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Abu Dhabi, March 12 / The Audit Committee of the Board of Directors of the Emirates Banks Federation held its first meeting for the year 2023 remotely, to discuss a number of important issues and review the financial statements for the year 2022 and the federation’s internal audit reports.
The members of the committee approved the minutes of the previous meeting and the action points emanating from it.
During the meeting of the Audit Committee, the internal audit report for the past year (2022) was presented and reviewed, in addition to reviewing the audited financial statements and the federation’s budget monitoring reports.
The meeting also discussed the projects that the UAE Banks Federation intends to implement during the coming period of the current year and the budget set for each of them, so that the federation carries out its tasks and initiatives in the best possible manner to serve all member banks in the federation and their customers in particular, and the UAE society and economy more broadly.
The Audit Committee includes a number of members of the Board of Directors of the Federation of UAE Banks and banking leaders in the UAE banks that are members of the federation, who have extensive experience in the banking sector, with the aim of strengthening the work of the committee and developing the field of periodic and direct auditing of the federation’s business, which plays a key role in ensuring the provision of an advanced banking system. Whereas, the committee’s audits focus on adopting a systematic approach to assessing and improving the efficiency of the union, and setting up the necessary mechanisms to confront them in order to help banks achieve their goals.
The great interest of the Audit Committee reflects the Emirates Banks Federation’s keenness to adopt a governance model that complies with the best internationally applied standards and to stimulate transparency and build confidence among all concerned parties, during the implementation of the UAE Banks Federation’s activities aimed at supporting the banking sector and raising it to the ranks of banking sectors in developed countries. And push it forward, enhance risk management in it, stimulate Emiratisation and absorb young national cadres under the direct guidance of the Central Bank of the United Arab Emirates, in addition to taking advantage of the opportunities that emerge from time to time.
The governance model approved by the Emirates Banks Federation is characterized by four levels of discipline, control and guidance for all the federation’s work. The four levels include the “vision” carried out by the Board of Directors, the “strategy” entrusted to the Advisory and Consultative Councils that include the CEOs of the member banks, and the “supervision” carried out by the Board of Directors. It includes the Director General and the General Secretariat of the Federation, and finally the “implementation” carried out by the specialized technical committees emanating from the Federation (which number 28 specialized committees) with many strategic partners and major consulting companies that the Federation employs from time to time.
