We are pleased to welcome FOCUSYNC as our latest corporate member. The firm provides automated solutions and consulting services that improve data management and processing for banking clients. It is based in South Audley Street, Mayfair.
Saudi central bank wins award for risk management and compliance
- 22nd, February, 2017
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.
More in News
We spoke to Michel Accad, who recently retired from Al Ahli Bank of Kuwait, about his 40-year career in Middle East banking, and we also asked him what he plans to do next, and whether he thinks banking still offers exciting career opportunities for young people.
Abu Dhabi Commercial Bank has been fined £475,000 for failing to address 'suspicious transactions' relating large cash withdrawals by two customers.
Kamco Research has published useful summaries of the performance and trading volumes on GCC stock markets during 2019, along with a review of IPO activity. As a whole, GCC stocks rose 5.9% during 2019, but the performance of individual markets differed widely.
Six big GCC banks have published their financial statements for 2019, with all showing strong results.