Strong interest in risk management from local banks

One of the key challenges of implementing Basel II is the shortage of qualified risk management and compliance professionals in the region and the limited options for training and developing such experts.

However, local banks have reacted quickly, supporting a number of initiatives to ensure that they are ready to meet the deadline of adopting the standardised approach to the evaluation of risks including credit risk, market risk and operational risk, by the end of 2007 and internal ratings-based compliance for credit risk by January 2011.

As an indication of the proactive steps being taken by local financial groups, the British University in Dubai (BUiD) has reported a high number of inquiries concerning its Masters programme in Finance and Banking, which offers specialist modules in risk management, from local banks.

BUiD's MSc programme, which has initial accreditation from the UAE Ministry of Higher Education and Scientific Research and is one of the first programmes of its kind in the Middle East, looks to provide a framework for Masters students to develop essential skills and knowledge.

To this end, BUiD provides modules exploring at depth the implications of Basel 2 to the country and other developing countries in the region, which includes incorporating best practices in corporate governance and audit.

Dr. John Anderson, Senior Lecturer in Finance and Banking at the British University in Dubai, said:

"We're dealing with a higher than expected number of inquiries at the moment, particularly following the major meeting held between the UAE's 46 banks along with the central bank earlier this month. BUiD is working with a number of financial institutions to ensure that there is sufficient access to educational opportunity for banking professionals."

Modules on the course have been designed to enable participants to fully explore a number of key local economic issues, as well as aspects of international finance.

Apart from having core modules covering the key elements in banking and finance, they also offer specialty elective modules in include Islamic Banking, Operational Risk, Corporate Governance and Money Laundering, Finance and Management of Major Projects and Forecasting and Trading Strategies in Financial Markets.

The fully accredited postgraduate degree is offered in partnership with the prestigious Sir John Cass Business School of City University, London. The school has recently been ranked second in Europe for its Masters programmes and has an International ranking for its research.

The MSc programme is available both full time (one year) and part-time (two years), to provide maximum flexibility for those who want to work and study. The programme consists of eight core modules, four elective modules and a dissertation.