SAMA Compliance
SAMA
Saudi Arabian Monetary Authority
A Complete Guide to Saudi Arabian Monetary Authority Regulations
What is SAMA Compliance?
The Saudi Arabian Monetary Authority (SAMA) is the central bank of Saudi Arabia, responsible for regulating the financial sector, including banks, insurance companies, fintech firms, and investment institutions. SAMA compliance refers to adherence to the regulatory frameworks, cybersecurity standards, and financial policies set by SAMA to ensure stability, security, and transparency in the financial industry.
1. Protecting Financial Data
Prevents cyberattacks and data breaches.
2. Ensuring Regulatory Compliance
Avoids legal penalties and fines.
3. Strengthening Business Continuity
Minimizes downtime and operational disruptions.
4. Enhancing IT Governance
Aligns IT policies with best practices for risk management.
Failing to comply with SAMA regulations can lead to severe consequences, including financial penalties, operational restrictions, and reputational damage.
Key SAMA Frameworks
The Saudi Arabian Monetary Authority (SAMA) has established regulatory frameworks to enhance cybersecurity, IT governance, business continuity, and risk management for financial institutions. Compliance with these frameworks is essential to safeguard critical financial data, maintain operational resilience, and meet regulatory requirements.
Key SAMA Frameworks
SAMA Cybersecurity Framework (CSF)
The SAMA Cybersecurity Framework (CSF) is designed to strengthen the cybersecurity posture of financial institutions by implementing risk-based security controls. It aligns with international standards such as ISO 27001 and NIST to mitigate cyber threats and protect sensitive financial data.
- Risk-based security controls
- Threat detection and response
- Data protection and encryption
- Continuous monitoring and incident management
Business Continuity Management (BCM)
SAMA’s Business Continuity Management (BCM) framework ensures that financial institutions can continue critical operations during disruptions such as cyberattacks, natural disasters, or IT failures.
- Disaster recovery and crisis management
- Business impact analysis (BIA)
- Resilience planning and testing
- Emergency response and risk mitigation
IT Governance Framework (ITGF)
The IT Governance Framework (ITGF) establishes guidelines for managing IT risks, ensuring compliance, and aligning IT strategies with business objectives. This framework helps organizations enhance operational efficiency, data governance, and regulatory adherence.
- IT risk management and governance policies
- Regulatory compliance alignment
- IT security and operational controls
- Incident handling and reporting mechanisms
Minimum Verification Control (MVC)
SAMA’s Minimum Verification Control (MVC) outlines the baseline security measures required for financial institutions to protect their IT infrastructure and sensitive data. It sets the minimum cybersecurity standards that organizations must meet to ensure regulatory compliance.
- Identity and access management (IAM)
- Secure authentication mechanisms
- Encryption and data protection
- Audit and compliance monitoring
Cyber Resilience Fundamental Requirements
Cyber resilience is a critical component of financial security. SAMA’s Cyber Resilience Fundamental Requirements define the strategies organizations must implement to withstand, respond to, and recover from cyber threats.
- Proactive threat intelligence and mitigation
- Incident response and recovery planning
- Security awareness and staff training
- Secure cloud and third-party risk management
Key Benefits of SAMA Compliance
Safeguard financial data from cyber threats, fraud, and unauthorized access.
Ensure adherence to SAMA regulations, avoiding penalties and legal risks.
Maintain uninterrupted operations during crises with effective BCM strategies.
Strengthen decision-making and improve IT risk controls.
Minimize risks related to financial mismanagement, data breaches, and system failures.
Strengthen consumer confidence by ensuring secure and compliant financial services.
How Global CB Can Simplify Your SAMA Compliance
At Global CB, we offer expert guidance to help financial institutions seamlessly achieve SAMA compliance. Our services include:
