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Principle (3): Roles and Responsibilities of Executive Management Regarding Internal Audit

No: 43037826 Date(g): 1/12/2021 | Date(h): 26/4/1443 Status: In-Force

Effective from 2021-12-01 - Nov 30 2021
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10-10- The executive management has the following responsibilities:
  1-10Develop and apply appropriate and effective internal control systems and procedures, and maintain them.
  2-10Fully and unconditionally enable the internal audit unit to access all records, individuals, systems, and buildings, and provide them with the necessary information and data to perform their tasks in a timely and appropriate manner.
  3-10Provide the internal audit unit with updates on new initiatives, projects, products, operational changes, or any amendments to policies and procedures within the bank.
  4-10Ensure that all relevant risks (both known and anticipated) are identified and reported to the internal audit unit at an early stage
  5-10Share their risk assessments with the internal audit unit to enable the unit to plan audits based on a risk-based approach.
  6-10Implement appropriate measures and corrective actions in a timely and suitable manner regarding all findings and recommendations received from the internal audit unit.
  7-10 Encourage inviting representatives of the internal audit unit to attend various administrative committee meetings as permanent invitees, without granting them voting rights
  8-10Include a performance indicator related to the executive management’s effectiveness in addressing issues monitored by the internal
audit unit in the executive management’s key performance indicators, and ensure these are addressed in a timely and appropriate manner.