Regulatory Alerts2022-09-01
Updating Financial Institution KPIs
Saudi Central Bank (SAMA) has issued a circular updating the target values for two key performance indicators governing complaint processing quality via the "SAMA Muhtam" system, setting customer satisfaction at not less than 80% and escalated complaint closure in favor of customers at not more than 5%. Effective from the first quarter of 2023, all licensed banks, financing, insurance, and payment service providers must align their operations with these revised targets while maintaining compliance with other existing KPIs. SAMA will monitor performance quarterly and enforce regulatory measures against institutions that fail to meet the updated benchmarks.
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