Governance, Risk and Compliance
In SALIC, we are
highly aware of the importance of corporate governance as it safeguards the
principles of integrity, transparency and efficiency in the company’s
operations. SALIC’s governance policy, risk management and compliance are
solidly based on six principles:
- 1. The Board of Directors plays a leading role in policy making that
defines the business strategy and organizational development in SALIC.
It has appointed Board Committees in order to assist the Board in
carrying out its responsibilities.
- 2. The Board appoints external auditors of good reputation in order to
audit and review the company's financial state of affairs.
- 3. The Board monitors and strengthens the role of the internal audit
process in order to ensure appropriate internal control systems.
- 4. The Board requires full compliance with all laws that govern the
activities of the company, including those of the Board of Directors and
the Executive Management.
- 5. The Board supervises the adoption and development of business rules
and associated professional practices. These include, but are not
limited to, the rules of SALIC’s investment policy, its internal
administrative system and the rules and regulations in respect of
procurement, in addition to the adoption and control of SALIC’s
separation of authorities.
- 6. The Board ensures the development and implementation of an integrated
risk management policy in SALIC on the basis of activating risk
identification, defense measures and internal control systems in line
with the requirements of our business operations.