2.2. Principle-Based
| No: 000044021528 | Date(g): 11/10/2022 | Date(h): 16/3/1444 | Status: In-Force |
Effective from Oct 11 2022 - Oct 10 2022
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The Framework is principle-based, supported by a specific set of Control Requirements, allowing Member Organisations to adopt a risk-based approach within the applicable laws of the KSA. This means that it prescribes key Counter-Fraud principles to be embedded and achieved by the Member Organisations. The list of mandated Control Requirements provides additional direction and should be considered by Member Organisations. When a certain Control Requirement cannot be implemented, the Member Organisation should follow an exception process involving the consideration of compensating controls proportionate to business operations, pursuing an internal risk acceptance and finally requesting a formal waiver from SAMA. Approval of waiver requests will be at the discretion of SAMA. Please refer to Appendix E for details for the - How to request a Waiver from the Framework - process.