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Compliance ÔÇô A 360 Degree Approach at UAE Exchange

Monday, 29 May 2017
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Did you know that periodical meltdowns in the global economy have been attributed to the lack of compliance in some form or the other? ThatÔÇÖs why world governments and regulatory bodies constantly introduce stringent measures to curb any potential compliance threat that can result in such catastrophes.

Our Chief Compliance Officer K J Santhosh, spilt the beans on how we use technology to implement effective compliance systems. Read on to know his responses to the three crucial questions we posed!

Compliance

1. How has UAE Exchange dealt with compliance?

Over three decades of experience in the global financial market has helped UAE Exchange in benchmarking its Compliance Programme to that of the best in the industry. We have established standards in Compliance that are well accepted by our stakeholders including regulators and partners. Compliance in UAE Exchange follows a combination of ÔÇ£tone at the topÔÇØ and ÔÇ£360 degreeÔÇØ approaches. The senior management is extremely judicious towards compliance including the strategy, investments to be made or resources to be placed. Also every individual based on their role in the organisation goes through customised training and awareness sessions to further understand compliance and its implications.

2. How has technology supported compliance?

Today, the financial industry operates under a very complex environment that demands efficiency clubbed with ease. Especially when an organisation is in the business of serving millions of customers and undertakes millions of transactions on a daily basis, mere human skills will not be enough to manage the risk. Use of technology is critical. Technology has effectively addressed common challenges of conventional compliance measures - time and accuracy.

3. How is UAE Exchange leveraging technology to bolster compliance protocols?

UAE Exchange, historically is known for adopting the right technology. Our search for having an enterprise-wide ÔÇ£compliance & riskÔÇØ technology solution resulted in partnering with some of the best-in-class solution providers in the industry. Our association with NICE ACTIMIZE, THOMSON REUTERS and RSA Archer have further strengthened the GroupÔÇÖs Compliance architecture. We are also constantly exploring the new RegTech opportunities. In fact, we have also undertaken a project to use Big Data Analytics in decision making, using Block Chain and Artificial Intelligence in KYC & CDD. The future of compliance cannot be defined without these innovations in technology.

(Santhosh is responsible for enabling the organisation to define, evaluate and manage UAE Exchange GroupÔÇÖs risk profile. He assumes the pivotal role in designing and implementing an enterprise wide Compliance, Risk Management and Internal Control Framework to identify, assess and minimise the groupÔÇÖs current and future exposure to compliance, financial, operational, and other risks.)