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Independent Control Roles

Internal audit

The company adopts within its organizational structure an independent internal audit department consisting of a sufficient number of employees under the audit committee of the Board of Directors. As its main task is to carry out internal audit work by conducting control processes and supervising the efficiency and effectiveness of internal control regulations in protecting the company's assets and the validity of financial statements and the efficiency of operations in their administrative, financial and accounting aspects. In addition to evaluating the performance of the executive management in this respect, the company also ensures that its employees receive appropriate training to carry out their duties in accordance with the latest standards and in support of independence, the director of internal audit is appointed by the Board of Directors upon the recommendation of the audit committee.

Compliance (conformity & commitment)

The Conformity and Compliance Department is responsible for ensuring that the company complies with all laws and regulations issued by the relevant regulatory authorities and the rules issued by both the Stock Exchange and the Clearing Agency in addition to the compliance with the requirements of the anti-money laundering law, terrorist financing and any relevant laws. As well as evaluating the company’s capability to manage the risks of non-compliance effectively in accordance with an annual business strategy approved by the Board of Directors.

Risk Management

The company is keen to adopt an independent and effective risk management framework where it follows directly the risk committee of the Board of Directors. The risk managers have sufficient powers, except financial powers, to enable them to carry out their main tasks represented in the measurement and follow-up all kinds of risks which the company counters continuously. In addition to modifying the systems and procedures when needed and conduct reviews according to an appropriate period plan in addition to assessing the efficiency of the control systems and the ability of the company to face those risks.