RIYADH — The Saudi Central Bank (SAMA) has issued the information technology governance framework for a number of financial institutions operating in Saudi Arabia, including local banks, Saudi Payments and credit information companies.

The governance framework falls within the mandate of the Saudi Central Bank in accordance with the authority vested to SAMA as issued by the Royal Decree No. (M/36), dated 11/04/1442H, and other relevant regulations, which seek to effectively identify and address potential IT risks and threats.

In a circular addressed to those financial institutions operating in the Kingdom, SAMA highlighted that the framework intends to improve IT governance practices as well as developing effective controls.

SAMA is keen to improve the financial infrastructure that ensures optimizing utilization of available technological resources and minimizing IT related risks. SAMA emphasizes that compliance with the framework is mandatory for financial institutions.

It may be noted that the framework is a supplementary document to other regulatory guidelines issued by SAMA to ensure availability, resilience and security of IT infrastructures. — SPA