Morocco expects to start its own risk management association early in 2008

Morocco expects to start its own risk management association early in 2008, if not sooner, said Mountasser Fassi Fihri, risk manager of ONA Groupe.

Fassi Fihri took up his appointment in 2005 when ONA made the decision to embed risk management throughout its activities. The Group is a major holding company in North Africa, with activities in many different sectors including banking, insurance, mining and hyper markets.

‘Effectively we’re a kind of conglomerate,’ explained Fassi Fihri. ‘And we were the first company in Morocco to start embedding risk management throughout all its operations.’ Since then the group has encouraged and helped other organisations in Morocco to develop their risk management activities.

‘There are about 17 companies in Morocco that now have a risk management division,’ said Fassi Fihri. They embrace a range of sectors including banking, industry, insurance and energy.

“We were the first company in Morocco to start embedding risk management throughout all our operations. Since then the group has encouraged and helped other organisations in Morocco to develop their risk management activities.

Mountasser Fassi Fihri, risk manager of ONA Groupe

Since the beginning of the year, Fassi Fihri has been trying to develop relationships and confidence between these companies as a prelude to forming an association. If the planned formation goes ahead in January 2008, it is likely that the new association would approach FERMA at the end of the year with a view to joining the association.

Fassi Fihri studied in France at the Bordeaux business school and has a Masters degree in risk and insurance management. Since beginning this large project with ONA, he has developed some benchmarks which have helped him assess his progress in comparison to French and other companies.

‘On a scale of one to four I reckon that we are at level three,’ said Fassi Fihri. ‘We now have risk management embedded and implemented in the strategic business and also in operational activities.’