“Receiving the certification enhances our ability to evaluate and address risks, ensures the continuity of business, and helps to achieve SCA’s strategic objectives,” Dr. Obaid Al Zaabi 

The Securities and Commodities Authority (SCA) received certification for complying with ISO international standard on risk management (ISO 31000:2018) from Lloyd’s Register Quality Assurance (LRQA) for its efforts in implementing risk management strategies and developing an integrated working system that ensures business continuity in line with international standards.

H.E. Dr. Obaid Al Zaabi, SCA’s CEO, received the certificate from Ayman Ktaily, Business Development Manager for the Middle East, Africa, and India at LRQA, in the presence of Othman Al Ali, Manager of SCA’s Future and Strategy Department.SCA is the first federal authority to receive such certification from LRQA for the full implementation of the risk management guidelines across all of its sectors and to different types of risks, including financial risks, operational risks, risks arising from strategic and operational objectives, legal and regulatory risks, corporate governance risks, in addition to other risks associated with customers, business continuity, crisis and disaster management, and professional health and safety.

In this context, Dr. Al Zaabi said: “We are proud that SCA received this certification for complying with the ISO international standard on risk management. This reflects the relentless efforts by our team to meet the conditions and criteria set out by this standard and to implement the standard’s guidelines across SCA’s operations in a systematic and highly transparent manner”, adding that “implementing the highest global standards on risk management emphasizes SCA’s ability to identify, assess, and analyze anticipated risks; understand risk factors and potential impacts; and develop risk management scenarios. This will help keep risks at appropriate levels, promote the implementation of preventive measures, and make effective and timely decisions, thus ensuring the continuity of business and the achievement of objectives in line with the strategic and operational plans in place”.

He stressed that “receiving this certification surely enhances confidence in SCA’s performance as the supervisory body overseeing the country’s financial and commodities markets and promotes its status among local and international counterparts. The adoption of the best, internationally-recognized standards and practices will bring benefits to all related parties in the securities sector, including investors and market participants”.

For his part, Ktaily said: “We are glad to be part of SCA’s achievements and successes that are driven by its spirit of competitiveness and creativity. SCA’s most recent achievement is to be the first federal authority in the UAE to receive such certification after being assessed by LRQA for identifying, evaluating, and addressing risks arising from the operations of its sectors. We look forward to further collaborations in the future”.

It is worth noting that the International Organization for Standardization (ISO) is a non-governmental organization and an international standard-setter based in Switzerland with offices in 195 countries. ISO 31000:2018 provides guidelines to help organizations develop a risk management strategy to effectively identify and mitigate risks. Its goal is to foster a risk management culture and help organizations make more effective decisions and improve their governance and performance.