The Central Banking Awards Committee has granted the Saudi Arabian Monetary Authority (SAMA) the best risk manager award at the level of central banks worldwide for the year 2018/2019.
This award is a culmination of SAMA's integrated and effective efforts in implementing the risk management approach at SAMA's level as a whole, to ensure that potential risks are managed and monitored by SAMA or by the institutions supervised by it in accordance with best practices in the world. SAMA has satisfied all professional requirements for the application of international best practices and standards. Having studied all the criteria and requirements for obtaining the award, SAMA has been rated as the best among all central banks in terms of world's best risk manager.
On this occasion, Dr. Ahmad Al-Kholifey, Governor of Saudi Arabian Monetary Authority has stressed that SAMA is paying great attention to the Risk and Compliance Department in pursuance of proactively identifying all types of risks that it may encounter, raising the level of compliance awareness with regulations and instructions, and protecting the reputation of SAMA and its resources to ensure the achievement of its objectives and strategy, saying: "We are proud that the Saudi Arabian Monetary Authority (SAMA) has been granted the 2019 Risk Manager Award in view of the considerable attention paid to risk management in all levels. In line with the Kingdom's 2030 Vision, SAMA has been coping with the changes witnessed by the financial and monetary system, and the risks might arise thereof. This has been reflected on the financial sector through recording and monitoring all financial, systematic, technology and reputation risks. In addition, SAMA has always ensured setting appropriate procedures to reduce such risks and establish an effective risk culture at all the work levels".
It is worth mentioning that the Central Banking Awards Committee has been set up to highlight the outstanding performance and achievements of individuals and organizations within the central banking community, particularly in the aftermath of the global financial crisis. The awards granted by the Committee include Excellence Award of Public Service, Award of Pioneering Activities in the Central Banking Community, and Award of Best Practices in Policy, Governance, Economics and Management, and Award of Innovation and Best practices in Provisions of Services by Market Practitioners.