Principle 3: Duties and Responsibilities of the Executive Management toward Internal Audit Function
No: 46020559
Date(g): 1/10/2024 | Date(h): 28/3/1446
Status: In-Force
Effective from 2025-03-27 - Mar 26 2025 To view other versions open the versions tab on the right
1.
Taking into account its duties and responsibilities contained in the relevant laws and instructions, the Executive Management shall be responsible for the following:
a.
Implementing internal control and risk management systems, including the conflict of interest policy, in addition to ensuring the effectiveness and efficiency of such systems and compliance with the risk level approved by the Board.
b.
Granting the Department complete and exclusive authority to access records, reach individuals and systems, and be provided with information, data and clarifications necessary to perform its tasks timely and appropriately as described in the Internal Audit Policy.
c.
Informing the Department of any developments, initiatives, projects, products, new operational changes, and any amendments to the Company's policies and procedures.
d.
Ensuring that all relevant risks (known or expected) are identified and reported to the Department at an early stage.
e.
Sharing its assessment of various risks with the Department to allow it to plan the audit according to the risk-based approach.
f.
Taking appropriate measures and corrective actions in a timely and appropriate manner regarding all findings and recommendations received from the Department.
g.
Encouraging the invitation of the Department representatives to attend the meetings of various administrative committees as a standing invitee without having the right to vote on decisions.
h.
Adding an indicator to the performance indicators of the Executive Management that reflects its interaction with the Department’s feedback in the appropriate time and manner.
