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Egyptian Expert Presided Over International Conference On Governace, Risk And Compliance

By H Hassan

Dated: Dec 09, 2011

ACC 3rd Annual International GRC & Financial Crimes Conference was recently held in Dubai. Hany

Abou-El-Fotouh, Chief of Staff of Cairo-based investment bank CI Capital was the chairperson and

moderator of the conference.

Abou-El-Fotouh was quoted as saying "the event has presented comprehensive outlook towards the recent

developments in corporate governance, risk and compliance. This is by far a very inspiring and rewarding

conference for our professional community."

In his inauguration speech, Abou-El-Fotouh said "as a result of the financial crisis of 2008 financial

institutions and regulators have taken measures to protect the financial sector against future failures. An

important area is the need for better transparency, mainly regarding remuneration, and how boards shouldimprove their corporate governance practices to reduce the chances of a repeat of the credit crunch."

Stressing this theme, he said, "there are several recommendations for good governance available for the

board of directors. However, the most important `10 commandments` include: tone at the top; qualified

board members; independent non-executive directors; board-risk governance; expansion of the scope of the

remuneration committee; IT governance; rigorous board evaluation; managing conflicts of interest; tracking

governance failures and monitoring clients' governance.

Speaking on risk governance, Abou-El-Fotouh explained that the board should never be in a position of

being surprised by failures and deficiencies. To prevent such surprises, the board should establish a board

risk committee to work in tandem with existing audit committee. The risk committee would concentrate on

risk strategy and management, free from any conflict with demands placed on audit committees. The risk

committee has authority to seek external advice to test its risk management assumptions, particularly in the

context of risk related to significant transactions.

He further added, "the board should periodically review and revise its strategic plan that assesses all risks

in many areas such as customer base, geographies, products and services, distribution channels, and

mergers and acquisitions, cross-border transactions". "The board needs to be clear on higher-risk

transactions, areas and issues" he said.

Addressing the delegates about anti-money laundering governance, Abou-El-Fotouh said that moneylaundering is a global concern that requires intensive international action. The huge amounts of dirty money

injected into the international financial markets may also undermine the financial system. He further added

that regulators expect to see convincing evidence that banks and other financial institutions govern

themselves well. An important measurement of AML good governance is how well senior management and

board of directors are being informed about key aspects of AML compliance, risk management and events

that may call for their attention"

He concluded by saying that despite the global effort and progress achieved to deter financial crimes and

improve governance practices, there is a considerable amount of work still to be done in this area.

For more information, contact:

H. Hassan

Middle East Compliance Officers Forum (MECOF)

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Tel:+201112665600

hanyfotouh@gmail.com

About Hany Abou-El-Fotouh

Hany Abou-El-Fotouh is Chief of Staff & Group Board Secretary, CI Capital Holding - the investment

banking arm of Commercial International Bank which is the largest private bank in Egypt . He provides

advice and direction to the Board and management with respect to corporate governance practices and

formulates corporate policies.

Hany is a leading expert on money laundering and terrorist financing controls in the MENA region.

Founder of the Middle East Compliance Officers' Forum (MECOF), he has been honored for his work in

promoting compliance culture and awareness in the MENA region

Hany writes articles to different newspapers and journals on a variety of subjects. He is a public speaker

and professional trainer. Previously, he worked in various senior positions in leading banks in Egypt and

GCC countries like HSBC, Oman International Bank, Banque Saudi Fransi among others

Category Conference

Tags governance, risk, complianc, money laundering, aml, banking, financial cirimes, abou el fotouh,

conference

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