| Autonomy |
| 1. | Autonomy is inclusive of the following:
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| | a. | The Unit shall have an official status in the company.
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| | b. | The Unit shall functionally report to the Audit Committee and administratively to the Executive Management.
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| | c. | The Compliance Officer and Unit Staff shall perform the tasks assigned to them with autonomy, and they may not perform any other administrative tasks.
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| | d. | The Compliance Officer and Unit staff shall have the authority to access all information and documents, and communicate with any of the Company staff to the extent necessary to discharge their responsibilities.
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| | e. | Other departments shall not interfere with the Unit’s work, without prejudice to the Unit’s cooperation with other departments in a manner that serves the compliance.
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| Compliance Officer |
| 2. | Compliance Officer selection and nomination is subject to the Requirements for Appointment to Senior Positions issued by SAMA and any relevant SAMA instructions issued at a later date.
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| 3. | The Compliance Officer shall have the necessary knowledge and skills to perform the Unit’s duties and maintain its effectiveness. To this end, the Compliance Officer shall:
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| | a. | Obtain Compliance for Financing Companies Sector Professional Certificate, excluding any incumbents assigned to the position.
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| | b. | Have broad expertise in the finance sector and understanding of all laws and instructions related to various finance operations and other relevant regulations.
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| 4. | Submit periodic compliance reporting to the Audit Committee. The report shall identify the main non-compliance risks facing the Company, and key observations reached as a result of reviewing the work of the departments during the reporting period; analyze existing processes and procedures related to compliance and assess their effectiveness; and suggest any amendments or changes relevant to these functions.
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| 5. | Have the authority to hold periodic meetings with the Executive Management and directors of other departments and units to discuss compliance implementation in accordance with the relevant regulations and instructions.
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| 6. | Meet with the Audit Committee during the submission period of periodic compliance reporting to assess the extent of the company’s ability and effectiveness in managing its non-compliance risks.
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| 7. | Verify any possibility of non-compliance, and may request support from specialists within the Company (such as the internal auditor), or involve an external specialist to carry out the task if necessary. Have the authority to directly contact concerned officials, whether in the Board, the Executive Management or the Audit Committee, in the event of any observation or violation.
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| Unit Staff |
| 8. | The number of employees in the Unit shall be sufficient and consistent with the Company’s business model and size. Unit employees shall report solely to the Compliance Officer.
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| 9. | Unit employees shall have the appropriate qualifications and expertise to perform their job duties and keep abreast of developments in their field of work.
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| 10. | Unit employees shall have full understanding of the instructions and their impact on the Company's business.
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