualcapitalist.com