Abu Dhabi: The Central Bank of the UAE will issue new regulations this year regarding risk management by banks, non-bank financial institutions, and corporate governance.
Risk management is a “key focus” in 2016, said James O’Brien, head of Regulatory Development at the Central Bank. The bank currently reviewing regulations in that area.
Risk management has been a focus recently as lower oil prices dampen performance in the banking sector, leading to slower growth.
The Central Bank also has a “significant agenda on the regulatory framework front” for non-bank financial institutions, with the regulations also currently under review.
Additionally, O’Brien said that the Central Bank “plans to embark on new corporate governance regulations for banks in the UAE,” which will include clear emphasis on board and management accountability.
He declined to disclose the timeline for issuing these regulations but said that the Central Bank is yet to send prior notice to banks to allow them time to adapt to the new regulations.
O’Brien was speaking on Wednesday at the Arab Regulators Corporate Governance Forum in Abu Dhabi.