April 16, 2024

UAE Banks Federation Audit Committee of the Board of Directors holds its first meeting in 2023

The Audit Committee of the Board of Directors of UAE Banks Federation, the representative and unified voice of UAE banks, held its first meeting of 2023 on 8th March to discuss a number of topics and review the 2022 financial statements and the Federation’s internal audit reports.

Committee members approved the minutes and action plan adopted at the last meeting, which was held on the 7th of September, 2022. During the Audit Committee meeting, the internal audit report for the previous year (2022) was presented and reviewed, as well as the audited financial statements and monitoring reports of the Federation. The meeting also discussed the projects that UAE Banks Federation intends to implement in the coming months of this year and the allocated budget to ensure that the tasks and initiatives are implemented in the best interest of the member banks, their customers and the UAE economy.

The Audit Committee includes a number of UAE Banking Federation board members and top executives from the member banks, who have extensive experience in the banking sector, aiming to improve auditing of the activities under the Federation. This plays a crucial role in ensuring a systematic approach to assessing and improving the efficiency and reducing the potential risks faced by the banks, as well as developing the necessary mechanisms to address these risks so that banks can achieve their objectives.

The close attention paid by the Audit Committee reflects UAE Banks Federation’s keenness to adopt a governance model that is in line with the best standards applied globally and to promote transparency and trust among all stakeholders in the Federation’s activities. This aims to improve and advance the banking sector to raise its position internationally, strengthen risk management, promote Emiratisation under the direct guidance of the Central Bank of the UAE, and take advantage of opportunities that emerge in the current market situation.

The governance model adopted by UAE Banks Federation is characterised by four key pillars that control and guide all the work of the Federation. These four pillars are “Vision’, which is executed by the Board of Directors; Strategy, which is entrusted to the advisory and consultative bodies that consists of Managing Directors of member banks; and “Supervision’ which is oversight carried out by the Director General and the General Secretariat of the Federation and finally “Implementation” is carried out by the relevant specialised technical committees of the Federation (28 specialised committees) with many strategic partners and major consultancies that the Federation uses from time to time.

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