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Effective from Jan 01 2020 - Dec 31 2019 To view other versions open the versions tab on the right
46.
SAMA outsourcing rules require a FBB to have effective outsourcing processes to identify, manage, monitor and report risks and internal control mechanisms. A FBB should ensure that, when relying on its Head/Regional Office or a third party for the performance of any functions which are critical for the performance of its activities, on a continuous and satisfactory basis, it takes reasonable steps to avoid undue additional operational risks.
47.
A FBB should not undertake the outsourcing of important functions in such a way as to impair materially:
i.
The quality of its internal control; and
ii.
The ability of SAMA to monitor the branch’s compliance with all its regulatory obligations.
48.
Any planned outsourcing of processes, people and systems must satisfy SAMA’s outsourcing rules as set out in SAMA’s Instructions for Outsourcing as applicable to FBBs. All outsourcing activities must also be reported using the FBB Return Form (Attachment A).
