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Effective from Dec 01 2021 - Nov 30 2021 To view other versions open the versions tab on the right
The Debt-Based Crowdfunding Company shall:
1-
Develop written appropriate organizational policies approved by the board. Such policies must include, at least, the internal organization, governance, credit, risk management, compliance, a guide to deal with actual or potential conflicts of interest, confidentiality and security of information, outsourcing, and human resources.
2-
Ensure that its technical equipment and related systems are adequate for its operational needs, nature of activity and risk situation and in accordance with best practices and SAMA’s instructions in this regard.
3-
Design its information technology systems and related processes in a way that ensures the data availability, integration, safety and confidentiality and preserve the security of such systems and data. The Debt-Based Crowdfunding Company shall assess these systems and processes on a regular basis in accordance with the generally recognized technical standards.
4-
Establish business continuity plans for emergencies, including alternative solutions to restore its operations within an appropriate time.
5-
Keep all documents, records and files of the Participants and Institutional Beneficiaries in an orderly and safe manner and ensure that all files are complete and updated regularly for a period of at least 10 years from the date of the end of the relationship.
6-
Have sufficient and qualified human resources in terms of knowledge and expertise to meet its operational needs, business activities and risk situation.
7-
Develop a recruitment plan for vacant positions.
8-
Develop a plan for cessation of business to be updated periodically to consider any changes to the Company’s business model or in the risks to which the Company is exposed.
