In its strategy, Saudi Arabian Monetary Authority (SAMA) has embedded the concept of risk management and compliance aiming to maintain a culture distinguished with high level of knowledge and awareness through scientific and technical basis. In order to protect SAMA's resources, the Risk and Compliance Department has developed mechanisms and methods to manage possible risks, continuously enhance the risk culture while also raising the level of compliance with the international, local and internal regulations. . In addition, the department is providing the necessary support to ensure the continuity of critical tasks at SAMA.
Roles and Responsibilities of Risk and Compliance Department:
- Mitigating risks associated with SAMA's, activities that could affect its ability to achieve its strategic objectives through a comprehensive systematic risk management methodology that is compatible with the international best practices and standards.
- Raising the risk as well as the compliance culture with SAMA's regulations, instructions, and codes of conduct through presenting proposals, recommendations, assessments and measurements of risks and compliance; all of what should positively affect the reputation and credibility of SAMA and create an ideal work environment that promotes clarity and transparency.
- Maintaining the interests of SAMA by working on achieving its strategic and operational objectives in addition to carrying out its duties by enabling effective response to all types of risks and incidents while ensuring the continuity of SAMA's critical activities within a predetermined time frame in case of disruption.
- Enabling effective communication among different levels of management at SAMA in order to make the right decision and manage risks, incidents, and crises in a timely manner.