UBF Lays Groundwork for Basel III Implementation With Workshop in Abu Dhabi
The UAE Banks Federation (UBF) hosted a six-hour workshop analyzing the key problems around the upcoming implementation of the Basel III Accord. The event was held today (Wednesday, 25 July 2018) in Abu Dhabi, and the sessions have been organized by the UBF Risk Administration Committee (UBF-RMC) in organization with Moody's Analytics, with the purpose to assist the banks get ready for the roll-out of the brand-new governing structure, which builds on the Basel II In accordance with enhance the regulation, supervision and risk administration of the banking sector.
The workshop is made to support Heads of Risk Management(CRO) and Heads of Finance ( CFO) as they plan for the upcoming transition, in line with regulations established by the Reserve bank of the UAE. Representatives from Moody's Analytics consisting of Anand Radhakrishnan, Director - Solutions Specialists; Adam Balogh, Director - Product Management; and Nicolas Kunghehian, Director - Business Development (EMEA) delivered a series of presentations on topics surrounding the new regulations, with sessions focusing on future developments in IFRS 9, interest rate risks, and Standardized Approach to Counterparty Credit Risk (CCR) and Credit Valuation Adjustment (CVA) risk charges.
Jamal Saleh, Deputy Director General, UBF, said "In line with UBF mandate and commitment to keep member banks well informed and upgraded on latest policies, Today's workshop provides all individuals a good chance to outfit themselves with the knowledge needed to guarantee a smooth shift during the implementation of the new regulatory structure. We delight in to welcome some of the leading professionals in their field to share the current updates and participate in such an appealing and informative dialogue".
Karim Mahmoud, Chairman of Risk Management Committee, UBF, and Head of Wholesale Risk Management, Mashreq Bank, said: "The UAE boasts a solid economic climate and banks are on program to pleasantly fulfill the needs of Basel III, many thanks to their high Tier 1 resources levels. Today's occasion highlights UBF's continuous commitment to the innovation of the UAE's banking sector and will certainly help to construct a strong structure for long-lasting stability and additional success."
Basel III is a set of global banking policies created by the Bank for International Settlements in order to promote stability throughout the worldwide monetary system. Initiated in feedback to the financial situation of 2008-09, the procedures laid out in Basel III are created to decrease the potential for financial institutions to harm the economic climate by taking on excess threat. This goal will be attained by making certain proper take advantage of proportions are preserved via the introduction of even more durable minimum resources and liquidity requirements.
