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Effective from Jan 01 2020 - Dec 31 2019 To view other versions open the versions tab on the right
40.
Where a FBB has an individual performing the role of Head of Risk Management, he or she will need to be pre-approved as the Head of Risk Management function in line with SAMA Fit and Proper regulations. SAMA also requires that such a position should, at a minimum;
i.
Be accountable to the FBB’s Head Office for oversight of branch-wide risk management;
ii.
Be fully independent of a branch’s individual business units;
iii.
Have sufficient authority, stature and resources for the effective execution of his/her responsibilities;
iv.
Have unfettered access to any parts of the branch’s business capable of having an impact on the branch’s risk profile;
v.
Ensure that the data used by the branch to assess its risks are fit for purpose in terms of quality, quantity and breadth;
vi.
Provide oversight and challenge of the branch’s systems and controls in respect of risk management;
vii.
Provide oversight and validation of the branch’s reporting of risk;
viii.
Ensure the adequacy of risk information, risk analysis and risk training provided to members of the branch’s management team;
ix.
Report to the branch’s management team (and, if appropriate, to that of the parent) on the branch’s risk exposures relative to its risk appetite and tolerance, and the extent to which the risks inherent in any proposed business strategy and plans are consistent with the branch’s risk appetite and tolerance. The branch Head of Risk Management should also alert the branch’s management team and provide challenge on, any business strategy or plans that exceed the branch’s risk appetite and tolerance.
41.
SAMA requires that a FBB will structure its arrangements so that senior management personnel at an appropriate level in the Head Office will exercise functions in taking into account group-wide risks.
