Principle 2: Duties and Responsibilities of the Audit Committee Towards Compliance
No: 46020562
Date(g): 1/10/2024 | Date(h): 28/3/1446
Status: In-Force
1.
Subject to its duties and responsibilities contained in relevant laws and regulations and SAMA-issued instructions, the Audit Committee shall:
a.
Review the periodic compliance report submitted by the Compliance Officer; document the actions taken regarding to, and decisions resulting from, the report; and submit it to the Board.
b.
Verify the implementation and evaluate the effectiveness of, update, and propose the necessary amendments to the compliance policy approved by the Board on an annual basis.
c.
Approve the plan that encompasses the main activities and operations of the Unit, subject to annual update by the Compliance Officer.
d.
Submit recommendations to the Board for the appointment of the Compliance Officer along with the reasons and justifications.
e.
Approve the resignation request of the Compliance Officer.
f.
Assess the Compliance Officer’s performance according to the Company’s approved plan.
g.
Evaluate the effectiveness and efficiency of compliance policies, procedures, reporting mechanism and the extent of compliance with such policies on an annual basis; and submit recommendations to the Unit for improvement to the policies before their approval by the Board.
h.
Review and approve the risk-based compliance program implemented by the Unit in their work.
i.
Review the outcomes of SAMA’s reports, and ensure that the Company has taken the necessary actions in this regard.
j.
Escalate issues to the Board as needed, and give recommendations on the actions that must be taken.
k.
Verify the Company’s compliance with relevant laws, regulations, policies and instructions, and take the necessary measures to improve the level of regulatory compliance in the Company.
l.
Verify that the number of employees in the Unit is sufficient to match the size of the Company’s business and business model.
