One of our top clients, a major financial institution in the UAE, aimed to go over the Central Bank of the United Arab Emirates Consumer Protection Regulation and compare its requirements with the institution's current practices. Our client was also interested in checking the impact of the regulation on its internal operations and interactions with the customers.
Our client wanted to avoid any misuse of consumer assets, data or information which will undermine consumers’ confidence in the company and cause problems that could be avoided if proper measures were taken. Thus, our client decided to make some efforts and invest in our program to stay in compliance with the laws and regulations, avoid being subjected to the Central Bank of UAE penalties and maintain good relationships with the customers.
Our consultants have developed a program aiming to help financial institutions stay in line with the latest consumer protection regulations issued, and as a result, contribute to the overall stability of the financial market.
Below, you will find a brief outline about our program:
1- We produced a guidance document for employees which explained all about the Central Bank Consumer Protection Regulations.
2- We reviewed and assessed the institution's policies and procedures and compared them with the Central Bank Regulations.
3- We updated the institution's process maps and standard operating procedures.
4- We performed a gap analysis and developed a corrective action plan.
5- We identified changes needed in all impacted procedures, documentations, communications and customers.
6- We listed required action items to be performed for each of the above and identified internal owners.
7- We provided an action plan with a timeline for each internal owner to implement the changes.
8- We produced awareness communication documents and an e-learning program to educate the staff on consumer protection laws and regulations.
The management became aware of the additional measures they needed to take to protect customers’ rights and to stay adhered to the latest regulations issued by the Central Bank. Moreover, after the completion of the program, our client had noticed great results and better performance among the employees; they became more comfortable and more self-confident since they learned the right ways to deal with customers’ sensitive information and knew how to avoid misuse of their personal data.