We realize that our success is linked to understanding and responding to the interests of all our stakeholders. Through ongoing dialogue with internal and external stakeholders we are able to better understand these expectations and ensure our business activities add value for all stakeholders.
The Bank’s strategy for achieving this understanding begins by listening to its customers (through customer feedback surveys), engaging them through the Bank’s innovative communication channels (Branches, contact centre, mobile banking, social media channels – Facebook, Twitter, Relationship Managers) and responding to their needs through a range of innovative products and services (such as FLEXX, Aseel program, WOOW Rewards). As the ethic of service excellence spreads through every level of the Bank, this listening ‘engaging’ responding process is become increasingly internalized and second-nature to the Bank.
The Bank is also dedicated to providing sustainability solutions for its customers. As the listening-oriented strategy reveals customer’s greater desire for sustainability oriented products and services, the Bank places increasingly greater emphasis on satisfying that demand, generating new sustainability initiatives to better support the customer’s ambitions. more...
SAMA requires all financial institutions operating in the Kingdom of Saudi Arabia, to have AML, KYC, and CTF procedures and has circulated guidelines for the same. The Saudi Investment Bank is in compliance with such guidelines and has established written policies and procedures relating to combating money laundering activities. It also has established dedicated units that monitor the implementation of said policies and procedures.
The Saudi Investment Bank is committed to achieving the highest level of transparency and compliance with laws, rules, regulations, and guidelines applicable to the Bank’s operations. The Bank has created dedicated units with the sole responsibility of implementing policies and procedures relating to compliance requirements. Furthermore, we have a comprehensive set of written policies and procedural manuals that have translated Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating Terrorism Financing (CTF) principles into effect. SAIB constantly engages and interacts with SAMA in ensuring and progressing in its compliance according to the detailed compliant plan. This communication includes the reporting of relevant disclosures such as Basel III and consultation for gaining transparency and preventing noncompliance.
The Bank follows the SAMA Principles of Corporate Governance and the SAMA Rules on Compensation Practices. more...
- Analyst briefings and results presentations including results road shows.
- Regular local and international meetings, analyst days for local shareholders, international investor roadshows.
- Conferences, the corporate website: www.saib.com.sa.
- Media releases, annual general meeting, annual integrated and sustainability reports and the Stock Exchange News Service.
A team of dedicated volunteers was also formed under the annual plan of social responsibility, as part the Bank’s efforts to consolidate and encourage the concept of volunteer work.
The Bank is aware that its banking activities should help the sustainable development through its constant endeavor that its activities will have an influential and direct effect that would be mutually beneficial to the community and the environment. In marketing its products, the Bank also establishes a link between its social duty and all of the Bank’s products and services. more...
- Ensure a reliable supply of quality goods and services at a price acceptable to the Bank’s units.
- Achieve operational excellence through a better understanding of the supplier base, optimal supplier contracts that leverage savings opportunities, and efficient governance processes.
- Transform the supplier environment in the local market, in line with the Bank’s commitment to its sustainability strategy.
The Bank operates a centralized procurement function at the Head Office according to the laid out standards for transparency, equity, and commerciality. Control measures are in place to reduce the reactive purchase of goods and services not in compliance with the unit’s approved budget. This reduces the risk of unauthorized purchasing of goods or services, ensures that the Bank’s resources are utilized for legitimate business expenses and establishes a proactive management process of determining and approving costs upfront.
The Bank uses risk control self-assessments and internal audits to understand where there may be shortcomings in the procurement process that require effective control measures. Where risks are identified, corrective measures are implemented or procedures are changed to ensure that these risks are mitigated or reduced to an acceptable and controllable level. more...