Given your experience in developing and implementing corporate governance policies, what are the biggest challenges that companies in Kuwait and the broader Gulf region face when striving for stronger governance frameworks?
One of the most persistent challenges is embedding governance as a culture, not just as a compliance requirement. In Kuwait and across the Gulf, the transition from traditional ownership structures – often family-run or state-influenced – to transparent, well-regulated frameworks is still underway. Resistance to independent oversight, gaps in governance literacy at board and management levels, and limited access to qualified governance professionals play a role.
Additionally, aligning local practices with international standards remains challenging, particularly in governance risk and compliance (GRC). Companies are under increasing pressure to demonstrate ethical conduct, risk resilience, and regulatory alignment. Most organisations struggle to bridge the gap between regulation and implementation.
Many organisations see compliance and governance as bureaucratic hurdles rather than strategic assets. In your experience, how can companies shift their approach to view strong governance as a competitive advantage that drives long-term success?
The key is reframing the narrative – from enforcement to enablement. Strong governance and compliance aren’t about limitations but about creating clarity, trust, and resilience. At Action Energy, for example, we consciously integrated governance into business planning and performance management.
When employees and leadership see governance outcomes linked to risk reduction, investor confidence, and smoother operations, it changes how governance is perceived. Real value comes when governance is seen as an enabler of strategic growth, helping attract investors, optimise internal processes, and enhance decision-making based on risk intelligence.
Setting up a Compliance and AML/CFT department requires more than just policies – it demands a culture of integrity and a proactive approach to risk. What were the most crucial steps in developing a robust anti-financial crime framework for your organisation, and how do you ensure continuous improvement in compliance practices within Kuwait’s business environment?
It began with tone at the top. Our leadership team clearly knew compliance is a core value – not just a function. From there, we performed a risk-based assessment of our business and sector exposure, aligned with local AML laws and international standards such as FATF.
We designed our controls around those risks, covering customer due diligence, transaction monitoring, reporting protocols, and staff training. However, perhaps the most critical factor was embedding compliance within day-to-day decision-making and establishing strong reporting and escalation channels. We continuously update our policies based on local regulatory changes and evolving global threats, ensuring that the framework remains relevant and responsive.
You have experience in preparing companies to list on a stock exchange. What governance adjustments are critical for companies seeking to go public?
Preparing for listing requires a fundamental shift toward transparency and structured oversight. You must formalise internal controls, enhance financial reporting, and ensure the company’s board and its committees meet regulatory expectations for independence and accountability.
Key lessons include starting early with board education and internal readiness assessments. Another is treating the listing not as a finish line, but as the start of a new governance journey where public trust and regulatory scrutiny require consistent excellence in risk management, disclosure, and stakeholder engagement.
Corporate governance is only as strong as the commitment of leadership. From your experience working with top management, what are the key factors that determine whether governance initiatives succeed or fail?
Without a doubt, tone at the top is the most influential factor. When leadership demonstrates a genuine commitment to ethical behaviour, transparency, and risk-based decision-making, governance becomes part of the organisation’s identity rather than an imposed requirement.
Another critical element is consistency. Governance can’t be selectively applied; it must be embedded into strategy, operations, and people processes. Lastly, practical communication matters. Leaders who articulate why governance matters – and how it supports long-term value – create more sustainable compliance cultures.
With regulatory landscapes evolving continuously, what trends do you foresee shaping the future of corporate governance and compliance, particularly in financial crime prevention in the energy sector?
We are moving toward a future where digitalisation, ESG, and cross-border coordination reshape governance. In the energy sector, in particular, regulators are becoming more data-driven and are expecting the same from companies – real-time monitoring, predictive risk modelling, and integrated reporting.
There’s also a rising expectation for boards and compliance functions to understand ESG risks – not just environmental risks, but governance-related ones such as corruption, sanctions, and third-party due diligence. Companies that embed these considerations into their GRC frameworks will be more resilient and trusted in the years ahead.
Asser Mahmoud is a seasoned financial operations and compliance professional with over 20 years of diverse experience across financial institutions, investment firms, and oil and gas services. Known for his strategic thinking and cross-functional leadership, he specialises in financial operations, regulatory compliance, internal controls, and governance. Currently, Asser is the Compliance Manager and Board Secretary at Action Energy Company, a leading oil and gas services firm. In this dual role, he founded and now leads the AML/CFT Compliance Department and supports the company’s executive leadership in meeting corporate governance standards. Before transitioning to the energy sector, Asser held leadership roles in institutions such as Kuwait Securities Co., KIPCO Asset Management Company (KAMCO), and Boubyan Capital, where he directed fund operations, NAV calculations, CMA and CBK reporting, and performance analysis. At Boubyan Bank, he also played a key role in operational budgeting, supporting strategic planning and financial forecasting initiatives. Asser’s professional reputation is built on his ability to improve processes, manage complex operations across departments, and align financial practices with local and international regulatory frameworks. He’s mainly known for bridging finance, compliance, fund administration, and stakeholder engagement with agility and vision. He is currently pursuing a Master of Laws (LL.M.) in Corporate Governance from the University of Cumbria in the United Kingdom and holds a bachelor’s degree in accounting from the Modern Academy in Maadi. He has earned several globally respected certifications including the Certified Financial Crimes Investigator (CFCI) from the International Association of Financial Crimes Investigators, the Certified GRC Auditor (GRCA) and Certified GRC Professional (GRCP) from OCEG, and the International Certified Corporate Governance Officer (ICCGO) designation from the Association of Governance, Risk & Compliance. He also holds a Capital Markets Authority Rules & Regulations certification (Arabic) from the Chartered Institute for Securities & Investments (CISI/KCMA).
