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Enforcement

  • Audit is

  • Regularly performed in order to identify errors that may have been overlooked
  • Granted access to detailed information
  • Compliance has the duty of ensuring the business is running well

  • External audit performed to verify that the bank’s operations

are in compliance with procedure

  • Internal audit safeguard the business and avert cases of fraud

Conclusion

We are extremely privileged to have been given the opportunity by the Pearl Initiative.

Lessons Learned

Overall

Individual

Group

  • Importance of code of conduct within an organization
  • Great experience for us as it offered us the opportunity to work in a corporate environment
  • Educated us on the importance of obeying and instilling code of conduct in the workplace
  • How to work with each other efficiently
  • How to delegate our duties
  • Represent the college by professional conduct
  • How to work under pressure
  • How to maintain professionalism with organizations
  • Time management
  • Gift Giving Rule

Process for Embedding the Practice within the Organization

The Purpose of Reporting

  • External training session

  • House courses are available for each fresh graduate employee which depend on their area of interest

  • Each individual new entry will have a full plan prepared to make improvements in the future

Identification and Reporting of Issues

  • In each department there are a group of employees assigned from operation risk to make sure things go accordingly

Process for Embedding the Practice within the Organization

What is an ACI dealing certificate?

A foundation program that allows candidates to acquire a working knowledge of the structure and operation of the major foreign exchange and money markets, Including the ability to apply the fundamental mathematics used in these markets.

Why is the ACI Dealing Certificate required in the Treasury Department?

  • It improves their knowledge in the money market and foreign exchange

  • It improves their skills and abilities which results in improving the organization

Their people set the foundation of their core values

Their Values reflect their customer and performance centric culture that enables differentiation and builds on their most important asset: Their People.

Interviewers

Description of Integrity-Related Practice

  • The bank places its employees at the heart of their stakeholder pyramid.

  • ENBD follow local policies such as Emirates Securities, Commodities Authority and the Central Bank of the UAE.

  • Emirates NBD considers their people as the foundation of their core values. The bank expects their people to maintain a certain standard of behavior and remain ethical in the workplace at all times.

Pearl Initiative Case Study

Company Description

  • Company name: Emirates National Bank of Dubai PJSC
  • Headquarters: Dubai, United Arab Emirates
  • Sector: Financial Sector
  • Number of Employees: Over 11k
  • Annual Gross Revenue: Net profit for 2013 of AED 3.3 billion
  • Status: Listed on DFM/ Mostly owned by Dubai Government
  • History: When National Bank of Dubai and Emirates Bank International merged
  • Branches: +100
  • Emirates NBD Operates In: UAE, Egypt, KSA, Qatar, and the UK

Policy Development

Conduct In Markets: Actions, whether active or passive, that are carried out with the intention of deceiving management are prohibited

Whistle Blowing: Anyone who has and reports insider knowledge of illegal activities occurring in an organization

  • Knowledge of questionable behavior from a fellow colleague or client of the bank must immediately be reported to management
  • If a staff member encounters misguiding information stemming from hearsay, they must notify Head of Group Compliance
  • Manipulation of Markets
  • Market Rigging
  • Piggybacking

Staying Within Chinese Walls: Information must be used for its intended purpose, and not for the benefit of another customer, or itself

Public Side

Private Side

Conflict of Interest from Personal Trading: Operating from personal accounts in GM&T operating markets is prohibited

  • GM&T and Sales/Execution staff are not granted access to such private information
  • Who has access? Relationship managers and Investment Bankers
  • Access to client’s unpublished financial statements & future borrowing/expansion strategies

Procedure:

Random checks are regularly practiced

Assess if conflict may influence the employee’s judgement or actions

Decide whether the employee should withdraw from holding the investment

Directly report the case to management

Insider Information: Employees should not disclose confidential information concerning clients, the bank’s own trading, or the client’s trading

Done By:

Alya Ali H00205057

Ashley Al Busmait H00210831

Hanouf Al Harmoodi H00149952

Shamma Saeed H00049760

Prepared For: Dr. Rachna Banerjee

Course: BMAC N450

Their People : Our values drive our behaviors

Integrity:

People have to behave ethically and be transparent in their actions. They are required to keep promises by backing words with actions and fulfill commitments.

Prohibitions:

Golden rule, “If in doubt do not trade.”

Acting indirectly through unauthorized parties

Passion for Performance:

They foster a "can do and will do" attitude towards the achievement of results they can all be proud of.

Illegal to divulge inside information to unauthorized persons

Provide suggestions of which company’s securities to buy or sell

Employees cannot trade in the securities of a company belonging to or linked with a relative with knowledge of inside information that could affect the price

Teamwork:

They communicate honestly and achieve their common goals through joint efforts and close collaboration.

Their People : Our values drive our behaviors

Customer Focus:

They put the customer at the heart of their decisions and challenge everything they do through the eyes of their customers.

Service Excellence:

They aim to consistently provide superior service, meeting internal and external customer needs and exceeding expectations.

Innovation:

They encourage and recognize fresh thinking and empower implementation of innovative and differentiating ideas.

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