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6.6 Product Development Function

Effective from Nov 01 2023 - Oct 31 2023
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The product development function (business units) must ensure the following: 
 
6.6.1They are familiar with products and services policies and procedures and all applicable rules and regulations issued by SAMA and all other relevant regulators.
 
6.6.2They are competent and appropriately trained; and thoroughly understand the products and services’ features, characteristics, risks, and ensure that corrective actions are taken to mitigate identified risks related to products and services.