SAMA issues information technology governance framework for the Saudi financial sector

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The Saudi Central Bank (SAMA) has issued the information technology governance framework for a number of financial institutions operating in the Kingdom, including local banks and Saudi payments and credit information companies, which seeks to effectively identify and address potential IT risks and threats.

In a circular addressed to those financial institutions, SAMA highlighted that the framework is aimed to improve IT governance practices as well as develop effective controls, in addition to improving the financial infrastructure that ensures optimizing utilization of available technological resources and minimizing IT related risks.

SAMA also emphasized that compliance with the framework is mandatory for financial institutions, adding that the framework is a supplementary document to other regulatory guidelines issued by SAMA to ensure availability, resilience and security of IT infrastructures.