Investment Banking

Service delivered:
Establish a Compliance Risk Monitoring system that would aid our client in monitoring compliance with CMA regulations.

Background:
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.

The outcome

  • 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.