The UAE's only compliance and regulatory training firm, CCL Ltd, is looking for more Emiratis to learn the skills needed to fill an escalating skills shortage as the financial services sector continues to expand.
The local population is being encouraged to enrol in Compliance Officer Training Courses to begin the increasingly important profession, which is currently turning to the western expatriate labour market to fill the void in supply.
Recently published figures show the Emirates Nationals Development Programme has over 6,000 unemployed Emiratis seeking employment, with females accounting for two thirds of this figure. At the same time, many financial firms are being forced to recruit directly from Europe and Australia, and CCL Ltd is looking to increase numbers being recruited from the local population.
A highly experienced and proficient compliance officer with the right credentials currently can earn in excess of Dh 60,000 each month. And, with the skills shortage meaning increased numbers of opening positions, this will remain an attractive career option.
Most Compliance Officers begin their careers within financial institutions as a compliance assistant after already gaining some industry experience. Taking part in the training courses currently offered by CCL can supplement experience, setting a benchmark of knowledge levels and increasing employability.
CCL Ltd's commercial director, Thomas Lindeyer, said: "The DIFC now has 130 regulated firms, which has grown from 102 since March of this year, and, as more firms become regulated, the need for compliance staff and compliance departments will continue to grow.
"There is a real situation building at present and already there is a major skills shortage. This is a great opportunity for local Emiratis to begin a path to becoming an expert on what will be a crucial and lucrative growth area within the financial sector."
CCL Ltd's first three rounds of training workshops have recently completed, with September and October (2007) now set for the next series of public training courses. Courses have been in high demand, with the company considering increasing future course numbers, but not class sizes.
There has been a mixture of nationalities attending the courses, with around 50 per cent western expatriate and the rest comprising a mixture of Indian, Pakistani and Emiratis.
Lindeyer added: "The firms we deal with would love to hire more Emiratis and locally-based talent for what will be an important role to play in ensuring Dubai continues to build a global reputation in the financial industry. Compliance Officers will also help to ensure the UAE regulators maintain a well respected regulatory framework.
"The rapidly developing financial market will continue to play a key part in attracting all of the world's top financial institutions to the UAE. The compliance officers will also help ensure some of the most important firms in the country go from strength to strength and do not experience hefty fines.
"Whilst training is no substitute for experience, the training courses are the best possible introduction into this career. Also, current Compliance Officers can use the courses to take their career to the next level and achieve confidence in their best practice. Companies with employees in the field can benefit from the reassurance that their officers have a benchmark of competence levels."
CCL's compliance training courses conform to UK standards, executed by highly experienced UK-trained professionals in seminar and workshop format for 10-15 attendees at a time.
The courses cover all aspects of relevant financial regulations and the UAE's regulatory environment for those working within the financial services industry. Senior managers, compliance officers and money laundering reporting officers (MLROs) tend to derive the most benefit from the courses.
Plans are already underway for CCL Ltd to launch a compliance diploma, which will be spread over a year and a half to educate on all elements of being a compliance officer.
www.ccl.ae
