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Operational & Market Risk Developments in the GCC

Operational & Market Risk Developments in the GCC. SUSAN MCALL Risk Management Director Lloyds Banking Group Wealth and International Banking Division. LLOYDS BANKING GROUP IN THE GCC. A full branch of Lloyds TSB Bank plc has been operating in the region for over 30 years

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Operational & Market Risk Developments in the GCC

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  1. Operational & Market Risk Developments in the GCC SUSAN MCALL Risk Management Director Lloyds Banking Group Wealth and International Banking Division

  2. LLOYDS BANKING GROUP IN THE GCC • A full branch of Lloyds TSB Bank plc has been operating in the region for over 30 years • Main branch in Jumeira with service centres in Dubai Health Care City, Mirdiff, Arabian Ranches and Green Community • Private Banking office in the DIFC • Customer coverage includes corporate, commercial, private banking, retail and treasury • Awarded ‘Best International Bank’ in 2008 by Ethos Consultancy plus many other awards 2

  3. WHAT ARE THE MAIN RISKS THAT BANKS FACE IN THE GCC? • Increase in financial crime • Criminal activity becoming more sophisticated • Card fraud on increase – skimming and cloning • Cash payments 3

  4. WHAT ARE THE MAIN RISKS THAT BANKS FACE IN THE GCC? • Corporate governance and legal framework • Corporate standards around company structure and governing committees • Requirement to get company accounts audited • Real Estate regulatory environment 4

  5. WHAT ARE THE MAIN RISKS THAT BANKS FACE IN THE GCC? • People • Very few staff have experience of such adverse market conditions • Need to provide adequate training to ensure staff have the right skills • Increased risk of internal fraud as a result of market conditions 5

  6. IN SUMMARY:- Some of the key challenges that Banks face in the GCC in managing risk relate to the need to: • Ensure staff receive adequate training to enable them to identify, mitigate and monitor ever changing risks • Enhance corporate governance standards • Win the fight against financial crime 6

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