The procedures and operations of the internal control, compliance and risk management have developed from the traditional to the modern methods emanating from the global professional associations, which laid down the international standards of the internal control, compliance, risk management operations in terms of planning and undertaking such activities, so that those in charge of these operations would focus on the riskiest fields.
The task of those employees can be summed up in ensuring that the operations, actions and procedures of the company in certain fields of the insurance industry are in line with the provisions in the State-enacted laws and, in particular, the laws, regulations, instructions and decisions of the Insurance Authority.
The Authority assures that the higher management has the responsibility for taking all necessary actions that would ensure objective and professional work performed by the staff of the Internal Control, Compliance and Risk Management Departments, especially in relation to providing the in...