Saudi Arabia’s Ministry of Finance, through the Financial Skills Center, has launched the ‘Self-Oversight Program’ as part of its broader Financial Oversight Development Initiative.
This new program is designed to empower government entities with modern oversight models, aiming to boost financial sustainability and improve the efficiency of public financial management.
The initiative aligns with the Kingdom’s Vision 2030 goals, driving progress toward a more transparent and efficient public sector.
Self-Oversight Program includes two specialized training tracks
The first focuses on strengthening internal control and internal audit frameworks within government entities. This includes reinforcing key internal control concepts and practices, enhancing overall IT controls to safeguard financial systems, and supporting the adoption of robust internal audit standards.
The second track of the program centers on governance, risk, and compliance, aiming to enhance the capabilities of government entities in key areas. This includes developing robust enterprise risk management practices, strengthening overall governance frameworks, and improving the effectiveness of compliance assessments.
Advancing Saudi Arabia’s Financial Reforms
The ‘Self-Oversight Program’ marks a significant expansion of the Ministry of Finance’s ongoing efforts to advance the financial oversight ecosystem in Saudi Arabia.
This initiative builds on the ministry’s commitment to transitioning toward a ‘self-oversight’ model, which empowers government entities to take a more proactive role in managing risks and ensuring compliance with financial regulations.
By incorporating technological innovations, the program aims to streamline and enhance the efficiency of oversight processes, enabling more effective monitoring and decision-making. The move aligns with the Kingdom’s Vision 2030, fostering a more transparent, accountable, and sustainable public financial management system.
