Effective from Jul 10 2019 - Jul 11 2019 To view other versions open the versions tab on the right
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The finance company shall establish and annually update a written outsourcing policy approved by the Board of Directors.
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The finance company should establish appropriate internal controls and procedures to ensure compliance with these Rules.
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The finance company shall verify the External Service Provider’s compliance with relevant laws, regulations and instructions. The finance company shall remain responsible if the External Service Provider shows lack of compliance with the applicable laws, regulations and instructions in any outsourced operations and tasks.
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The finance company should ensure that all existing and proposed outsourcing contracts/agreements have been subject to a comprehensive risk review process at inception and renewal. This process should evaluate key risk factors, namely operational, legal, reputation and regulatory risks.
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SAMA, the finance company and the external auditor may obtain any information or documents related to the work of the External Service Provider or examine such data in its offices.
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The finance company must exert due diligence to verify that the External Service Provider has obtained the necessary licenses to carry out its activity, and that it has the required technical and legal qualification.
