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2.3. Requirements in Relation to the Senior Management and their Responsibilities

Effective from Sep 24 2019 - Dec 31 2019
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13.SAMA requires a FBB to have robust governance and risk management arrangements, which includes a clear organizational structure with well-defined, transparent and consistent lines of responsibility. All FBBs are required to put in place a Job description (JD) for each member of the senior management. More specifically, JDs must:
 
 i.Clearly set out the areas of the FBB’s activities for which the senior manager is responsible;
 
 ii.Be included in every application to SAMA for pre-approval as a senior manager as per SAMA’s fit and proper regulations; and
 
 iii.Be updated and resubmitted if there is a significant change to the senior manager’s responsibilities as per SAMA’s fit and proper regulations.
 
14.A FBB is also required to produce and maintain a Governance Policy, which is a single, up-to-date document setting out the branch’s management, governance and risk management arrangements. The Governance Policy should be proportionate and include information about the business relationship with the Head Office and the group.