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Banks frequently introduce new products and services and/or modify existing products and services in normal course of business. These new or modified products and services could expose the banks or the financial system as a whole to new risks or could amplify existing risks. Therefore, the risks posed by the introduction and/or modification of products and services must be identified, assessed, monitored and managed appropriately by the banks.
New Banking Products and Services Guidelines were issued by SAMA in 2017; due to changes in the financial system and regulatory framework, SAMA decided to update these guidelines. The key objectives of this regulation is to promote sound risk management practices and/or manage risks associated with banking products and services. The banks must adhere to this regulation as minimum set of regulatory requirements.
