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Principle (3): Roles and Responsibilities of Executive Management Regarding Internal Audit
No: 43037826
Date(g): 1/12/2021 | Date(h): 26/4/1443
Status: In-Force
Translated Document
10-
The executive management has the following responsibilities:
10-1
Develop and apply appropriate and effective internal control systems and procedures, and maintain them.
10-2
Fully and unconditionally enable the internal audit unit to access all records, individuals, systems, and buildings, and provide them with the necessary information and data to perform their tasks in a timely and appropriate manner.
10-3
Provide the internal audit unit with updates on new initiatives, projects, products, operational changes, or any amendments to policies and procedures within the bank.
10-4
Ensure that all relevant risks (both known and anticipated) are identified and reported to the internal audit unit at an early stage.
10-5
Share their risk assessments with the internal audit unit to enable the unit to plan audits based on a risk-based approach.
10-6
Implement appropriate measures and corrective actions in a timely and suitable manner regarding all findings and recommendations received from the internal audit unit.
10-7
Encourage inviting representatives of the internal audit unit to attend various administrative committee meetings as permanent invitees, without granting them voting rights.
10-8
Including a key performance indicator for the executive management that reflects the effectiveness of its handling of the observations monitored by the unit in an appropriate manner and timing.
