UBF’s CEOs Advisory Council holds its second 2021 meeting
Meeting decides to go ahead with Cyber WarGaming Exercise and initiate Phase2 of Ethical Selling Framework to protect customers’ interests
Abu Dhabi – June 28, 2021: The CEOs’ Advisory Council of UAE Banks Federation (UBF), the representative and unified voice of UAE’s banking sector, held its 2nd meeting of the year on Monday, 28 June 2021. The meeting, held virtually, was presided over by H.E. AbdulAziz Al-Ghurair, Chairman of the Board of UBF.
Top on CEOs agenda were the ongoing Emiratization Project to discuss the final stages of the findings and outcomes for the implementation of employing 7,500 UAE Nationals in the banking sector as well as the impending rollout of the 2nd phase of UBF’s Ethical Selling Framework, which seeks to draw upon global best practices to put in place a framework for ethical selling practices to be adopted uniformly by UBF members, all of which is to help enhance customer protection.
The meeting also reviewed the progress of the National Fraud Awareness Campaign – a wide-ranging initiative performed for the 2nd year by UBF and with direct collaboration with Central Bank of the UAE, Abu Dhabi Police, Dubai Police, and TDRA (Telecommunication ………) and is aimed at educating customers to protect themselves from financial cybercrime and fraud, and will run by all UBF members until the end of 2021.
UBF’s CEOs Council also agreed to set in motion the 2nd phase of UBF’s Cyber WarGaming Exercise – an interactive technique aimed at improving the cyber incident response preparedness of financial institutions by placing participants in a simulated cyberattack scenarios – with a larger number of UBF banks and other authorities participating and being added this time.
Commenting on decisions announced at the CEOs meeting, H.E. AbdulAziz Al-Ghurair said, “Tightening the cyber security architecture of the financial sector and managing the dynamic risk landscape remain important priorities for UBF, and measures such as Cyber WarGaming will allow us to identify potential risks and improve readiness. The proposed adoption of Ethical Selling for the banking sector is another significant move, one that will go a long way towards protecting customer interests and improving trust in the industry. We would like to extend our gratitude to the Central Bank of the UAE for their continuous support and guidance of all our initiatives and we will continue working closely with Central Bank as well as with our strategic partners and UBF members, to accelerate our nation’s move towards a more robust and resilient banking sector.”