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HomeBusinessEvolving Business Resilience in Saudi Arabia’s Vision 2030 Era

Evolving Business Resilience in Saudi Arabia’s Vision 2030 Era

Strategic Shifts and Regulatory Updates Reshape Resilience

June 24, 2024
in Business, Vision 2030
Reading Time: 2 mins read
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Over recent years, the resilience landscape in Saudi Arabia has undergone significant transformation, influenced by global risk management trends, regional regulatory reforms, and a push for economic diversification. These developments have presented both substantial challenges and opportunities for reinforcing the nation’s resilience capabilities.

With the Saudi government’s Vision 2030 plan, there is an emphasis on diminishing dependence on oil by nurturing sectors such as technology, tourism, and entertainment. Regulatory enhancements have also come into play, imposing stricter requirements on business continuity and resilience to ensure operational sustainability under adverse conditions. Notable regulatory bodies like the National Risk Council and the Saudi Digital Government Authority now require all government agencies to institute business continuity measures.

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Organizations in Saudi Arabia have also invested heavily in disaster-resilient infrastructure, while adapting to the demands of the pandemic, such as remote work and managing supply chain disruptions and evolving consumer behaviors.

However, resilience practitioners face obstacles, including a general lack of awareness and executive support, cultural differences, and a skills gap in the resilience field. Despite these hurdles, practitioners are making headway in elevating the profile of resilience planning within the business community.

Chapter Leader Atiq Bajwa has observed a growing awareness of business continuity, leading to increased investment in training and development programs that enhance employees’ risk management competencies. He notes, Awareness of business continuity and resilience has grown among Saudi businesses, leading to more investment in training and development programmes to equip employees with risk management skills. Overall, the concept of business continuity is more prominent than it was in the past and there’s increased awareness of business continuity and resilience in Saudi Arabia.

Technological advancements, such as the adoption of artificial intelligence and cloud computing, have made cyber resilience a top priority for Saudi professionals. They also face other risks including geopolitical tensions, natural disasters, health crises, and regulatory shifts. Addressing these concerns calls for dynamic business continuity and resilience strategies that encompass risk perception management, technological integration, regulatory adherence, and crisis management.

The availability of the Good Practice Guidelines in Arabic is a boon for practitioners, removing language barriers and promoting widespread understanding and application of business continuity best practices. The newly established Saudi Arabia Chapter further supports practitioners by facilitating professional development and networking opportunities, fostering cross-industry partnerships, and advocating for beneficial policies and regulations.

The chapter also offers access to the BCI’s globally recognized certification programs, ensuring high standards of professional competency and providing guidance tailored to regional threats. Vice Leader Mohamed Abuelqroush emphasizes that the Chapter reflects a dynamic, integrated approach to business continuity and resilience, in alignment with Saudi Arabia’s economic transformation and modernization objectives.

In terms of sectoral leadership, government agencies, financial services, oil and gas, utilities, telecoms, and healthcare are at the forefront of developing robust business continuity and resilience strategies. The Saudi Arabia Chapter’s goal is to expand these practices across a broader range of sectors.

Looking ahead, enhancing cyber resilience, conforming to industry and regulatory standards, raising awareness through training, and encouraging collaboration and knowledge sharing are essential strategies. Customizing approaches to local contexts, diversifying supply chains, and leveraging local supplies will further bolster the region’s resilience.

With a focus on these strategic areas, Saudi Arabia and its business sectors can significantly enhance their resilience, ensuring they are better equipped to manage and mitigate threats, while maintaining continuity and stability.

Tags: Business ContinuityBusiness ResilienceRisk Managementsaudi arabiaVision 2030
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