In the International Central Banking Journal, the Central Banking Committee granted SAMA the Best Initiative for Business Continuity Award in 2020 after a thorough evaluation of the Bank's performance. SAMA was found to match the necessary criteria for the Award, especially in terms of innovation and creativity for business continuity planning, notwithstanding its adherence to the relevant international standards, factors that allowed the bank to maintain operational flow without any interruption.
The Central Bank provided all the necessary technological tools required to facilitate working at a distance, which proved to be very valuable during the corona virus pandemic. This granted employees and stakeholders easy and safe access to all services and internal systems, and opened seamless communication channels between all relevant parties.
On this occasion, SAMA Governor, H.E. Dr. Fahad Mubarak, highlighted the quintessential role that risk management and business continuity planning play in establishing financial stability, calling for constant alertness and vigilance for potential financial risks and crises. H.E. Followed by stating the following: "SAMA's risk management and business continuity frameworks follow the best international standards for financial sector practices in order for us to achieve outstanding performance, uphold our reputation, and meet our strategic goals rooted in the Kingdom's Vision for 2030."
The Central Bank Committee is one of the global entities that were introduced in 2013 to follow up on the latest news and achievements of Central Banks within more than 140 countries worldwide. The Committee's members include several economists, financial consultants, ex-Central Bank Governors and even Nobel-Prize Financial Experts. The main goal of the committee is to give recognition to noteworthy performance in Central Banks across the globe in line with the best international banking practices.
It is worth noting that SAMA has previously acquired the Best Initiative for Risk Management and Compliance Award in 2017, as well as the Risk Management Award in 2019.
