Enforcement
- 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
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.
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.