The Saudi Central Bank (SAMA) seeks public consultation on draft amendments to the “Key Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.”
In this context, SAMA invites stakeholders to “provide suggestions and observations on the draft by visiting the Public Consultation Platform at the National Competitiveness Center.”
The amended key principles aim “to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations that impact the key principles, taking into consideration the nature of the financial sector in the Kingdom and international standards and practices.”
Suggestions and observations on the draft will be received “within (15) days of this announcement for assessing their relevance in finalizing the draft.”
The draft is available on the Public Consultation Platform “with the National Competitiveness Center.”
In another update, it as noted that in line with a national initiative led by the Saudi Central Bank (SAMA) to enhance the skills of specialists in the banking sector, “particularly those representing 11 local banks, a group of national experts with in-depth knowledge of technical and operational aspects from both SAMA and the broader banking domain in the Kingdom of Saudi Arabia, has successfully completed an extensive training program focused on combating cyber fraud.”
This transformative program “was held at the University of Cambridge in the United Kingdom.”
Spanning over three months, the initiative is designed “to immerse trainees in an intensive and specialized development program focused on combating cyber fraud.”
The comprehensive curriculum entails “exposing participants to international experiences and real-life scenarios related to fraud management. It further aims to familiarize trainees with methods of fraud detection for prevention.”
It was concluded with practical applications “within the global context of banks and financial institutions.”
The program, structured “into two distinctive phases, unfolded with the initial phase hosting skill development training sessions and awareness programs on fraud prevention.”
Transitioning seamlessly into “the second phase, the focus intensified on delivering comprehensive theoretical and hands-on training in the realm of fraud prevention.”
This has reportedly “encompassed four key pillars: the fundamentals of fraud, practical scenarios, cybercrime investigations, and immersive hands-on application.”
The training program witnessed the “engagement of 40 international experts in financial fraud prevention. ”
This notable assembly has “involved academics from the University of Cambridge, representatives from the public sector, and external consultants. Leveraging their combined expertise, this distinguished group provided both theoretical and practical insights into the significant challenges and threats encountered by financial organizations.”
The primary objective of the training program “was to systematically address these challenges, emphasizing the adoption of the most contemporary practices in fraud prevention governance.”
Additionally, it cultivated “a holistic understanding of the intricate interconnections between fraud, financial crimes, and cybercrime.”
It serves to note that SAMA’s initiative to “adopt and launch these groundbreaking programs, both domestically and internationally, is rooted in its national objectives to effectively address the cyber threats that impact both organizations and individuals.”