Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
SAMA requires that a FBB should, where appropriate and proportionate in view of the nature, scale and complexity of its business and the nature and range of its activities, establish an independent IAF. The IAF should, at a minimum, have the following responsibilities:
i.
To ensure the FBB meets all SAMA Audit requirements;
ii.
To establish, implement and maintain an audit plan
iii.
To examine and evaluate the adequacy and effectiveness of the FBB’s governance, systems, internal control mechanisms and arrangements (or alternatively, to assess the extent to which the parent’s audit plan meets local regulatory requirements and make any modifications that may be necessary);
iv.
To issue recommendations based on the result of work carried out in accordance with the audit plan;
v.
To verify compliance with those recommendations; and
vi.
To report in relation to Internal Audit matters.
31.
Where a FBB has an individual performing the role of Head of Internal Audit, he or she will need to be pre-approved as the Head of IAF in line with SAMA Fit and Proper requirements.
