UAE- New players creating new business models

Date

1/27/2016 11:49:54 PM

(MENAFN- Khaleej Times)

The digital disruption is forcing players to reinvent their business models said Osman Sultan chief executive officer Du.

"The world has never stopped changing and now we are moving to the digital and the fourth revolution phase" he said while speaking the tenth GCC Regulators Summit.

New business players are creating new business models and digital disruption is forcing players to reinvent their business models he said.

"Users are becoming the creators of the content. New ecosystems mean new conversations and new regulations " he said.

He said regulators should have the right balance between intellectual copy right and the digital advancement.

Speaking at the opening session on leadership responsibility Lubna Qassim executive vice president group company secretary and general counsel Emirates NBD pointed out that the responsibility of the risk assessment should span across the organisation. She added that it is important that we draw a distinction between governance and management. "Board directors are extremely frustrated because they are spending time beyond financial result and running the business. Compliance occupies a significant time of the board and they are now more aware about what is happening in the marketplace since 2008. An effective board is smart educated and profoundly aware of the economic and geopolitical scene" she added.

Shahzad Khan group head of corporate governance and compliance Mubadala said: "We have grown liberal with how governance is applied. I believe that diversity is critical to board effectiveness in addition to proper training and induction. Furthermore we need more international directors to challenge the thinking and provide the disruptive technologies across regional markets." Thomson Reuters released the 2nd Middle East and North Africa or Mena Financial Crime Report in collaboration with Deloitte at 10th GCC Regulators Summit.

According to the findings about 50 per cent of respondents have significantly increased their compliance spending over the last two years and 52 per cent expect a significant increase in compliance spending in the next two years. More than 39 per cent prioritize business change and reorganization investment over technology and training. Only seven per cent have complete confidence in their compliance policies while 44 per cent fear over-reliance on Technology.

Around 14 per cent of respondents are confident that technology is appropriately applied while two thirds do not have a cyber security or technology policy in place. Humphry Hatton CEO Deloitte Corporate Finance Limited said:

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