Expectations in Relation to the Senior Management and Their Responsibilities

Effective from 2020-11-09 - Nov 08 2020
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10.	SAMA requires a DTFC to have robust governance and risk management arrangements, which includes a clear organisational structure with well-defined, transparent and consistent lines of responsibility. All DTFCs are required to put in place a Job description (JD) for each member of the senior management. More specifically, JDs must:
	i.	Clearly set out the areas of the DTFC's activities for which the senior manager is responsible;
	ii.	Be included in every application to SAMA for pre-approval as a senior manager as per SAMA's fit and proper regulations; and
	iii.	Be updated and resubmitted if there is a significant change to the senior manager's responsibilities as per SAMA's fit and proper regulations.
11.	A DTFC is also required to produce and maintain a Management Responsibilities Description Document (MRDD), which is a single, up-to-date document setting out the DTFC's management, governance and risk management arrangements. The MRDD should be proportionate and include information about the business relationship with the head office and the group.