United Arab Bank (UAB) has made a strong commitment to building robust corporate governance frameworks. Along with this, it is working to increase the transparency and disclosures on the quality of the bank's assets and the manner in which the bank is managed. The organization and structure of the board of directors and the executive management ensures protection of the depositors, shareholders, creditors and employees.
The governance structure and policies at UAB are being enhanced to enable the board of directors to maintain effective and regular oversight over the inherent risks in the bank business. The board approves strategic objectives, appropriate risk strategies, as well as policies and procedures to ensure that business plans and budgets are properly aligned with business activities. The board also has the responsibility to set corporate governance values, codes of conduct, and standards of compliance with banking laws and regulatory guidelines.
Board level committees meet with UAB Management at regular intervals to monitor and evaluate the bank's financial performance and risk exposures, as well as new businesses and products. The board has oversight responsibility for ensuring the quality and integrity of accounting, auditing, internal control, and external financial reporting. It also ensures ethical practices and transparency in business processes. Along with all this, the board also plays an important role in the selection, compensation structures and performance evaluation of key senior management executives.
UAB management has strengthened systems and resources in the following areas of risk governance: Asset & Liability Management, Risk Management, Organizational Planning, IT, Compliance, Legal, etc. Policies have been enhanced and documented and management committees have been established to ensure that procedures and practices meet the highest standards for risk governance and transparency.
