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 |
Translated Document
Effective from 2022-01-01 - Dec 31 2021
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| 10- | The executive management has the following responsibilities: | ||
| 10-1 | Develop and apply appropriate and effective internal control systems and procedures, and maintain them. | ||
| 10-2 | Fully 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. | ||
| 10-3 | Provide the internal audit unit with updates on new initiatives, projects, products, operational changes, or any amendments to policies and procedures within the bank. | ||
| 10-4 | Ensure that all relevant risks (both known and anticipated) are identified and reported to the internal audit unit at an early stage | ||
| 10-5 | Share their risk assessments with the internal audit unit to enable the unit to plan audits based on a risk-based approach. | ||
| 10-6 | Implement appropriate measures and corrective actions in a timely and suitable manner regarding all findings and recommendations received from the internal audit unit. | ||
| 10-7 | Encourage inviting representatives of the internal audit unit to attend various administrative committee meetings as permanent invitees, without granting them voting rights | ||
| 10-8 | Include 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. | ||