Dubai – MENA Herald: Dubai Financial Market (DFM) has successfully participated in the Middle East Fraud Conference hosted by the Financial Audit Department of Dubai Government on 14 and 15 February 2016 in cooperation with the Association of Certified Fraud Examiners (ACFE). The conference was held under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Financial Audit Department.
As a supporting sponsor of the event, which attracted as many as 450 anti-fraud professionals, DFM has highlighted its cutting-edge capabilities of Trading Surveillance, Audit and Risk Management. A special exhibition stand has been installed alongside the conference as DFM specialists explained the governance framework, the Board’s role in revising the internal control system to ensure its effectiveness, and the role of the Audit Committee and Internal Audit and Compliance Department. They also explained various systems and capabilities including: (SMARTS), the computerized surveillance system that detects any possible manipulation and alerts the market control team immediately; and the whistle-blower system, which enables employees to confidentially make the management aware of any fraud, embezzlement or non-compliance to rules and regulations in addition to other preventive programs.
It is worth noting that DFM implements an operational risk management policy and is ISO certified in QMS as well as information security from LRQA.
His Excellency Essa Kazim, Chairman of DFM, said: “DFM is committed to provide market participants with a fair and transparent trading environment as well as maximizing shareholders’ value as a public joint stock company by endeavoring to achieve the highest levels of operational efficiency. DFM employs the most advanced systems and technologies of surveillance, audit and risk management and we were encouraged to participate in this significant event, which takes place outside the US for the first time, to highlight Dubai’s leading position as a global center of excellence. DFM’s exhibition stand has attracted numerous participants who praised the market’s capabilities and commitment to safeguard stakeholders’ interests by implementing best practices. We constantly improve the mechanisms and procedures in place as well as provide employees with the necessary training and tools to further boost DFM’s ability to maintain a fair and disciplined environment as well as ensure compliance to standards and regulations in line with international best practices.”