CBUAE published Regulation and Standards on risk management for banks. The Regulation and the Standards apply to all banks operating in the UAE. The purpose of the Regulation and the Standards is to establish an overarching prudential framework for risk management in banks and to strengthen risk management across the banking sector. The Regulation will be published in the Official Gazette and will come into effect one month after the date of publication.
In introducing the Regulation and the accompanying Standards, CBUAE intends to ensure that the banks' approaches to risk management are in line with the leading international practices. The Regulation establishes minimum acceptable standards for a comprehensive approach of banks to risk management, in an effort to ensure soundness of banks and to contribute to financial stability. The accompanying Standards supplement the Regulation to elaborate on the supervisory expectations of CBUAE with respect to risk management. The Standards form a part of the Risk Management Regulations.
Keywords: Middle East and Africa, UAE, Banking, Risk Management, Financial Stability, CBUAE
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