Detailed information about our Governance processes and structures is available in a separate report: 2020 Board of Directors report.
2020 saw the Compliance department enhance its internal process firstly, Ma’aden became the first Saudi company to attain ISO 37001-2016 certification, which certifies that the Ma’aden Anti-bribery program has met international standards. On the other hand, the Compliance Department rolled out enhanced third party due diligence procedure to better address third party risks.
As the local and global regulations and guidelines continue to undergo change, Compliance has continually worked with management to ensure that the proper mechanisms are in place to enable Ma’aden to be in compliance with these changes.
A GRC framework is all about managing a company’s overall governance, risk management and compliance, aiming to ensure the company reliably achieves its objectives, addresses uncertainties and acts with integrity. In order to attain these objectives, Ma’aden has its own standalone GRC Department
Governance is a framework by which a company is directed, so as to achieve its overall objectives. It is concerned with relationships, structures, processes, information flows, controls, decision-making and accountability to the highest level in a company.
Risk management involves knowing the location of critical data, operations, and processes, as well as an understanding of the business’ capability to bear critical risks. Quality assurance, benchmarking and other continuous improvement tools are used as part of the monitoring process in the course of normal operations.
Compliance assists senior management in identifying, evaluating, controlling and monitoring on an on-going basis, the compliance risks affecting the company. The Compliance Function of the GRC department recommends appropriate controls and remedial actions.
