Our round-up of Middle East financial news includes notes on the Saudi-isation of insurance selling in the Kingdom, Algeria's financial difficulties, Morocco's plans to float its local currency, Egyptian inflation, and the DIFC's efforts to attract Trust and Foundation business.
Saudi central bank wins award for risk management and compliance
The Saudi Arabian Monetary Authority (SAMA – the Saudi Central Bank) has been given the "Initiative of the Year" award for 2016-1017 from the Central Banking Awards Committee, for its work to strengthen its risk management and compliance.
SAMA embarked on its risk management and compliance project in 2014, under its previous Governor, Fahad al-Mubarak, and the work was continued when Ahmed al-Kholeify succeeded him as Governor in May 2016.
SAMA's work has centered on three main areas: developing a risk management framework, tools and procedures; reviewing policies from a risk and compliance perspective; and implementing a risk communication plan and awareness programme. SAMA also worked to activate compliance standards that had been identified but were not being used as part of day to day operations.
The statement issued by the Central Banking Awards Committee can be seen here.
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