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FSB Document: Principles for an Effective Risk Appetite Framework

No: 201604000084 Date(g): 4/4/2016 | Date(h): 27/6/1437
The Financial Stability Board (FSB) published the above document on November 18, 2013. The document sets out key elements for an effective risk appetite framework, an effective risk appetite statement, risk limits, and defining the roles and responsibilities of the board of directors and senior management in establishing the approved risk appetite statement. The document can be obtained from FSB website: financialstabiIityboard.org
 
By January 1, 2017, each insurance company shall have met the standard represented by the above document. In addition, each insurance company has to submit progress reports to SAMA on July 1, 2016 and October 1, 2016 respectively.