KPMG Alumni · 2020-03-04 · 1 Alumination Winter 2015 John Veihmeyer KPMG's Global Chairman...

1 Alumination Winter 2015

John VeihmeyerKPMG's Global Chairman

addresses the Partners

in Dubai

Agent of change – how

digital is transforming the

UAE’s business

environment

Farhan Syed – KPMG

KPMG Alumni

Keeping Dubai front and centreRajesh Pareek – DIFC

The rewards of risk takingPartha Thakurta – FGB


Welcome to the winter edition of Alumination. It is

tremendous to see the ongoing growth of our

alumni program across the UAE. As the Chairman

of the alumni program – and of the firm in the

Lower Gulf – I know that this is a region of great

opportunity and I know that the values, the

knowledge and the networks gained while at

KPMG are the perfect cornerstone for our

alumni’s future careers. I view our alumni program

as a fantastic example of how KPMG can continue

to support all of our people – whether still with the

firm or as members of our alumni program.

We are looking forward to strong 2016 with great

confidence, based on a good 2015. This magazine

briefly outlines many of the events we have been

involved in over the last quarter and introduces

you to some of our recent senior hires. This,

however, should be your magazine – so get

involved. Why not talk to our Markets team about

some areas you would like to see covered – or

volunteer to write an article? Would you like to

feature as an alumni, following in the footsteps of

James Rigney, Partha Thakurta, or CFO Middle

East’s 2015 CFO of the year, Rajesh Pareek.

This is the last edition of Alumination for 2015 so

I would like to close by wishing you all good things

for 2016!

Sincerely,

Vijay Malhotra

Senior Partner and CEO, Alumni Chairman

KPMG Lower Gulf

Alumni Chairman’s message

Welcome to Alumination 2015 Winter edition


Rajesh PareekKeeping Dubai front

and centre

Farhan SyedAgent of change – how digital is transforming the UAE’s business environment

12

10

Partha ThakurtaThe rewards of risk taking04

In this edition:

The rewards of risk taking

Dubai and Abu Dhabi

Keeping Dubai frontand centre

Agent of change – How digital is

transforming the UAE’s business

environment with Farhan Syed

3Alumination Winter 2015

Stay connected with former colleagues and friends using our alumni group onLinkedIn – KPMG alumni in UAE.

Open to all KPMG alumni and current employees, your LinkedIn group will help youstay up-to-date with the latest KPMG UAE insights, join our discussions or simplyexpand your business network.

To join, simply search for on LinkedIn.We also encourage you to follow the official KPMG UAE company page.


The rewards of risk taking:Partha Thakurta Partha G Thakurta is currently the

Group Head of Strategic

Business Review (SBR) for FGB,

a leading bank in the UAE.

Established in 1979 and

headquartered in Abu Dhabi, FGB

offers a full range of financial

services to business and

consumer sectors through an

extensive network of branches

across the UAE. FGB also has

branches in Singapore and Qatar,

representative offices in India,

Hong Kong, Seoul and London,

and a subsidiary in Libya. Partha

has worked for two of the Big 4,

and had a long stay with HSBC in

a range of risk management and

audit, as well as commercial and

retail banking roles, in both Hong

Kong and India.



How did working for a professional

services firm help your career?

In those days, as a firm, we handled a whole host of

work, across what is now separated as audit, tax,

and risk advisory. The more deeply we got engaged,

the better – because it helped us to determine our

desired future career.

We worked with a whole spectrum of business

clients, which enabled us to have a good breadth of

knowledge about how businesses work, and be able

to talk about it convincingly. I then decided to move

into the banking industry with HSBC where I

worked for 12 years before moving to FGB in 2014.

What has been the biggest

highlight of your career?

Having the courage to take risks in my

professional career by taking challenging, new

and varied roles and responsibilities. It takes

courage to realize dreams and bring meaning to

the values that are important. This includes

critical thinking, risk-taking and the ability to be a

change agent. I believe that everyone has

moments of courage and that life sometimes

involves making tough choices.

Another aspect has been the continued

development of my inter personal skills by

working and living in different countries like Hong

Kong, Singapore, UAE and India. I travelled all

over the Asia Pacific region as part of my job as

well. This provided a unique opportunity to meet

with different people, understand their needs and

aspirations and work collectively to a common

goal.

I believe strongly in the preeminence of ethics,

honesty and integrity and am proud to live by

these core values.

What do you enjoy doing

outside of work?

Finding and trying to spread happiness and love

to my near and dear ones. Reading motivational

books, networking and keeping myself healthy

are other aspects which are close to my heart.

Why were you interested in

joining KPMG’s alumni program?

KPMG has a strong alumni program and it

provides us with a platform to network

effectively and keep in touch with the latest

news in the industry.

When did you work for KPMG –

and were you ever based in the

UAE?

I worked for KPMG for 8 years in two

geographies (Middle East – Abu Dhabi practice

and Asia – Singapore and India practices). I also

had the opportunity of visiting KPMG UK and US

offices. Being the early part of my career, KPMG

provided a strong culture in becoming a true

professional. It provided a platform for us to be

associated with the leading names in the banking

and finance industry.

What is your professional

philosophy?

Believe in optimism and confidence. In my view,

there is no such thing as failure, only successes

yet to be achieved. The work-life balance is an

equally critical aspect and very close to my

heart. For me it’s is all about making sure you

take time to live, not just stay behind a desk or

achieve your financial objectives. It does not

matter where you go in life … what you do …

and how much you have … it’s who you have

beside you in the end. I’m very lucky to have a

supportive family.



The changing tax landscape

in the UAE

KPMG held a tax seminar for its clients and industry

stakeholders on the “Changing Tax Landscape in the

UAE” to share their ideas on how businesses can

prepare themselves for impending tax-related

legislation. The introduction of new tax rules can affect

how companies function, particularly in the aspect of

pricing and accounting. If new tax rules are

While it may be premature for

businesses to start making

widespread changes to supply

chain functions or to operating

and business structures, there

are a number of measures that

companies must start to

actively consider even prior to

the introduction, in order to

effectively transition to a tax

payable environment.

Nilesh Ashar,

Partner – Head of Tax, KPMG in the UAE

KPMG local updates

implemented, businesses have to ensure that dues

are correctly charged, so there is a need to review

their financial systems and operating structures.

The gathering was attended by 150 representatives

from the business community in the UAE and other

parts of the Gulf Cooperation Council (GCC) region.


The KPMG panel: Nilesh Ashar | Balachandran Ramachandran| Arjun Nandakumar | Ashok Hariharan

Ashok Hariharan and Nilesh Ashar from KPMG

The gathering was attended by 150 representatives from the business community in the UAE


John Veihmeyer, Global Chairman,

KPMG said “One of the reasons we

have decided to hold our meeting

here in Dubai with partners from

across the EMA region is because

of the huge growth opportunities

we see in the region.”

welcoming the attendees to the UAE

, Global Chairman, KPMG International, welcoming

, EMA Chairman, KPMG International, giving the

welcome address

H.E. Sheikh Nahyan bin Mubarak Al Nahyanaddresses the EMA Partners Conference

Welcoming more Emiratis on boardAs part of our dedication to the local UAE

community and as an employer of choice we take

our role in the promotion and inclusion of UAE

nationals very seriously. Munther Dajani, Partner,

heads up our Nationalisation program at KPMG.

In my tenure with KPMG UAE, I have gained professional skills in

finance and accounting, learnt to understand different

businesses and improved my communication skills so that I have

gained a high level of confidence when dealing with people.

KPMG was the first Big Four firm to initiate a formal

Emiratization program. This program drives and

delivers our commitment to work closely with the

local community and support the nationalisation

program of the UAE Government.


KPMG recently held its biannual

EMA (Europe, Middle East and

Africa) Partners’ conference in Dubai

which was attended by over 400

senior partners from across the

region. The conference addressed

the firm’s global priorities and how

best to respond to market

challenges.

, Global Chairman, KPMG International, discussing opportunities in this region

Mohammed Zamani


Audit Committee Institute (ACI) events

KPMG in collaboration with Hawkamah, the

Institute for Corporate Governance hosted a

seminar for CEOs, CFOs and other key decision

makers from businesses and other organizations

across the UAE on 10 June 2015 at the DIFC

conference center to discuss “The risk agenda for

boards and audit committees.” Over 150 guests

attended the event which featured a welcome

from Vijay Malhotra, Chairman and CEO of

KPMG, an overview of the risk agenda from

Harikrishnan Janakiraman, a Director with

KPMG's consulting service and a moderated panel

discussion, moderated by Dr. Ashraf Gamal El

Din, the CEO of Hawkamah.

Both Dr. Ashraf and Harikrishnan engaged the

panel on key risks relating to cyber security, fraud

risk management, regulatory and compliance risks

and quality of financial reporting and accounting

standards. The expert panelists featured Roland

Sfeir, CFO of Emirates Post Group; John Garret

representing Gulf Capital; Waqar Siddique, Head of

Risk and Compliance from the Abraaj group; and

Farah Araj, Group Chief Audit Executive at National

Holding.

Dubai

1

2 3

4 5

Captions:Our panelists (L to R): Roland Sfeir, CFO, Emirates Post Group, Farah Araj,Group Chief Audit Executive, National Holding, John Garrett, Audit Committee Member,

Gulf Capital and Waqar Siddique, Head of Risk & Compliance, Abraaj. Vijay Malhotra giving the welcome address. Dr.Ashraf Gamal El Din, CEO, Hawkamah, moderating the panel discussion. Harikrishnan Janakiraman presenting at the event. The attendees listen to the panel discussion.


Following our successful ACI event in

Dubai in June, our first ACI event in Abu

Dhabi took place on 13 October at the

Intercontinental Hotel on ‘The Risk

Agenda for Boards and Audit Committees’.

Abu Dhabi


1

2

3

4

Captions: Dr. Ashraf Gamal El Din, Chief Executive Officer of Hawkamah, the Institute for Corporate Governance moderating the panel discussion Our panelists (L to R):

Ahmed Maqtari, Managing Partner, Al Maqtari Auditing, Nizar Bashaireh , Head of Audit & Risk Management at DIFC Authority, Bob Sehmi, Corporate Risk Manager with Dana Gas and Raajeev B Batra, Partner, Consulting, KPMG LG. Sudhir Arvind, Partner, Consulting, presenting at the event Fawzi AbuRass, Partner, Audit making the opening address


Rajesh Pareek has been the

CFO of DIFC since 2011,

overseeing the financial

performance of the authority.

Rajesh is a chartered accountant

with over 16 years experience

advising key clients across a

broad range of services. Prior to

joining DIFC, Rajesh was a

Director at KPMG UAE where

he worked for more than 8

years.

What is your background?

I joined KPMG’s Abu Dhabi practice in

November 2002 from Arthur Andersen in

India. After a few months, I was offered a

new position as an Assistant Manager in

Dubai in the audit practice. In early 2004, we

were getting a growing amount of due

diligence work, and it was increasing quickly.

I was asked to move to a split role of 70%

audit and 30% due diligence – before long,

the percentages reversed and we set up a

transaction services office which I was asked

to lead (starting as the only employee!).

Keeping Dubai front and centre:Rajesh Pareek



Why and when did you leave the

firm?

In 2009 we moved into a restructuring phase in

Dubai. We picked up a very small job at DIFC –

which quickly rolled up into a very large

engagement with a sizeable KPMG team. We

produced a report which answered a number of

questions which hadn’t yet been asked – and the

focus quickly changed from forensics to

restructuring and due diligence. Towards the end

of the year, DIFC offered me the role of the CFO.

I knew what was coming – there were significant

debts that needed to be paid and/or restructured

imminently and I knew that this was a one time

opportunity. There was a lot of risk but I knew

there was also a considerable upside on the

professional front given my varied experience at

KPMG.

What is the key difference

between acting as an advisor

and being in a corporate role?

It boils down to managing risks. As advisors,

KPMG produces advice that can be followed or

ignored. As a senior executive, I am asked to

make significant judgement calls every day.

I didn’t realise the gravity of this when I was on

the other side of the fence.

What is your professional

mantra?

Continue to upskill, don’t be complacent, work

hard and work smart. When with a professional

firm, the system is geared up to make you work.

When you move to a corporate, that changes.

I am determined not to become complacent. As

well as doing my job, I was asked to look after HR

for a year. Now I am looking at procurement and

IT – different context but similar challenges.

What is your personal

professional highlight?

Dealing with the DIFC restructuring. There was no

magic wand. I had huge personal responsibility

and it was a huge achievement in my view. But it

didn’t mean that I could sit back and sit on my

laurels. In November 2014, we released a ten year

sukuk – although I had sworn I wouldn’t do it

again. We pushed hard to be classified as an

investment grade – and got a ten year unsecured

Why is the alumni program

important to you?

You remember the firm when you join – and you

remember the firm when you leave. I resigned

before the promotion announcements– however;

I was promoted to director. I will always respect

Vijay and the firm for that.

The firm has been very good to me. And the

alumni program gives me the chance to reconnect

with people that I might have lost touch with. I

am delighted to see the growth in the programme

and look forward to its continued success.

What do you do outside work?

Weekends are given to the kids. I love horse-

riding - and try to ride two or three times a week

first thing in the morning. I ride with my daughters

over the weekend. And I try to play football a

couple of times a week. It’s important to stay

connected and often meet friends for a chat or

shisha in the evening.

bond at an extremely competitive price. The

awards that have followed that sukuk are cherries

on the icing of the cake – the real accomplishment

was taking on the tsusami we knew was coming

our way in 2012.



For more information on Farhan and his digital

transformation services, please contact him on:

In today’s market, companies which don’t

understand the significance of investing in

digital are going to be left behind. Many

Fortune 500 companies won't exist in the

next five years. Alumination spoke to

Farhan Syed, our digital transformation

leader, to get his views on why digital has

to be a vital part of any key decision

maker’s agenda.

Farhan – welcome to KPMG.

I wonder if you could start by

explaining why digital

transformation is so crucial in

today’s business environment.

While some businesses are happily embracing the

latest digital technologies and effectively disrupting

traditional business models, many others are

struggling to anticipate – or keep up with – trends

that are increasingly difficult to predict. For senior

executives, being on top of these business-

changing and disruptive trends is increasingly

essential. Key decision makers need to fully

understand the risks and complex challenges

involved, while constantly asking how digital

technology can drive transformative growth and

help businesses gain a competitive advantage.

Why do clients choose to work

with us on digital transformation?

For the same reasons they have chosen us for all

these years! We help clients solve their most

complex problems and develop and

Agent of change – how digital is transforming the UAE’s business environmentFarhan Syed joined the firm recently as a partner in our management consulting

practice. Recognised as a global thought leader, he took some time recently to highlight

our new digital services.

implement practical and sustainable change

initiatives. We assure them that their decisions are

sound and help them achieve their desired

outcomes.

We have been investing significantly to strengthen

our digital capabilities to ensure we bring the best

of KPMG to our clients in the form of talent, global

and local insights, thought leadership, exclusive

alliances, delivery methods and frameworks. Our

objective is to ensure our clients are successful and

capitalize on the opportunities digital has to offer to

them.

One example is our FinTech offerings for our

banking clients. We are the only firm investing

heavily in building FinTech capabilities. We have

eight dedicated listening posts across the world led

by senior partners working with FinTechs and

startups across a number of fields of play - such as

biometrics, security, next generation payments,

banks in a box and robotics. We also have an

exclusive alliance with matchi.biz (a FinTech

discovery and matching platform) which has

indexed over 350,000 FinTechs. We introduce

innovative solutions from these startups to our

clients and then collaborate with the startups to

accelerate their digital transformation journey

instead of viewing them as competition. It's not the

technology that differentiates – it’s the application.

We have industry-specific capabilities. Our digital

consulting professionals work with business and

technology leaders across family groups, financial

services, retail, media, telecommunications,

hospitality, property development, government,

education and healthcare organizations.

Partner - Head of Digital

Business Transformation

[email protected]

+971 56 520 5377


KPMG Alumnus motors ahead

The Zarooq Sand Racer is the first car to be specifically designed for the UAE desert

The two men behind the Zarooq Sand Racer, Mohammed Al Qadi and Iannis Mardell.

KPMG alumni in the news


KPMG alumni Rajesh Pareek has been honored with the

CFO of the year award at the CFO Middle East Awards.

Rajesh is currently the CFO of DIFC authority, Dubai, he

worked with KPMG UAE for over 8 years.

CFO Middle East awards

Iannis Mardell, who worked with KPMG France’s advisory function, was part of

the team behind the Zarooq Sand Racer, the first car to be specifically designed

for the UAE desert.

The Zarooq Sand Racer was designed in the UAE by Anthony Jannarelly, who

designed the Lykan Hypersport, used in Fast and the Furious 7, and is made in

the UAE in partnership with JJ Special.

The three directors behind Zarooq have strong racing pedigrees. Mohammed

Al Qadi is an Emirati who has organised national and international races in the

UAE for 15 years, ranging from rallies to Formula One. Bruno Laffite, nephew

of Jacques Lafitte, is the French pro driver who finished in the top 5 of Ford

Formula, Renault Formula and Formula 3. Bruno was also a test driver in the US

in the Indy Car Championship and raced Lamborghinis. Iannis Mardell, British

and French with a strong strategy and business consulting background is closely

associated with the world’s most famous Formula One racing school which

produced more than thirty F1 pilots.

What are some of the services

that you can provide?

Our digital services are wide ranging and are

focused on helping our clients solve their most

pressing and specific issues. To name a few:

• Digital strategy - we confirm the opportunity

or performance gap, articulate the digital

customer experience to capture value and

develop the realization roadmap

• Digital capabilities maturity assessment –

we identify the required level of maturity to

retain and enhance competitive advantage in

the market place

• Digital business model design – we help

design, launch and operate a purely digital

businesses

• Omni-channel and mobile first experience –

we help design and deliver a seamless digital

and physical experience for customers and

employees

• Actionable insights – from descriptive

through predictive to prescriptive insights, we

empower the front line, management and

executives to make objective, informed and

contextually relevant decisions at the right

place at the right time

• Dual speed operating model – we help

clients transform and operate in a multi-speed

manner enabling constant innovation and

change while running the business

• Manage digital risk – we ensure

transformations and changes are aligned with

regulatory and compliance requirements

• Data governance – we ensure data - an

organization's most valuable resource - is

managed and protected

• Legacy modernization – we help simplify

and optimize legacy infrastructure (processes,

policies, physical assets, supplier relationships

and systems) to support and enable new age

digital business


KPMG in the newsIn the second half of 2015, key themes that drove the news agenda cross the region included deregulation

of oil prices, new infrastructure projects, economic diversification, the future of SMEs, Islamic banking and

Sharia compliance, the introduction of VAT and a general buzz around Expo 2020.

KPMG's insightful and informative briefing on the potential impact of tax for companies in the UAE was featured across several media channels including CNBC Arabia.

Robert Warcup, Director, Cyber security, KPMG Consulting focuses on how companies can

minimize security breaches.

In a KPMG survey, almost 70 per cent of all C-level executives said that data and analytics (D&A) would be important to their revenue growth.

Cities are rapidly evolving into global centresof excellence. A recently-released white

paper by KPMG illustrates how Dubai has adopted a unique approach to evolve into a

smart city underpinned by three themes: communication, integration and cooperation.

A recent article by Vikas Papriwal, our Head of Markets, focused on the opportunities and challenges offered by innovation.


Partner, Head of Digital Business Transformation [email protected]+971 4 424 8985

Farhan leads our Digital Business Transformation practice. Before joining KPMG, he led

the digital consulting practice for the banking industry in the Middle East, Turkey and

Africa and the business and customer strategy consulting practice in Australia and New

Zealand for the consulting division in a global IT company.

Partner and Co-Head of P&U sector [email protected]+971 2 401 4814

Andrew has joined our audit practice in Abu Dhabi from KPMG Russia. A chartered

accountant, he has over 18 years of Australian and international IFRS and US GAAP

experience, including nine years in a signing partner role for a number of listed

companies while at KPMG Russia. Andrew was the Head of Power & Utilities while at

KPMG in Moscow, and has worked across the Russian power and utilities, mining and

oil and gas sectors.


New Partner appointmentsKPMG Lower Gulf is delighted to announce a number of new Partner appointments.

Partner, Head of Risk [email protected]+971 2 401 4839

Raajeev joins us from our KPMG India practice, where he headed the IARCS and

Sustainability practices. Raajeev has significant industry and professional services

experience in risk management, internal audit and corporate governance services and

IT controls across diverse sectors. In India, Raajeev led our Risk Consulting practice for

the infrastructure sector and set up our Indian major projects advisory (MPA) function.

Partner, Risk [email protected]+971 2 403 0309

Prior to rejoining KPMG, Tasneem was leading the Tata Consultancy Services’

transformation team and was responsible for the global development, growth and delivery

of finance and accounting processes for WNS. Tasneem has extensive experience in

shared services; helping companies set up shared services centers and working with them

on cost optimization. She has also worked with C-suite executives on Shared Services

Strategy and Business Transformation. Tasneem is a qualified chartered accountant (ICAI)

and a Certified Fraud Examiner (CFE) and has completed various certification programs.


• Joins from KPMG’s US practice

• 15 years of professional experience

• CPA (Virginia), certified fraud

examiner and chartered global

management accountant

• Based in our Abu Dhabi office

Director, [email protected] +971 2 401 4837

Promoted to resident partner in audit, Akil will also lead KPMG’s

Learning and Development (L&D) function. He heads our Department

of Professional Practice, providing technical support and IFRS/ISA

training internally for clients and at regional events organized by

regulators like DFSA and ADAA.

Resident Partner, [email protected]+971 2 401 4853

Brad advises clients on transaction services and has previously

worked for another Big 4 in London on transactions. Brad has

experience in an array of sectors, most notably telecommunication,

media, technology and mining sectors and serves a number of

corporate and private equity clients.

Director, Deal [email protected]+971 4 403 0417

As well as new partners, we are delighted to welcome:

• Transfer pricing expert

• Joins from KPMG’s UK practice

• Chartered accountant (ACA (UK)) and

chartered tax adviser (UK)

• Based in our Dubai office

Director, [email protected]+971 2 401 4837

Matt recently joined us from our UK practice where he was based in

the Consumer Goods and Retail team. Matt advises clients on a range

of transactions ranging from owner-managed businesses to listed

companies. He has worked on private equity and corporate

transactions across a wide range of sectors.

Director, Deal [email protected]+971 2 401 4842

Movers and shakers



Providing cutting edge solutions for

finance professionals and corporates.

Yusuf [email protected]+971 4 424 8912

Judit has joined KPMG

as Head of the KPMG

Business Academy.

Prior to joining the firm,

she was working with

a top audit firm in

Hungary. She has a

background in adult

education, and holds

an MBA.

Judit will further

expand the Business

Academy and promote

practice oriented

training courses to help

professionals acquire,

refresh and develop

the necessary skills to

effectively fulfill their

roles.

• IFRS training for professional excellence

• Other accounting courses

• Islamic Finance

• Managerial finance

• IPSAS training

• Internal audit and compliance

• Information technology

• Forensic trainings

• Customized Emiratization programs

Judit KarfnerHead of Business [email protected]+971 4 356 9610

KPMG Business Academy“Learning for work, learning for life”


kpmgbusinessacademy.com

Contact us:


Interesting times in financial services

Is liquidity tightening in the Middle

East?

Yes. This was inevitable with the significant drop

in oil price which is now trading in the low 40s. A

key source of GCC liquidity is either the

government or government related entities

(GREs). Governments are using excess cash to

balance their books. The UAE banking climate is

going to tighten as drawdowns continue while

weaker oil prices filter through into the non-oil

economy. Add to this stock market volatility,

pressures in the real estate market, changing

tourist demographics, SME sector stresses and

impending interest rate increases in the US and it

is clear that the next 12 months will be interesting

for the financial sector.

If, as many regional commentators

now suggest, the oil price remains

well below the long-term average

price for a prolonged period, there

will be increasing pressure on

national budgets and growth

prospects across the region. We

thought that made it an excellent

time to speak to Muhammad Tariq,

KPMG’s Financial Services sector

lead, on his thoughts on the likely

ramifications for banks and other

financial services institutions across

the region.

Muhammad Tariq

Partner

[email protected]

+971 4 403 0308

Tariq – many thanks for taking the time

to speak to Alumination

It is my pleasure. We are always happy to meet

and interact with our alumni and this is an

excellent initiative.

What mega-trends are driving the

financial services sector?

The financial services sector is currently faced

with a forced shift caused by a number of key

mega trends. Globally, institutions are focusing on

enhancing their regulatory capital, while digital and

broader technology advances are challenging the

traditional ways of doing business. At the same

time, there are new market participants - non-

bank financial institutions are challenging banks,

while a new generation of young customers

without traditional customer loyalties have

different expectations and are using social media

to connect, communicate or complain. This is

putting pressure on banks to find the right talent,

entering the skills race to address regulatory and

risk management pressures and technological

advances. Today’s leaders need to keep pace with

a rapidly changing financial landscape, regionally

and locally. Couple that with the some of the

other external factors impacting the UAE and it’s

clear why these are interesting times if you are

involved in the financial services sector.



What solutions can KPMG offer clients

in the financial services sector?

Rather than focusing on our solutions, let’s

understand what the financial sector is going to

need over the next 18 months. With regulatory

changes and market factors, the focus needs to be

on banking operation transformation and cost

optimization. We have developed STORM, a tool


which has been used to help banks identify

segments which are likely to be profitable – or not

so profitable – once future regulatory

developments are in place. IFRS 9 is a significant

change for banks and we are very well placed to

support our clients on this journey.

Anti-money laundering (AML), anti-bribery and

corruption (ABC), know your customer (KYC) and

cyber security have always been key in this sector.

The recent incident in Sharjah with a malicious

hacker demanding US$3m in return for not

releasing confidential information will have

sharpened awareness across the financial sector.

Recent, numerous fines slapped on international

banks have also brought compliance into focus.

We have a full scale of solutions to help in this

space.

Organisations have an economic, environmental,

and social responsibility and our sustainability

reporting helps inform all stakeholders. We help

our clients in this space.

Last, but definitely not least, banks today have to

stay relevant. ‘Digitise or die’ is a motto we are

seeing across the sector. We are have built a team

in this space rapidly and are well geared to work

with our clients on the digital transformation

journey.

Recent thought leadership: Evolving Banking Regulation

How is this affecting the consumer?

Banks are looking to reduce their exposures to

riskier segments, although there is continued

interest in growing secured portfolios. Increasing

competition amongst lenders for quality, secured

assets should, interest rate rises withstanding, lead

to continued competitive options for consumers.

The recent (2015 Q3) credit sentiment survey from

the Central Bank of the UAE commented on

changes in credit standards, driven by the

economic outlook, the quality of their institution’s

asset portfolio, the change in risk tolerance, and

current - and anticipated - regulatory changes.

Regulatory changes were highlighted recently by

KPMG in “Bank Structure: The Search for a Viable

Strategy” where we detailed how regulatory and

commercial pressures have changed the rules of

the game in banking. We also highlighted the

dimensions where banks need to adapt accordingly,

including the potential re-pricing of loans.


Alumni events 2015Our first Dubai Alumni event took place on 19 May at Armani Privé. We had over 130 alumni

who attended the event, making this an excellent networking and social event.

Dubai


Our most recent Alumni event was held at the Observation Deck at 300 in Abu Dhabi

on 17 November. We were delighted to welcome a number of new alumni members to

the event.


Abu Dhabi


We bring you the latest thought leadership from KPMG. If you require a digital copy of any of

our thought leadership, please get in touch with Faisal Mujeeb at [email protected].

Latest thought leadership publications


KPMG is a values-driven firm and our aim is to provide

knowledge and experience for the benefit of our

clients, our people and our communities. We believe

that our responsibility to society goes beyond legal

obligations. As a result, at KPMG in the UAE we are

working to build a vibrant corporate responsibility (CR)

program which helps us act as responsible corporate

citizens within our society.

We adopt an active approach and play an integral role

in bringing real benefit to not just our business, but

our communities and the environment which

embraces us. By reaching out and partnering with

other entities within our community we further

strengthen our impact. That is why we have recently

partnered with REACH Mentoring, an organization

that addresses the issue of women empowerment

Practicing what we preach: KPMG's corporate responsibility program

by bringing together professional women from across

the region and pairing them with volunteers, both

individual and corporate, who will be their mentors,

helping them achieve a set personal goal.

KPMG UAE will be providing a number of partners and

directors to participate in the program for one year,

starting in January. Our partners and directors will

guide and advise their paired mentee. The knowledge

and experience of our people will be mapped to match

the aspirations of the mentees, helping to ensure that

partnering adds value to both parties. We are excited

about the REACH program and look forward to sharing

more details throughout 2016.



We would love to hear from youis your magazine. We would love to hear your feedback on the topics explored in

this edition.

We are proud of the achievements of our alumni and would love to share your story! Profiling offers a unique opportunity to highlight your achievements. To be profiled in a future edition of Alumination, please contact our alumni team. You can also contact us on [email protected].

• Provide your feedback

• Nominate topics of interest

• Get in touch to be profiled

Contact usFor more information on KPMG’s Alumni Program, please email [email protected]

Senior Partner & CEO Alumni Chairman KPMG Lower Gulf

Head of Markets KPMG Lower Gulf

Alumni Executive KPMG Lower Gulf

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the situation.

© 2015 KPMG, KPMG LLP and KPMG Lower Gulf Limited, registered in the UAE and member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in the United Arab Emirates. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

KPMG Alumni · 2020-03-04 · 1 Alumination Winter 2015 John Veihmeyer KPMG's Global Chairman...

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