Professional Competence and Due Diligence | SAMA Rulebook

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Professional Competence and Due Diligence

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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	19-	The head of the unit must possess leadership skills and the necessary skills to maintain the unit’s effectiveness.
	20-	The head of the unit must have an academic degree in one of the following:
			20-1	Either in accounting, auditing, business administration, or other related fields to internal auditing, preferably holding a specialized professional certification in internal auditing or accounting such as (QIAI), (CIA), (SOCPA), (CPA), or an advanced degree in accounting, auditing, or business administration.
			20-2	Or in specialized technical fields such as (CISA) Certified Information Systems Auditor or (CISM) Certified Information Security Manager, provided that in this case, they also hold one of the professional or advanced certifications specified in (1) above. In both options, they must have sufficient practical experience in internal auditing and possess appropriate leadership skills to fulfill their responsibilities while maintaining the unit’s independence and objectivity.
	21-	The head of the unit, without conflicting with the bank’s general employment policies, procedures, and requirements, must establish standards to attract competent individuals to the unit who possess professional competence, scientific knowledge, experience, qualifications, skills, and the ability to gather and understand information, examine and evaluate evidence during the audit process, and communicate with stakeholders. This requirement also includes supporting and enabling national talents and preparing them.
	22-	The head of the unit must assess the skills of the unit’s staff, monitor their development, and ensure they receive continuous, relevant training to meet the technical requirements of banking activities, adapt to the increasing diversity of tasks due to new products, services, and procedures, and keep up with other developments in the financial sector.