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SAMA Compliance Audits and Consultancy Services in Saudi Arabia

What is SAMA Saudi Arabian Monetary Authority:

sama compliance

SAMA, also known as the Saudi Arabian Monetary Authority, is the central bank of Saudi Arabia, responsible for regulating the country’s monetary policy, financial stability, and banking sector. SAMA plays a pivotal role in overseeing financial institutions, ensuring compliance with regulatory frameworks such as the SAMA MVC (Monetary Value Control), CRFR (Controlled Remote File Retrieval), and CSF (Cyber Security Framework). Additionally, SAMA offers consultancy services to businesses operating in Saudi Arabia, providing guidance on compliance with SAMA regulations and facilitating third-party audit services.

Our SAMA Compliance Services:

At GRC360, we specialize in providing comprehensive services to ensure your organization’s compliance with the stringent regulations set forth by the Saudi Arabian Monetary Authority (SAMA). Our range of services encompasses audits, consultancy, and compliance solutions tailored to meet the specific needs of your business. Additionally, we offer third-party compliance consultancy and audits for key SAMA frameworks, including the SAMA Cyber Security Framework (CSF), SAMA Minimum Verification Control (MVC), and SAMA Cyber Resilience Fundamental Requirements (CRFR). Explore our services below:

 sama compliance

  1. Audits: Our experienced team conducts thorough audits to assess your organization’s adherence to SAMA regulations. Through meticulous examination and analysis, we identify areas for improvement and provide actionable recommendations to enhance your compliance posture.
  2. Consultancy: Benefit from expert consultancy services aimed at guiding your organization through the complexities of SAMA compliance. Our consultants offer strategic advice, regulatory insights, and tailored solutions to help you navigate the regulatory landscape effectively.
  3. Compliance Solutions: We offer comprehensive compliance solutions designed to streamline and strengthen your adherence to SAMA regulations. From policy development and implementation to ongoing monitoring and review, we provide end-to-end support to ensure compliance excellence.
  4. Third-Party Compliance Consultancy and Audits: In addition to our core services, we specialize in offering third-party compliance consultancy and audits for SAMA frameworks such as CSF, MVC, and CRFR. Our experts provide independent assessments and validation of your compliance efforts, giving you confidence in your regulatory compliance.

At GRC360, we are committed to helping organizations in Saudi Arabia achieve and maintain SAMA compliance effectively and efficiently. Partner with us to safeguard your operations, mitigate risks, and uphold the highest standards of regulatory compliance.

Objectives of SAMA Compliance

The SAMA compliance framework aims to fortify cybersecurity measures within regulated financial institutions, safeguarding customer data against escalating cyber threats. The key objectives include:

  1. Consistent Approach: Foster the development of a unified methodology to tackle cybersecurity concerns across the financial sector.

  2. Maturity Level Attainment: Strive towards achieving a defined maturity level of cybersecurity controls, ensuring robust defense mechanisms are in place.

  3. Effective Risk Management: Ensure proficient management of cybersecurity risks, encompassing all member organizations and mitigating potential threats effectively.

Scope of SAMA Compliance

The scope of the SAMA compliance framework extends to:

  1. Electronic and Physical Information: Encompasses data stored in both electronic and physical formats, ensuring comprehensive protection of sensitive information.

  2. Software, Applications, Databases, and Electronic Services: Covers all software applications, databases, and electronic services utilized by regulated financial institutions.

  3. Hardware Infrastructure: Includes hardware devices such as computers, ATMs, and electronic machines integral to financial operations.

  4. Storage Devices: Encompasses USB sticks, hard disks, and other storage devices utilized for information storage, ensuring secure handling and storage practices.

  5. Technical Infrastructure: Encompasses communication networks, equipment, and premises forming the technical backbone of financial operations, ensuring their resilience against cyber threats.

SAMA compliance

SAMA Sandbox :

SAMA (Saudi Arabian Monetary Authority) sandbox is a regulatory sandbox program launched by the Saudi Arabian Monetary Authority. It allows fintech companies and startups to test innovative financial products, services, and business models in a controlled environment under the supervision of SAMA. 

The sandbox provides a platform for companies to experiment with their offerings while ensuring sama compliance with regulatory requirements. It promotes innovation, fosters the growth of the fintech ecosystem, and facilitates the development of new solutions to meet the evolving needs of consumers and businesses in Saudi Arabia.

SAMA Sandbox Process :

1. Application and Eligibility: Begin by ensuring your fintech venture meets SAMA’s eligibility criteria. Submit your proposal outlining your innovative solution and its potential impact.

2. Proposal Submission: Craft a detailed proposal highlighting the problem your fintech innovation addresses, its unique features, target market, and expected benefits.

3. Regulatory Review: Undergo a comprehensive regulatory review conducted by SAMA. This step ensures your solution complies with regulatory standards and poses no undue risks.

4. Sandbox Testing: Enter the sandbox testing phase where you’ll have the opportunity to test your innovation in a controlled environment. Gather valuable insights and refine your solution as needed.

5. Monitoring and Evaluation: Benefit from ongoing monitoring and evaluation by SAMA to assess compliance and effectiveness. Receive guidance and support to optimize your solution for success.

6. Graduation and Implementation: Upon successful completion of the sandbox testing phase, graduate from the program with confidence. Proceed with the implementation and commercialization of your fintech innovation, equipped with SAMA’s endorsement.

GRC360 Services for SAMA Sandbox:

At GRC360, we specialize in offering comprehensive services tailored to meet the unique needs of organizations participating in the SAMA Sandbox. Our expertise extends to providing guidance and support for compliance with key SAMA frameworks, including Cyber Resilience Fundamental Requirements (CRFR) and Minimum Verification Control (MVC). Explore our range of services designed to ensure your organization’s success within the SAMA Sandbox:

CRFR (Cyber Resilience Fundamental Requirements) Explained: CRFR sets the foundational requirements for ensuring cyber resilience within organizations operating in Saudi Arabia. It encompasses essential measures and controls aimed at enhancing cybersecurity posture, mitigating cyber threats, and ensuring business continuity in the face of cyber incidents.

MVC (Minimum Verification Control) Explained: MVC outlines the minimum requirements for verifying the identity of customers and conducting due diligence in financial transactions. It aims to prevent money laundering, terrorist financing, and other illicit activities by establishing robust identity verification and authentication processes.

Our Comprehensive Services Include:

  1. Compliance Solutions: We provide comprehensive sama compliance solutions tailored to meet the specific requirements of CRFR and MVC. Our experts ensure that your organization meets the regulatory standards set forth by SAMA, mitigating the risk of non-compliance.
  2. Documentation: Our team assists in the development and documentation of policies, procedures, and controls aligned with CRFR and MVC requirements. We ensure that your organization has robust documentation in place to support compliance efforts.
  3. Policy and Procedure Drafting: We offer assistance in drafting policies and procedures that align with the principles outlined in CRFR and MVC. Our tailored policies and procedures are designed to address your organization’s unique needs while ensuring sama compliance with regulatory requirements.
  4. Architecture Review: Our experts conduct thorough reviews of your organization’s architecture to assess its alignment with CRFR and MVC requirements. We identify potential gaps and vulnerabilities and provide recommendations for enhancing your architecture to meet regulatory standards.
  5. Design and Implementation: We support the design and implementation of controls and measures necessary to achieve compliance with CRFR and MVC. Our hands-on approach ensures that your organization’s systems and processes are effectively configured to meet regulatory requirements.

At GRC360, we are committed to helping organizations navigate the complexities of SAMA compliance within the Sandbox environment. Partner with us to leverage our expertise and achieve compliance excellence in your SAMA Sandbox initiatives.

Fintech Saudi and GRC360  :

Fintech Saudi, launched in April 2018 by the Saudi Central Bank in partnership with the Capital Market Authority, is dedicated to catalyzing the growth of the financial services technology (fintech) industry in Saudi Arabia. As the Saudi Arabian Financial Technology Initiative, Fintech Saudi aims to transform the Kingdom into an innovative fintech hub with a thriving and responsible ecosystem. 

By fostering innovation, collaboration, and growth within the fintech sector, Fintech Saudi facilitates partnerships between startups, financial institutions, regulators, and other stakeholders.

 This initiative drives digital transformation in the financial sector, enhances financial inclusion, and positions Saudi Arabia as a leading fintech hub in the region. Fintech Saudi provides comprehensive support to fintech startups, offering regulatory guidance, conducting research, and organizing events and programs to nurture the fintech community in the Kingdom.

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