Establish a Compliance Risk Monitoring system that would aid our client in monitoring compliance with CMA regulations.
Our client is a leading Sharia’ compliant financial institution in Saudi Arabia. The company wanted to implement a Compliance Risk Monitoring system in order to obtain reasonable assurance that the company is complying with all relevant regulations.
Work Conducted by our team included:
- Implementing CAREweb Compliance Risk Monitoring module.
- Provide training on the system.
- Conduct compliance risk assessment workshops and recommend remedial actions to overcome identified weaknesses.
- Develop self-assessment compliance tests (Test of Controls) for the managers to periodically verify that the controls are working as intended.
- Develop compliance monitoring programs for the Compliance team to periodically verify that key controls are properly deployed.
- Successful implementation of CAREweb compliance risk monitoring module.
- Several control enhancements and opportunities for improving processes were identified and implemented.
- Periodical reports are now being presented to senior management and the Audit Committee on the status of compliance with the CMA regulations.