ABA Corporate Member, Alexander & Partner, is pleased to present an update on recent financial regulatory initiatives in the GCC. This update covers the period from April to June 2019 and contains information on initiatives in Bahrain, Saudi Arabia and the UAE. This Regulatory Update will be a regular feature on our website, with new updates being published approximately every...
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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