Chapter V: Roles and Responsibilities
| No: 381000103246 | Date(g): 13/7/2017 | Date(h): 19/10/1438 | Status: In-Force |
27- Board of Directors of Finance Company: The Company’s board of directors is responsible for the control of fraud. The board’s activities shall include, at a minimum, the following:
a. approving anti-fraud strategy and policies.
b. ensuring the provision of resources necessary for the implementation of the strategy and policies.
28- Employees of Finance Company: The Finance Company’s employees, whether permanent or contractors, shall be responsible for monitoring fraud in their work and shall report any suspicious cases of fraud immediately.
29- Internal Audit Department: The Internal Audit Department shall be responsible for the following:
a. tracking fraud incidents during the performance of its work, collecting necessary evidence in case of a suspicion, and investigating suspicious transactions; and
b. conducting regular assessment to verify the effectiveness of and compliance with anti-fraud policies and procedures and ensure appropriate and timely dealing with suspicious cases of fraud، proper documentation of actions taken، and inclusion of said information in the audit department’s report prescribed in the Implementing Regulation of the Finance Companies Control Law.
30- External Auditor: The external auditor shall be responsible for verifying the Company’s compliance with anti-fraud policies.