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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER34/12-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases

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  • PIB 6.5 Control and Mitigation

    • PIB 6.5 Guidance

      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]