Entire Section

  • Ongoing Risk Analysis

    • RPP 3-2-18

      The DFSA conducts an ongoing analysis of risks relating to each Authorised Firm, although the information required may vary from firm to firm. Authorised Firms with a higher risk classification may be subject to closer regulatory attention and would typically be subject to supervisory reviews specifically designed to address particular causes of risk.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]

    • RPP 3-2-19

      All Authorised Firms will be subject to an individual on-site risk assessment, except where more than one Authorised Firm belongs to the same Group, in which case the DFSA may decide to carry out a Group risk assessment.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]

    • RPP 3-2-20

      The risk assessment process is ongoing and it is expected that the risks of each Authorised Firm may be reviewed on at least an annual basis. Notifications, reporting of information, an on-going dialogue with senior management and visits to the Authorised Firm will ensure that the DFSA has current information on key risk areas of the Authorised Firm.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]

    • RPP 3-2-21

      There are also a number of trigger events which may affect the frequency of a risk assessment and the Authorised Firm's overall risk classification. Examples include:

      (a) a notification from a non-DIFC regulator or other authority of an issue concerning the Authorised Firm or its Group;
      (b) a material change in an Authorised Firm's business and new business activities;
      (c) a change in the Authorised Firm's Controllers;
      (d) an Authorised Firm's development of high risk products or business lines;
      (e) an Authorised Firm's development of business areas with characteristics such as unusual profitability;
      (f) an Authorised Firm's appointment of new personnel in key business areas;
      (g) an Authorised Firm's acquisition of new or revised information systems or new technology;
      (h) a rapid growth in specific areas of activity of an Authorised Firm;
      (i) an Authorised Firm's corporate restructuring, merger or acquisitions;
      (j) an Authorised Firm's expansion or acquisition of non-DIFC operations including the impact of changes in related economic and regulatory environments; or
      (k) the DFSA's response to industry-wide concerns or themes.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]