Sama Agreement

When customer data or financial statements are to be made available to an outsourced service provider as part of the provision of outsourced services, it is important to ensure that the contractual agreement reflects the confidentiality obligations of the Bank Control Act and other rules and instructions that SAMA has adopted. It is also important to ensure that appropriate measures are taken to protect customer data and financial information in the delivery of outsourced services. These measures may include, for example, obligations requiring the introduction of isolation procedures that restrict access to such information on the basis of knowledge needs and the obligations that those involved in the provision of these services enter into confidentiality agreements. Traditionally, banks would assign many non-fundamental works to third parties, which may not have been considered „outsourcing.“ Nevertheless, there may be implications for the outsourcing of these works in the outsourcing rules, so that agreements relating to this work still need to be verified for compliance. In managing cases referring to Sama, Sama helps parties select and appoint a resolution expert, with the support of its database of more than 100 dispute resolution experts and its effective and effective case management framework. For more information on general processes and requests, see . Outsourcing rules require that management within banks ensure that risks associated with existing and potential outsourcing contracts are taken into account and addressed. The award of basic work must be subject to a thorough risk assessment for all new contracts and contract renewals. In the case of non-essential work, a thorough review is only necessary if substantial changes are made to the benefits as part of an outsourcing agreement. Costs are borne equally by all parties, unless the existing transaction agreement or agreement notified to the CM prior to the start of the conciliation agreement provides otherwise. In a statement, SAMA said it intended, through the agreement, to find a technical mechanism for banks to be informed of deaths in order to benefit from modern technical means and online administration applications. In addition, this should increase the level of public services in a way that helps to reduce administrative procedures and improve the quality, speed of supply and confidentiality of information and data.

The sama dispute settlement clause refers to the existing dispute settlement clause, contained in a contract or subsequent agreement or agreement between the parties, which seeks to refer a case to Sama in accordance with the Sama dispute settlement rules. Dispute Resolution Professional (IM DRP) designates any person appointed by Sama as an impartial or neutral expert for the provision and management of case resolution services.