Bonus reviews for UAE compliance sector.
Morgan McKinley has researched average bonus payouts in 2015 for senior compliance staff across Central Bank regulated firms, DFSA and ESCA regulated entities, local, international and Islamic banks as well as private banking and brokerage firms.
Many factors affected last year's bonus payments including company performance, employees' performance in relation to agreed targets, superiors' notes and recommendations, feedback from colleagues and internal audits and inspections. External factors in 2015 included falling oil prices, record with the Central Bank and DFSA regulator, higher bonus payouts due to relaxing of UAE labour laws, inflation and the cost of living in the Emirates and loss of personnel to competitors.
Alan Hynes, Senior Consultant, Morgan McKinley UAE said, "For some banks, 2015 marked an excellent year of growth and unexpected profits. For others, it had its challenges where some financial institutions experienced the full wrath of the regulator which directly impacted bonuses.
"We're seeing the local banks in the UAE continue to set the pace regarding compliance bonuses nationally. This reflects the strong year they have had but it also demonstrates the continued challenge of retaining staff and dissuading talent from moving to competitors. However, private banking bonuses averaged at two to two and a half months in the DIFC with one private bank having their bonuses suspended following ongoing DFSA investigations.
"Investment banking bonuses ranged from a low of one and a half month's bonus up to a high of seven months basic for one bank. This final average of five months' basic salary takes into account a suspension of bonus in one particular entity. One leading brokerage firm in Abu Dhabi, with plans of opening an investment bank, had a generous six months bonus package at senior compliance level.
"Compliance professionals will be judged on their revenue protecting capabilities, compliance with UAE rules and regulations, making sure that all reports are submitted to the regulator on-time, passing inspections, developing and communicating policies and procedures in AML, sanctions, client on-boarding and KYC. Going above and beyond agreed goals at the start of the year as well as adhering to the organization's values will result in a high end bonus rating."
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|Date:||Feb 4, 2016|
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