Risk Management

It is considered the front line in managing risk factors within the bank’s business sectors, in order to cover the risks of activities and businesses at an early stage, whether they are credit risks, market risks, liquidity risks, or operational risks, within the established limits.

The second line of defense is concerned with the comprehensive management of the activities of the first line of defense, which is represented in risk management and monitoring compliance with regulatory requirements, so that risk management is responsible for developing an appropriate methodology and framework for managing risk factors in line with the bank’s business strategy, and the compliance unit is concerned with monitoring the first line of defense regarding the effective management of the risks of complying with the regulatory requirements issued by the regulatory authorities and ensuring that the bank abides by the instructions, legislation and laws related to its business.

The third line of defense is the function of audit and internal audit, where the internal audit department enjoys independence from the executive management and reports directly to the audit and compliance committee emanating from the board of directors, and this department provides independent confirmation about the work of the various departments and units of the bank within the approved policies and procedures. The Internal Audit Department also provides the Audit and Compliance Committee of the Board of Directors with the results and outputs of the audits