The Investment Studies Center (ISC) at Union of Investment Companies (UIC) in collaboration with International Joint for Training, organized a workshop for leaders in investment companies, entitled "Regulatory Compliance for A Board Member" on Tuesday, 15/01/2019 at 10:00 am in Al-Sanbook Hall, at Kuwait Chamber of Commerce and Industry Building. The workshop was presented by Mr. Abdulla Nabil Al-Sinan, Head of the Executive Sector, Compliance and Anti-Money Laundering in Kuwait Finance and Investment Company (KFIC).
Mr. Abdullah pointed out that successful financial industry is one of the main pillars of economy in all countries, and this applies to the economy of Kuwait. He added that, in order to manage the financial operations in a good way, they must be handled through regulatory frameworks, instructions, policies and rules, and ideally applying this concept by the management of the financial institution. The quality of compliance with the laws is reflected in the quality of work in the financial institution. Also, dealing with regulatory compliance requirements should be among the basic skills that must be met by each financial institution's management and should be given due consideration and attention to maintain reputation, reduce typical risks and sustain profitability.
Ms. Fadwa Darwish, Director of Technical Support and Director of the Center for Investment Studies, said that the workshop aimed to provide a comprehensive overview of the concept of regulatory compliance by reviewing the following topics:
• Financial industry and the concept of supervisory and regulatory bodies and self-regulated enterprises
• The importance of the compliance function and the responsibilities of the Board of Directors and senior management
• Mechanism of delegation of responsibilities and tasks in financial institutions
• Managing the risks of non-compliance in financial institutions
• The concept and elements of compliance management independence in financial institutions
• Criteria of hiring compliance officers in financial institutions
It is worth mentioning that a distinguished elite of directors and members of boards of directors, experts and specialists have been invited to represent Kuwaiti financial institutions and to exchange views, enrich the discussion and review the experiences and best practices in this field. The workshop was also linked to the financial and investment sector and the most important issues in business environment in Kuwait.
At the end of the workshop, certificates were presented to the participants of the following companies: The International Financial Advisors Company (IFA), Kuwait Clearing Company (MAQASA), Watani Investment Company (NBK CAPITAL), Safat Investment Company (SAFAT), First Investment Company (FIC), Amar Finance and Leasing Company (AMAR), Kuwait Pillars for Financial Investment Company, Al Manar Finance & Leasing Company, Arab Investment Company.