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SAMA Saudi Central bank checklist

General Compliance

Ensure compliance with all applicable laws and regulations.

Maintain up-to-date knowledge of SAMA's regulatory framework.

Designate a compliance officer responsible for regulatory matters.

Risk Management

Establish a comprehensive risk management framework.

Conduct regular risk assessments and audits.

Implement risk mitigation strategies across all departments.

Here are some additional steps that could be included in the Risk Management section of the checklist

Develop a risk appetite statement to define the level of risk the organization is willing to accept

Create a risk register to document identified risks, their potential impact, and mitigation measures

Establish clear roles and responsibilities for risk management within the organization

Implement a system for monitoring and reporting risk exposure to senior management and the board

Conduct scenario analysis and stress testing to evaluate the potential impact of extreme events on the organization

Provide tools and resources for departments to identify and manage risks effectively

Review and update risk management policies and procedures regularly to ensure they remain relevant and effective

Foster a risk-aware culture by encouraging open communication about risks at all levels of the organization

Engage in third-party risk assessments to evaluate risks associated with vendors and partners

Ensure compliance with relevant regulations and industry standards related to risk management

Utilize technology and data analytics to enhance risk identification and assessment processes

Establish a process for incident management and response to address risk events when they occur

These steps can help ensure a robust and dynamic risk management process within the organization

Governance

Ensure a robust governance structure is in place.

Define clear roles and responsibilities for the board and management.

Implement policies and procedures for effective decision-making.

Here are some additional steps that could be included in the Governance section of the New SAMA Saudi Central Bank checklist

Establish a formal board charter that outlines the board’s authority, composition, and function

Conduct regular assessments of board performance and effectiveness

Ensure diversity in board composition to enhance decision-making and representation

Implement a succession planning process for key management and board positions

Facilitate regular communication between the board and senior management

Ensure that the governance framework aligns with national and international standards and regulations

Develop and enforce a code of conduct and ethics for board members and staff

Establish mechanisms for stakeholder engagement and feedback

Monitor and evaluate the effectiveness of governance practices on an ongoing basis

Provide transparency in governance processes and decision-making through regular reporting

Ensure compliance with relevant laws, regulations, and best practices in governance

Promote accountability through clear reporting lines and performance metrics

Internal Controls

Develop and maintain internal control systems.

Regularly review and test internal controls for effectiveness.

Ensure segregation of duties in critical functions.

Data Protection and Privacy

Adhere to data protection regulations and best practices.

Implement measures to secure sensitive customer information.

Conduct regular data protection audits and assessments.

Consumer Protection

Ensure transparency in customer communications and disclosures.

Implement complaint resolution mechanisms.

Regularly train staff on consumer protection regulations.

Financial Reporting

Ensure timely and accurate financial reporting.

Maintain records in accordance with SAMA requirements.

Conduct regular financial audits to verify compliance.

AML/CFT Compliance

Implement anti-money laundering (AML) and counter-financing of terrorism (CFT) policies.

Conduct regular training for staff on AML/CFT regulations.

Monitor transactions for suspicious activity and report accordingly.

Training and Development

Provide ongoing training for employees on compliance and regulatory matters.

Assess training needs regularly and update programs as necessary.

Encourage a culture of compliance and ethical behavior within the organization.

Continuous Improvement

Establish a process for regular review and improvement of compliance programs.

Solicit feedback from employees and stakeholders on compliance practices.

Stay informed about changes in regulations and adjust policies accordingly.

This checklist serves as a guide for Financial Services organizations to ensure compliance with SAMA’s requirements effectively.

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