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The UAE Banks Federation (UBF) hosted a six-hour workshop examining the key issues 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 arranged by the UBF Risk Management Committee (UBF-RMC) in association with Moody's Analytics, with the aim to help the banks prepare for the roll-out of the new regulatory framework, which builds on the Basel II Accord to strengthen the regulation, supervision and risk management of the banking sector.
The workshop is designed to support Heads of Risk Management (CRO) and Heads of Finance (CFO) as they prepare for the upcoming transition, in line with regulations set by the Central Bank of the UAE. Representatives from Moody’s Analytics including 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 updated on latest regulations, Today’s workshop provides all participants a good opportunity to equip themselves with the knowledge required to ensure a smooth transition during the implementation of the new regulatory framework. We are pleased to welcome some of the top experts in their field to share the latest updates and participate in such an engaging and informative dialogue”.
Karim Mahmoud, Chairman of Risk Management Committee, UBF, and Head of Wholesale Risk Management, Mashreq Bank, said: “The UAE boasts a strong economy and banks are on course to comfortably meet the requirements of Basel III, thanks to their high Tier 1 capital levels. Today’s event highlights UBF’s ongoing commitment to the advancement of the UAE’s banking sector and will help to build a solid foundation for long-term stability and further success.”
Basel III is a set of international banking regulations developed by the Bank for International Settlements in order to promote stability throughout the international financial system. Initiated in response to the financial crisis of 2008-09, the measures outlined in Basel III are designed to minimize the potential for banks to damage the economy by taking on excess risk. This objective will be achieved by ensuring proper leverage ratios are maintained through the introduction of more robust minimum capital and liquidity requirements.
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About UAE Banks Federation:
Established in 1982, UAE Banks Federation is a professional representative body comprising 50-member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE's banking industry for the benefit of the banking sector, its customers, and the national economy.
UAE Banks Federation's mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provides a platform for cooperation and exchange of ideas and opinions among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council consisting of 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, and 20 specialized technical committees who discuss all relevant banking issues.
Media contact:
UAE Banks Federation
Emad Al Ghadban
Head - Public Relations & Communications
Phone: +971 2446 7706
E-mail: emad@uaebf.ae
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