Principle (6): Resources
| No: 42005223 | Date(g): 15/9/2020 | Date(h): 28/1/1442 | Status: In-Force |
Translated Document
Effective from 2020-09-15 - Sep 14 2020
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The bank must provide the Compliance Unit with the necessary resources to perform its responsibilities effectively.
Resources and Effectiveness in Achieving Tasks
| 60- | The resources provided to the Compliance Unit must be both sufficient and appropriate to ensure effective coordination of non-compliance risk management within the bank. | |
| Adequacy and Appropriateness of Resources | ||
| 61- | The Compliance Unit should have staff with the necessary qualifications, experience, and personal and professional attributes required to carry out its defined duties. Compliance Unit staff must also have a sound understanding of regulations and instructions and their actual impact on the bank's operations. Additionally, the professional skills of the Compliance Unit staff should be maintained and developed, especially in keeping up with developments in regulations, instructions, and technology, through ongoing and regular education and training. | |
| Responsibility for Providing Resources and Its Impact | ||
| 62- | The responsibility for providing the necessary financial, human, and technical resources and directing them towards the compliance process lies with the board according to the approved policy and with senior management during the implementation and management of non-compliance risks and their development. It should be noted that increased compliance costs (e.g., development plans) can lead to enhanced effectiveness in identifying, measuring, monitoring, and controlling risks, thereby resulting in higher profits, better coordination of activities, and improved quality. Therefore, a periodic assessment should be conducted to ensure the adequacy of human and technical resources and determine whether additional support or development is needed to ensure the effective and efficient management of the compliance process. | |