The Banking Executive Magazine - Septmber Issue 2021

Saudi Ministry the BANKING EXECUTIVE 24 ISSUE 153 SEPTEMBER 2021 Saudi Ministry LAUNCHES INITIATIVE TO IMPLEMENT GLOBAL FINANCIAL PRACTICES IN GOVERNMENT ENTITIES Saudi Arabia’s Finance Ministry launched an initiative to ensure implementation of the latest global financial practices in the govern- ment sector to increase its effi- ciency in line with the Vision 2030, said a ministry statement. Prior to the launch of the Financial Control and Support and Develop- ment Initiative, the ministry launched a self-assessment pilot program on selected government entities, it said. The pilot project conducted field studies on the feasibility of self-as- sessment tools in government en- tities. The project sought to assess the efficiency of the entities’ inter- nal control systems, level of trans- parency, and overall control meas- ures. The program aims to strengthen fi- nancial control procedures, im- prove governance, and switching to automation.