The Saudi Central Bank, also known as SAMA, has released a statement announcing its search for public input on two draft documents aimed at enhancing the finance sector’s regulatory standards. The drafts in question, titled ‘Internal Audit Principles’ and ‘Compliance Principles’, are being made available on the ‘Istitlaa’ Public Consultation Platform for review by interested parties.
These proposed principles have been crafted to align with international best practices and are designed to provide a detailed framework for the governance of finance companies. The objective is to delineate the responsibilities of both the board of directors and the executive management, ensuring clarity in the execution of their roles.
In an effort to incorporate a wide array of perspectives, SAMA is soliciting comments and recommendations from stakeholders and the general public. Contributors have 30 days from the announcement to submit their feedback. After this period, the input will be evaluated for its pertinence in refining and finalizing the drafts. All submissions are to be made through the aforementioned platform, which operates under the aegis of the National Competitiveness Center.