In the aftermath of the Global Financial Crisis, Recovery Planning was introduced by various regulators globally and in the GCC, to strengthen the crisis preparedness of financial institutions. The Central Bank of United Arab Emirates (CBUAE) is in the process of drafting Recovery Plan regulations to guide Recovery Planning for financial institutions in the UAE.
Various regulators have introduced requirements for Recovery Planning, starting from the UK to the US and other countries in Europe and Asia. Regulators within the GCC region have also adopted requirements for Recovery Planning including Qatar, Bahrain and KSA. The Central Bank of United Arab Emirates (CBUAE) is in the process of drafting Recovery Plan regulations to guide Recovery Planning for financial institutions in the UAE.
The document highlights some key components to be considered when implementing Recovery Plans including:
Deloitte has significant experience globally and locally, having supported multiple financial institutions in the end-to-end development of Recovery Plan frameworks, models and documentations including providing technical and regulatory insights. Outlined below are some key areas where Deloitte can provide support: