5.4 Frequency of ICAAP Review
| No: 581 | Date(g): 22/9/2008 | Date(h): 23/9/1429 |
Effective from Jan 31 2009 - Jan 30 2009
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The ICAAP should form an integral part of the management process and of a decision-making culture, and it should be reviewed regularly by a bank's board or the board's executive committee. SAMA requires that this must take place at least once a year. Additionally, the internal capital adequacy assessment process must be reviewed and a document submitted when significant changes have taken place, whether in relation to the bank's own decisions or external changes. The fist formal ICAAP should be for the year 31.12.2008 and should be submitted to SAMA by 31 January 2009.
Also, in this regard, for a bank which operates in a number of financial sectors and perhaps also in various national markets, it may require a review of the ICAAP more frequently than once a year. SAMA will inform these Banks where a submission other than the annual submission is required. Consequently, for banks that operate within a single and simpler market segments, and where no dramatic changes take place in the market structure, a yearly review may represent an acceptable frequency.