Decree has launched a new risk tool for Omani Law
In a significant development, Decree, under the leadership of its Chief Executive Officer, Riyadh Al-Balushi, has launched Decree Risk. This innovative tool is a structured database designed to assist organizations in managing their risk when engaging with Omani businesses.
Legal departments in banks, telecom and utility companies, and other organizations dealing with a large number of Omani businesses, often spend significant time each week collecting and transcribing risk announcements. These are published in the Official Gazette and daily newspapers, with the aim of ensuring they lodge their claims to liquidators if one of their debtors goes into liquidation. They also formally object to the Ministry of Commerce, Industry, and Investment Promotion if their debtors reduce their capital or merge with another company before they pay their debts.
Decree Risk is designed to improve the ability of such organizations to recover the money they are owed from their debtors. It provides timely and accurate updates on the following risk incidents:
- Liquidations
- Capital Reduction
- Legal Form Transformation
- Mergers
Unlike most content previously published on Decree, Decree Risk is intended to be utilized in a structured machine-readable format such as CSV and Excel. This allows organizations to import the data directly into their systems to verify if any of the businesses they engage with have gone into liquidation or are about to undertake a legal form transformation.
In addition, Decree offers Decree Risk through an API, enabling organizations to integrate directly with their database and automate the use of Decree Risk data.
Decree Risk is updated on a daily basis within hours of the announcement of the risk incident, ensuring that organizations have the most up-to-date information at their fingertips. This launch marks a significant step forward in risk management for organizations dealing with Omani businesses.
With the launch of Decree Risk, CEO Riyadh Al-Balushi has once again demonstrated Decree’s commitment to providing innovative solutions for risk management in the business sector. This tool is set to revolutionize the way organizations manage their risk when dealing with Omani businesses.
