Basel boost for Dubai risk managers
Gulf countries are on the hunt for risk managers as the deadline for implementation of the Basel II accord looms.
The UAE Central Bank has announced phased implementation of the Basel II accord, with banks expected to be compliant with at least the standardised approach for credit risk by 31 December 2007. In the second phase, the UAE banks will be compliant with internal ratings based approach for credit risk by 1 January 2011.
Little surprise, therefore, that both market and credit risk managers are hot property right now: "UAE banks need more risk management and compliance professionals to implement Basel II requirements. The Central Bank has prepared an implementation plan for Basel II, which includes upscaling technology systems and the sharing of data among banks," says Samar El Gazar, managing director at Leaders Solutions, a Dubai-based recruitment agency.
"All the banks in the UAE are adopting Basel II and are in a good position to implement it by January 2008. And many of the banks have already done the calculations they need to do for the Basel II," Emirates Today reported recently.
Pay is distinctly healthy. According to El Gazar, the minimum cash package risk analysts in the UAE can command is around 55k (US$114), plus perks such as housing, car allowance, medical, flights, and more.
