Banking, Financial Services and Insurance

We help you navigate the complicated financial landscape towards a prosperous future

As a result of demographic changes, new regulations aimed at improving transparency and the rise of technology, financial services organizations are increasingly focused on the customer.
While driving trust and transparency for customers and governments, changing regulations can also add to operating costs. Regulators tend to focus on procedures, systems and inputs, not on outcomes.

Technology is driving change across banking, insurance and investment management companies. Customers expect to receive tailored products, available across a multitude of channels and platforms. Improved data and analytics is making this possible. As a result of these changes, more people than ever have access to financial products.

We help clients navigate the increasingly complicated financial landscape. KPMG’s A&F practice in the UAE offers access to various key financial marketplaces. We strive to deliver leading practice advice and recommendations, leveraging an up-to-the-minute understanding of vital issues facing the local and international financial services industries.

Key Success Stories

Credit risk model validation – IFRS 9

The firm’s client, a leading bank in the UAE, was developing a model for the computation of the excepted credit loss under IFRS 9. The client requested KPMG assist in validating the methodology and overall model development process.
KPMG reviewed the model papers developed by the bank to gain an understanding of the proposed approach and provided feedback. We partnered with the bank’s team to review the model development and calibration process to facilitate generation of IFRS 9 ECL calculation.

With an end-to-end review of the development process, including remediation procedures, the client was able to finalize ECL models for IFRS 9 computations.

Implementation of a new accounting standard–IFRS 17

The firm’s client, a leading health insurance company in the UAE, appointed KPMG to assist with the implementation of IFRS 17, the new insurance accounting standard .
KPMG assisted with:
• Conducting a gap assessment, highlighting gaps in the accounting policies, systems and processes
• Preparing a financial impact assessment to highlight the financial implications of the new standard
• Designing IFRS 17 accounting policies and solutions

Based on our satisfactory work, the scope of the project was extended. As a result, the client awarded KPMG additional work related to the implementation of a new IFRS 17 solution/system.