SAMA has been awarded the Initiative of the Year Award for 2016-2017 in risk and compliance management category on central banks level by the Central Banking Awards Committee. The award will be handed out to SAMA in March 2017.

In its statement published on Tuesday (February 14, 2017), the Committee applauded the Kingdom's Vision 2030 adopted by the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and the substantial reforms taken by the Council of Economic and Development Affairs under the leadership of HRH the Deputy Crown Prince Mohammad bin Salman.

On this occasion, SAMA's governor, Dr. Ahmed A. AlKholifey, has stressed that SAMA pays great attention to risk management and compliance in order to predefine all types of potential risks, enhance the culture of compliance with laws and regulations, and safeguard SAMA's reputation and resources so as to ensure achieving its goals and strategies.

Dr. Alkholifey also said that SAMA had worked, at an early stage, to manage, register and monitor all financial, regulatory, technical and reputational risks; ensure the development of appropriate measures to mitigate such risks. SAMA has also embarked on a campaign to promote awareness of risks, compliance, regulations and controls and integrate them into SAMA's internal policies and business processes; and provided the necessary support to ensure the continuity of its critical functions.