Regulatory Alerts2021-11-04
Circular Re. Information Technology Governance Framework for Financial Sector
Saudi Central Bank (SAMA) issued a circular mandating financial institutions to implement its Information Technology Governance Framework to effectively manage IT risks and ensure operational resilience. Institutions are required to conduct a current state gap assessment, submit a compliance roadmap to achieve Maturity Level 3 by January 2022, and fully comply with all framework requirements by the end of 2022. Additionally, organizations must provide semi-annual reports to SAMA starting in Q1 2022 and submit detailed annual compliance reports from Q1 2023 onwards.
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