Regulatory Alerts2013-02-25
Principles for Effective Risk Data Aggregation and Risk Reporting
The Saudi Arabian Monetary Authority mandates all banks to implement the BCBS Principles for Effective Risk Data Aggregation and Risk Reporting by 2016, requiring each institution to develop a formal implementation strategy. SAMA will actively monitor compliance through routine on-site examinations, supervisory review visits, and targeted bilateral or multilateral meetings. These requirements ensure that financial institutions maintain robust risk data frameworks aligned with international regulatory standards.
. .. - Sau.Ji dta6ian /tlonrdatq d-9�ncq Banking Supervision Dept. The Agency expects all banks to benefit from these Principles with regard to risk data aggregation and risk reporting and accordingly implement all of these by 2016 and in this respect, banks must develop an implementation strategy. Further, SAMA from time to time through its regular On-Site Examinations, Supervisory Review Visits, and through bilateral and multilateral meetings will discuss and track the implementation of these Principles. C. 1f • __ c_..::?lt---\ -� Dr. Abdulrahman A. Al Kalaf Deputy Governor For Technical Affairs P. 0. Box 2992 - Riyadh 11169, Saudi Arabia - Tel.: 01-463 3000 - Telex 404390 SJ - Fax 0 1-466 2119