Principle 13: Department Relationship with First and Second Line Units
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.
The Department represents the Third Line, which is the last one among the three line units. It shall be directly and constantly responsible before the Audit Committee for evaluating and confirming the adequacy and effectiveness of governance, risk management, regulatory controls, policies and procedures implemented by the First and Second Line units. The Second Line units shall be subjected to an independent audit by the Department.
2.
Taking into account the relevant laws and instructions, the Company may combine the roles of the First and Second Lines into one line by following the best recognized international standards in this regard.
