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F. Information Technology (IT), Accounting Systems and Outsourcing
Date(g): 1/12/2018 | Date(h): 23/3/1440
Status: In-Force
20.
All Banks are required to submit prudential returns to SAMA. Required reporting forms and the frequency for Banks depend on the type of bank.
21.
Applicants must satisfy SAMA that their proposed information technology and accounting systems will be adequate for maintaining up-to-date records of all transactions and commitments undertaken by an applicant, so as to keep management and SAMA continuously and accurately informed of the bank’s condition and the risks to which it is exposed.
22.
Applicants are required to demonstrate to SAMA that their proposed IT and accounting systems will be capable of producing all required statutory and prudential information in an accurate and timely manner from the commencement of their banking operations.
23.
In assessing the overall adequacy of the proposed information and accounting systems, SAMA will have regard to the integrity and security of the systems and arrangements for Business Continuity Management (BCM) and Disaster Recovery Planning (DRP) as per SAMA’s SAMA Cyber Security Framework and BCM framework.
24.
Any planned outsourcing of material processes, people and systems must satisfy SAMA’s outsourcing requirements set out in SAMA’s Instructions for Outsourcing.
