Central Operations Functions:
CBD Central Operations plans and manages the operational and processing support necessary to comply with the Bank's procedural and compliance requirements ensuring fast and efficient transactions to deliver excellent service to the Bank's customers.
Central Operations is segmented into a number of different units, as follows:
- Account Service
- Loan & bills discounting
- Clearing & Collections
- Payroll & Payments
- Treasury & Investment back office
- Cash management services back office.
Accounting & Finance
Commercial Bank of Dubai Financial Control Department consists of a dynamic team of highly skilled staff who specialise in accounting, reporting, reconciliation, administration etc... It is divided into three units namely:
Financial Accounting & Reporting Unit:
- Preparing the quarterly and yearly financials.
- Preparing monthly and quarterly Central Bank returns.
- Presenting the financials to Dubai Financial Market, Shareholders and any external users.
- Maintaining the accounting policies of the bank in line with IFRS and in accordance to the guidelines set by regulatory authorities such as Central Bank, ESCA and DFM.
- Maintaining the share register.
- Reporting on actual vs. budget and commenting on variances.
- Preparation of monthly reports to Management.
- Maintain the General Ledger and Subsidiary Ledgers.
- Preparing the budget for the bank.
- Preparation of monthly MIS reports to business units.
Operations & Disbursement Unit:
- Disbursing staff salaries and benefits.
- Reconciling the Nostro Accounts.
- Booking the expenses, accruals, depreciation and provisions.
CBD Administration is involved in the planning and implementing of various services related to the Bank's property management, office premises, maintenance of buildings infrastructure and office maintenance. All this is managed to strict cost budgets, statutory compliance requirements and CBD's policies.
Business Continuity is the activity performed by the Bank to ensure that critical business functions will be available to customers, suppliers, regulators, and other entities that must have access to those functions. Business Continuity is not something implemented at the time of a disaster; the foundation of Business Continuity are the standards, programme development, supporting policies; guidelines, and procedures needed to ensure the Bank will continue without stoppage, irrespective of the adverse circumstances or events. All system designs, implementation, support, and maintenance must be based on this foundation in order to have any hope of achieving Business Continuity.
Compliance & Anti Money Laundering
As the corporate world is changing, many incidents have threatened its credibility and safety, introducing more stringent regulation has become a must. In order to remain in business, we must fulfill all our legal and regulatory obligations and focus on compliance with it. From here the role of Compliance department starts and the objectives are:
- Demonstrate our integrity
- Protecting our clients and the market
- Protecting the bank
- Demonstrating good corporate citizenship
Responsibility for compliance realizes on each & every one of us to reflect that our organization as a whole is complaint. This means that we all need to be aware of the policies and procedures relevant to our role and comply with it.
At CBD, Consumer Credit is basically provided to individuals to purchase goods or services that are meant for consumption. Common forms of consumer credit include personal loans, auto finance, credit cards, and mortgages loans. The Bank lends to a customer based on the creditworthiness and repaying capacity of the customer which depends on the customer's salary and/or other income assigned to the Bank.
CBD's Corporate Credit is engaged in extending financial facilities mainly to local business entities for carrying out their business activities such as production, manufacturing, trading, services, project finance, etc. in order to enable them to sustain/develop their businesses. Normally, corporate credit is extended by way of Working Capital (such as Overdrafts, Trust Receipts loans, cheques/bills discounting etc.), Letters of Credit (LCs), Letters of Guarantees (LGs) and also Term loans, etc. Generally, such corporate credit is extended based on the financial statements, cash flows, business projections and other credit considerations.
CBD Financial Services
CBD Financial Services (CBDFS) provides added value services to our customers by trading equities on our customers' behalf, within strict guidelines and adhering to Emirates Securities and Commodities Authority (ESCA) brokerage policy.
Human Resources are responsible for ensuring that people initiatives align with CBD business objectives. HR develops and implements policies and procedures in line with the UAE Labour Law covering the following core HR disciplines:
- Recruitment selection and administration
- Staff pay & benefits
- Training & development
- HR strategy & planning
HR is also responsible for producing various staff management information to assist CBD in taking the right decisions.
CBD Information Technology defines and implements the IT strategy, providing guidance, expertise and resources for the cost-effective implementation, support and maintenance of our IT infrastructure. CBD uses IT applications to provide great service to customers and to manage and maintain the business.
CBD Internal Audit ensures that the Bank's potential risks are minimized, security and control guidelines are strictly adhered to and that appropriate checks and balances exist in work processes to ensure compliance. This is achieved by conducting regular audits in branches and head office departments and is usually followed by recommendations for improvement. It is also Audit’s role to keep up to date with changes to guidelines and directives issued by Government and Central Bank.
Investment Group plays two roles at CBD, first; it conceptualises and manufactures adapted investment related products and services to support the bank’s targeted client segments, namely the mass affluent 'personal plus' and the "Al Dana" segments, also the upper Al Dana "private banking" segments. The investment products and services increase the attraction of clients in those segments to CBD by offering a comprehensive wealth management solution to complement the other banking services.
Investment group also plays a key role in supporting the distribution channels, providing continuous specialist support to the relationship managers of the 3 main focus segments.
Investment group acts as the bank’s asset management business continually managing a dynamic set of investment products and services while contributing to enhance the fee-based income of the bank.
Investment group continuously provides strategic inputs and ongoing tactical support for helping the business to enhance client engagement and share of wallet using the investment product offering.
The second function of investment group is to provide investment ideas, opportunities and recommendations to the investment committee to deploy part of the banks own capital in the local, regional and international equity markets.
Marketing & Communications
CBD Marketing & Communications develops and implements the Bank's marketing, promotions and advertising strategies to ensure our customers receive the right offers and the right messages depending on their needs.
In addition, marketing is responsible for service quality initiatives in the branches.
CBD Recovery manages non-performing loans by developing suitable strategies and initiating recovery efforts to ensure repayment, thereby protecting the Bank’s interests.
Risk Management is fast emerging as a science and taking a center stage in the field of Banking and Financial Services, which is a highly leveraged business activity. Diligent risk management in a structured manner and well documented risk management process is essential for the Bank to protect itself and also enhance the value to all the stakeholders (i.e. Customers, shareholders and the employees)
At CBD, Risk Management Department is a compact and cohesive team. Risk Management Department has 4 units therewithin, which are: Market Risk, Credit Risk, Operational Risk, and IT Security &GRC. Factoring the rationale that Risk Management is a dynamic and continually evolving process, the various functional aspects attended to by each of these teams at Commercial Bank of Dubai are briefly as under:
MRM framework comprises of several strategies focusing on Price risk, Liquidity risk, Asset/Liability management, Trading activity, Middle Office, and Asset valuation. Specific approach for each strategy has been put in place in order to Identify, measure, monitor and report risks effectively. A set of tools has been implemented which includes Daily risk reporting capability, ALM system for liquidity and stress testing, daily reporting of trading activity, Treasury and risk system to measure price risk and monitor treasury exposures. Best practice for Liquidity management has been defined in several policies including Stress testing, liquidity contingency planning and liquidity forecasting which allows the bank to monitor the balance sheet structure efficiently. The Bank is presently measuring the capital charge for market risk using the Standardized Approach.
CRM framework comprises, among other things, analysis of credit deployment sector-wise, segment-wise and consumer-wise. In case of corporate/commercial accounts, a rating model is used; and in case of consumer accounts, a scoring model is used to apprise/assess the credit portfolio. In order to take cognizance of the concentration risk and counterparty risk, regular assessment of risk appetite, sector-wise, is also carried out. There are continuous efforts to identify, measure, monitor, and report the risk on account of the credit portfolio. Stress Testing and RARORAC computation are carried out regularly. The Bank is in the process of moving from Standardized Approach to IRB Approach of computing the capital charge for credit risk.
ORM unit uses the tools of RCSA (Risk Control & Self Assessment), Loss Event Report, Incident Reporting system, and the Whistle Blowing mechanism for carrying out its functions. The ORM system is under the process of fuller automation which would make the function more dynamic and effective. At CBD, the Basic Indicator Approach is used to compute the capital charge under operational risk.
IT Security & GRC:
GRC is a unit under Risk Management Department responsible for management of IT-related risks, including security awareness, Information security policies, IT risk assessments, penetration tests and security reviews, security monitoring, incident response, PCI DSS compliance, and all the remaining activities that support our Bank to enhance its IT security posture, identifying and managing IT-related risks.
Finally, the requirements of Basel II (and III), and Central Bank regulations thereon, as well as Corporate Governance, are taken cognizance of at RMD.
RMD team members have rich experience in their respective area. Ideal candidates should be always striving to learn and, depending on the position, have strong background managing the respective risk function, and also facilitate in the continuous evolution of an Enterprise-wide Risk Management System. Knowledge about the latest developments in risk management and a professional certification is preferable.
Strategy & Planning
CBD Strategy & Planning (SPD) facilitates the preparation of the Bank's strategic plans and prepares and communicates these in Balanced Scorecard format. SPD monitors and reports on performance against these plans. SPD also analyses the business environment to identify trends and competitive issues, then makes recommendations to improve the Bank’s position. SPD is also involved in re-engineering processes and coordinating large projects.
Commercial Bank of Dubai is one of the leading providers of Trade Finance products and services in the UAE. The Bank's large customer base includes companies dealing in oil, steel, textiles, machinery, real estate, automobiles, food stuff and various other sectors. Customers benefit from CBD's extensive trade finance expertise which comprise a wider product range, local market know-how, global reach and highly experienced Managers with an average experience of more than 25 years in the field of Trade Finance. Also, customer focused Relationship Managers work in tandem with the Trade Finance Department to provide better services to their clients.
CBD's Trade Finance product portfolio constitutes both conventional and Shari'a compliant Islamic products. The range of Trade Finance products offered include Import LCs, Export LCs, Guarantees, Standby LCs, Trade Finance Loans, Collections, Trade Bills Discounting, Aval, Bankers’ Acceptances, Islamic LCs and Murabaha Loans and other LC Services.
Treasury is responsible for Managing CBD’s Assets and Liabilities and for mitigating our exposure to Foreign Exchange (FX) and Money Market volatility. We work within a fast paced and dynamic environment where market prices are changing constantly. We exchange currencies, we borrow funds to cover shortages and we lend surplus funds.
The FX and Money Markets are similar to any goods market where a buyer searches for a seller that matches a price he is willing to pay. If you picture this on a global scale with many buyers and sellers of currencies and interest rates looking to find the best price with the actual market being a huge electronic platform, you can begin to imagine the scale of things.