3.1 Bank's Role and Responsibility for the ICAAP
Effective from Jan 01 2024 - Jan 30 2009
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Banks have to convince SAMA that their ICAAP process is comprehensive, rigorous and includes capital commensurate with their risk profile as well as strategic and operational planning. The banks must compose and assemble the specific ICAAP process and methodology based on the objective and requirements imposed by SAMA and on the specific strategic and operational plans set by their Board of Directors. Consequently, banks must have a clear understanding on SAMA's expectations in terms of the definitions, concepts and benchmarks in order for an effective assessment and follow-up by it. An important and obvious example is the manner in which both the risks and the capital are defined.