2012 Annual Report & Financial Statements - UBA Plc

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– periodic vulnerability assessment and penetration testing of UBA’s network and systems;
– conducting information security awareness training for staff and educating staff/customer on current e-banking threats; and
– continuous security monitoring of bank’s network and e-banking infrastructure.
Recovery and remedial management
The Group Remedial and Recovery Division (GRRD) manages the repayment of all past due obligations (PDOs) that are classified as substandard,
doubtful or lost. It also intervenes in those accounts that appear on Watch list that may be past due but are yet to be impaired. Any accounts
remaining on the bank’s memorandum database are also managed for potential write-off recoveries.
The aim of GRRD is to manage and track those accounts that show early warning signs of distress and to assist to pro-actively identify loans for
immediate recovery action.
Compliance
The compliance function identifies, assesses and documents the compliance risk associated with the Bank’s business activities. It develops
compliance procedures and guidelines and monitors to ensure exceptions are minimised and addressed promptly.
The Bank uses risk indicators to monitor the compliance risk exposure of the business units and assess the effectiveness of controls for the key
risk areas.
The Compliance team aims to ensure effective management of compliance risk via the following:
(a) Track changes to relevant laws and regulations and disseminate relevant information across the Bank.
(b) Take prompt and appropriate action to correct compliance problems that are identified through self-assessments, internal or external
compliance audits.
(c) Develop worktools, forms and checklists to assist the Bank staff, as they perform their jobs, in complying with laws, regulations and rules.
(d) Analyse the impact of new or amended legal and regulatory requirements and implement such requirements in the Rule book.
The compliance polices include:
– Anti-Money Laundering/Counter Terrorist Financing Policy
– Know Your Customer [KYC] Policy
– Whistle Blowing Policy
– Anti-Bribery & Corruption Policy
– Environmental Risk Management Policy
Sustainability
Sustainable practices are those practices that meet the needs of the present without compromising the ability of future generations to meet
their own needs. It embodies the following key concepts:
i. Corporate Social Responsibility (CSR) C327
ii.
iii.
Environmental Risk Management (ERM)
Economic consideration/Sustainable lending
UBA is committed to the highest level of sustainable business practices across all activities and operations. As Africa’s Global Bank, we are
dedicated to being in the forefront of environmental responsibility and social relevance in Nigeria and Africa as a whole. UBA has appointed and
ensured the development of the necessary capacity needed to identify, manage and assess the economic and social risks and opportunities
associated with the Bank’s business activities and operations.