Abu dhabi: The Securities and Commodities Authority (SCA) has launched a new phase of smart regulatory oversight through a comprehensive workshop that introduced licensed companies to its updated risk-assessment methodology. This initiative aligns with international best practices and supervisory requirements. The workshop witnessed participation from over 587 representatives from more than 215 companies, highlighting the sector's dedication to staying abreast of regulatory developments and upholding transparency and accountability.
According to Emirates News Agency, SCA representatives provided an in-depth presentation on the enhanced annual risk-assessment methodology. This framework will guide supervisory and oversight efforts in the upcoming period, focusing on key risk areas such as money laundering, terrorism financing risks, solvency and financial risks, market conduct and investor protection, operational and governance risks, and cybersecurity and technology-related threats.
During the workshop, SCA officials unveiled a new electronic system designed for corporate response submissions. They detailed the process of completing digital forms and securely submitting data. This digital shift transcends data standardization and improved reporting by supporting regulated entities in fulfilling compliance obligations, boosting supervisory efficiency, and enhancing the SCA's capability to anticipate risks and take proactive measures.
The updated methodology reduces administrative burdens on companies by minimizing redundant reporting requirements and streamlining data collection. This improvement underscores the methodology's value and its positive effect on supervisory effectiveness and the business environment.
Waleed Saeed Al Awadhi, CEO of the SCA, remarked, 'This day marks a turning point in the evolution of the UAE's financial sector. The launch of the updated risk-assessment methodology is more than an enhanced supervisory approach; it is a comprehensive strategy to build a sustainable and resilient financial sector capable of navigating emerging challenges. It helps strengthen risk-based oversight, foster compliance, and reinforce investor confidence in the UAE's markets, ultimately enhancing the competitiveness and attractiveness of the national economy.'
The SCA emphasized that the active participation of licensed companies in the workshop reflects a genuine commitment to modern regulatory practices and the promotion of a robust risk-management culture. It stressed the importance of continuous communication and collaboration with the sector to ensure smooth implementation, support sustainable growth, and bolster market resilience in addressing future challenges confidently.
Through this initiative, the SCA reaffirms its role as a leading regulator committed to innovation, transparency, efficiency, and stability in the financial sector, aligning with international best practices and solidifying the UAE's position among the region's and the world's most advanced financial markets.