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4.1. Introduction

No: 241000000312 Date(g): 19/1/2004 | Date(h): 27/11/1424 Status: In-Force
All Saudi banks are expected to establish a system of independent, ongoing credit review and results of such reviews should be communicated directly to senior management, the Board of Directors and the Audit Committee. While the determination of the impairment of an asset is made by banks based on their own internal credit review procedures, which can vary from one bank to another, this regulation is aimed at ensuring that banks’ own systems as a minimum meet the following requirements.