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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

Whole SectionText only Print Print Manager Link

(1 version)
Dec 9 2012 onwards

PIB 6.5 Guidance

Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

1. GEN Rule 5.3.1 requires an Authorised PersonG to establish and maintain systems and controls, including but not limited to financial and risk systems and controls that ensure that its affairs are managed effectively and responsibly by its senior management.
2. In complying with GEN Rule 5.3.1, an Authorised FirmG should establish and maintain a strong control environment that uses policies, processes and systems, appropriate internal controls and appropriate risk mitigation and/or transfer strategies.
3. In establishing systems and controls to address Operational RiskG an Authorised FirmG should consider the following:
a. clear segregation of duties and dual control;
b. clearly established authorities and/or processes for approval;
c. close monitoring of adherence to assigned risk limits or thresholds;
d. safeguards for access to, and use of, the Authorised Firm'sG assets and records;
e. appropriate staffing level and training to maintain expertise;
f. ongoing processes to identify business lines or products where returns appear to be out of line with reasonable expectations; and
g. regular verification and reconciliation of transactions and accounts.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]