free space

slippery trail

Faisal Mohammed Al-Shamry

October 16, 2021

We are not talking about the creative content and the wonderful series, which is one of the most important stages of the development of the beginnings of artistic production in the Arab Gulf, which established the feet of important Gulf artistic stars, and gained tyrannical popularity dating to an important era in the beginnings of the urban renaissance in the region, and the oil wealth, in a comic artistic way I touched on the sudden wealth that comes from valuation and government compensation, examples of error in commercial planning and ill-considered economic expansion, and the risks of fraud that some may fall into, with a comedy that we still enjoy watching over and over again, despite the passage of several decades since its production.

The vast majority of national banks are committed to localizing leadership positions, and some of them have even become a model that some (semi-governmental companies) should follow. About hiring new employees coming from abroad without local experience, and they only have fantastic global experiences, which we find often do not rise to many of our national or resident experiences.

Despite this, what was raised by some disturbing press reports about the existence of bad debts of more than 30 billion dirhams on one of the Asian nationalities, and this news was followed by days, another news about the escape of a contractor of the same nationality with credit facilities of more than 500 million, to name it a character that is unfortunately repeated with Simmah (Albatilat), a businessman of the same nationality, fled decades ago, carrying with him an amount of more than nine zeros.

The stories of businessmen of all nationalities, and this nationality in particular, are repeated every few months or weeks.

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It was said that “a believer is not bitten twice from the same hole”, but it seems that the tolerance of our banks has exceeded the normal ratios and rates, and the financial institutions are accepting with open arms this type of repeated losses.

The distinguished model of nationalizing sensitive security jobs in government sectors, and the standards that the competent authorities of national bodies and federal programs monitor, and measure compliance with, is a vital and important requirement that must be reproduced in the banking sector, the credit sector, risks, auditing, governance, and information security. Sensitive jobs. We will continue to need foreign experts specialized in them for years to come, but national targets must be set to localize these specialties, as “the journey of a thousand miles begins with a step.”

What is reported that the information security sector in some national banks (Islamic or commercial) is limited to a certain nationality, and things may even reach the point that this nationality is from a specific geographical area in that country, a dangerous indication of the importance of committing to cultural diversity, in order to prevent any fraud Or abuse of powers, or cover up for common interests, or cover up to protect relatives that the bank management does not know about their relations with each other, so the story of the arrest of an employee in a bank because of a check without a balance of 15,000 dirhams, forgetting his order, and the insistence of the officer in charge at the airport to return it This person, and referring him to the prosecution for settlement with the complainant, and the payment of the amount there, being specific police procedures, prevented this employee from escaping abroad with an amount of 600,000,000 dirhams from the bank’s reserves.

How could a simple employee make this kind of transfer?

What are the corrective actions taken to prevent this type of internal fraud?

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We should not be satisfied with correcting the procedures in one of the banks and leaving the others, if it were not for God’s will, then this thief made a mistake by writing a check without balance for this very simple amount and forgetting it, it would not have been seized, and if the police officer at the airport was lenient and accepted the payment, and the fines were paid at the airport (assuming That these mechanisms exist as a result of the demands of some) for the thief to flee, and hundreds of millions were lost, causing a shock to the banking economy and the financial markets.

The continued weakness of the governance of cultural diversity in the banking sector, causes financial bleeding and an imbalance in the localization of a sensitive and important job segment, ranging from information security, to governance, compliance to audit, as well as the credit sector, and this behavior is a repeated example of (the slippery path), Its effects will not be reduced without clear controls, indicators and targets, coinciding with financial penalties for failing banks, as well as incentives that may be prizes for excellence, or a reduction in licensing fees, or certain facilities from the central bank, or even local or federal government awards for the best banks. that localize or contribute to the localization of these sensitive jobs, which we hope will be followed up by the competent federal authorities, represented by the government program to support the private sector to accommodate 75,000 citizens during the next five years “Nafis”, and locally: similar councils of the UAE Human Resources Development Council in Dubai They are the most capable of realizing this ambition and the important vital economic security requirement.

Certified Management & Digital Transformation Consultant and Corporate Excellence Expert