Prestigious event focuses on financial resilience and hosts the best minds from the world of finance

Dubai, UAE, May 22, 2016: In the face of uncertainty in global financial markets, it will be the courage and determination of governments and companies to be resilient that would ultimately count.

This was outlined by His Highness Sheikh Nahyan Bin Mubarak Al Nahyan, UAE Minister for Culture and Knowledge Development, in his inaugural address at the 34th Annual International Conference of the Institute of Chartered Accountants of India (ICAI-Dubai Chapter) in Dubai.

"Global financial markets and their businesses, their governments and industry, communities have certainly experienced deforming crisis during the past decade," said Sheikh Nahyan. "I see no reason for the next decade to be notably different. It is virtually impossible to insulate anything from misfortune and damage. We will all be subject to future turn of events that will disrupt our plans and could diminish our assets."

Sheikh Nahyan also acknowledged the huge contribution made by finance professionals towards supporting the regional economy and for showing the courage to offer solutions to overcome the downturn.

"The role of the accounting professionals assumes greater significance as they assist and protect their clients and companies from crisis, strengthen their presence in the circumstances and offset the financial difficulties when they occur. People will depend on you as they try to recover. They will look to you as the experts on being resilient. You are the experts who can inspire a way to continue (in the crisis scenario) and chart a way back to success courageously," he added.

In addition to hosting more than 1,000 finance professionals, the two-day event featured leading international academics, policy-makers and industry professionals and provided them the platform to meet and share their research and interests in banking and finance. These included CA.T.N. Manoharan, Chairman of Canara Bank past President ICAI, Dr. Duvvuri Subbarao, former Governor of Reserve Bank of India, Justice (retired) R. V. Easwar, former judge of the Delhi High Court and Chairman of India's Income Tax Simplification Committee, Bassel Khatoun, Chairman of Franklin Templeton Investments (Middle East) Limited, Dr. Prasanna Chandra, Director of the Centre of Financial Management, Bangalore.

Speakers underscored the need to make financial stability more robust, and laid out their views on risk mitigation and stronger legislation. While debating ways to achieve sustainable financial stability, the discussions focused on the long-term effects of changing economic conditions, additional regulatory requirements and new macro prudential policies on the financial system.

M. Devaraja Reddy, current President of ICAI Dubai, described the conference as the gathering of the finest minds from the world of finance. "ICAI's annual conference has evolved into a valuable trademark event attracting outstanding international speakers from government, regulation, finance and industry. The quality of the discussion and exchange has helped to establish this conference as a highly valued platform for debate of regulatory issues in the financial system."

Dr. Prasanna Chandra, Director of the Centre of Financial Management, delivered a powerful presentation on building financial resilience using Warren Buffett's Berkshire Hathaway story to drive his message home. Prasanna said that while building their financial stability, companies and governments should focus on key areas such as strategy and business model, capital allocation, strategic finance, performance management, cost management and corporate risk management, in order to build financial resilience.

"There is rising volatility and uncertainty and organizations will have to navigate carefully through this problem. In addition, risk has increased, business models have developed and competition has intensified worldwide. In this scenario, finance professionals have a more challenging role to play as companies go global," he added.

Nilesh Shivji Vikamsey, Vice-President of ICAI, said, "Ever since the global financial crisis broke out in 2008, a number of regulatory policies have been discussed, proposed and sometimes implemented to address shortcomings in the regulatory framework. With insights from some of the world's leading authorities on finance, this conference has helped to provide a critical overview of alternative measures and ask whether we are any closer to a financial system that is both appropriately stable and efficient in fulfilling its functions to the wider economy."

Nimish Makvana, ICAI Dubai Chairman, said that the speakers reiterated the need for a joint effort towards risk mitigation.."The focus was on the challenges and opportunities of the current financial scenario, with an aim to build a strategy for long-term financial stability," he pointed out. "The high-caliber of speakers engaging in constructive interactions on the most pressing issues have paved the way for us to identify the real problems and create the framework to improve our own operations."

The conference saw a great number of key learnings being exchanged among members. Rahul Kapoor Jain, well-known entrepreneur, speaker and author, demonstrated how finance professionals could improve their game towards greater excellence. The conference also hosted well-known philosopher Mahatria Ra as well as performances by Bollywood music composer Pritam and upcoming singers Nakkash Aziz, Aditi Singh Sharma, Abhijeet Sawant, Shalmali Kolghade and Antara Mitra.

Media Contacts:
Edward D'Mello
Edward Steven Public Relations
Mobile: +97155-9907968;
Tel: +9714-2554400
Email: Edward@esapr.com

© Press Release 2016