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Senior management shall have the responsibility for designing, developing and implementing an effective stress testing framework. In this regard, it will establish an appropriate organizational structure, deploy qualified human resources, and adopt well-defined processes and procedures for conducting stress tests;
ii.
Senior management should put in place necessary infrastructure and IT systems to support the conduct of stress tests. The infrastructure so provided should be adequate to support compilation and processing of data required for conducting stress tests in an effective manner;
iii.
Senior management should provide oversight in defining the relevant stress scenarios, selection of methodologies and conduct of the stress tests;
iv.
Senior management shall ensure that the results of the stress tests are compiled in a clear and concise manner, and communicated to the board of directors, relevant board and management committees, senior management, relevant business areas and SAMA;
v.
Senior management shall prepare adequate action plans for dealing with the findings of the stress tests;
vi.
Senior management should periodically assess the effectiveness of the stress testing policy, procedures and framework, and make necessary adjustments there in line with the market developments and changing business environment, and where-ever required seek approval of the board to the proposed changes. ,The ultimate objective should be to ensure the robustness and effectiveness of the bank’s stress testing program;
