Thomson Reuters, a leading source of news and information for professional markets and the Dubai Financial Services Authority (DFSA), will co-host the 11th MENA Regulatory Summit on Feb. 5 and 6 in Dubai.
The summit, held with the support of UAE Economy Minister Sultan bin Saeed Al-Mansouri, will debate key challenges that financial institutions and corporates in the Middle East and North Africa (MENA) face in complying with international standards, fighting financial crime and promoting positive cultures.
According to the findings of Thomson Reuters MENA Financial Report 2016, about 50 percent of compliance respondents have significantly increased their compliance spending over the last two years and 52 percent expect a significant increase in compliance spending in the next two years.
More than 39 percent prioritize business change and reorganization investment over technology and training. Only 7 percent have complete confidence in their compliance policies, while 44 percent fear over-reliance on technology.
Around 14 percent of respondents are confident that technology is appropriately applied, while two thirds do not have a cyber security or technology policy in place. In respect to sanctions policy, more than 40 percent of respondents confirmed that they do not have a sanctions policy in place.
Nadim Najjar, managing director, MENA, Thomson Reuters, said: “Cyber risk, cyber-crime and cyber-attacks have all come to the fore this year and will continue to be among the key themes next year especially with global names hitting the headlines for having been successfully targeted.”
He said: “The issue is being taken seriously at the highest international levels with the formation of intelligence-sharing hubs.”
Najjar said: “The two-day program will explore key themes such as emerging regulatory trends, MENA capital markets regulation, corruption and anti-money laundering, information security, future risk scenario planning, and many other topics.”
Ian Johnston, CEO of the Dubai Financial Services Authority (DFSA), said: “The DFSA is pleased to partner with Thomson Reuters in hosting the 11th MENA Regulatory Summit 2017.”
The summit, held with the support of UAE Economy Minister Sultan bin Saeed Al-Mansouri, will debate key challenges that financial institutions and corporates in the Middle East and North Africa (MENA) face in complying with international standards, fighting financial crime and promoting positive cultures.
According to the findings of Thomson Reuters MENA Financial Report 2016, about 50 percent of compliance respondents have significantly increased their compliance spending over the last two years and 52 percent expect a significant increase in compliance spending in the next two years.
More than 39 percent prioritize business change and reorganization investment over technology and training. Only 7 percent have complete confidence in their compliance policies, while 44 percent fear over-reliance on technology.
Around 14 percent of respondents are confident that technology is appropriately applied, while two thirds do not have a cyber security or technology policy in place. In respect to sanctions policy, more than 40 percent of respondents confirmed that they do not have a sanctions policy in place.
Nadim Najjar, managing director, MENA, Thomson Reuters, said: “Cyber risk, cyber-crime and cyber-attacks have all come to the fore this year and will continue to be among the key themes next year especially with global names hitting the headlines for having been successfully targeted.”
He said: “The issue is being taken seriously at the highest international levels with the formation of intelligence-sharing hubs.”
Najjar said: “The two-day program will explore key themes such as emerging regulatory trends, MENA capital markets regulation, corruption and anti-money laundering, information security, future risk scenario planning, and many other topics.”
Ian Johnston, CEO of the Dubai Financial Services Authority (DFSA), said: “The DFSA is pleased to partner with Thomson Reuters in hosting the 11th MENA Regulatory Summit 2017.”
