stc Group is excited to begin a new chapter in our dedication to ethical merit. To enhance our compliance and ethics program, we have engaged an external audit firm to conduct a comprehensive third-party ethics audit for all operations, on a Group level. Moving forward, we will continue to carry out these audits every three years.
The primary goal of this third party ethics audit is to evaluate the design, implementation, and effectiveness of stc Group’s ethics-related objectives, anti-corruption and business ethics programs, and employee training at the group level. Auditors will conduct a comprehensive assessment, benchmarking our current compliance and ethics initiatives against the standards of an effective program. This review will cover several key areas, including written standards, policies, governance, program structure, training, risk management, third-party relationships, and enforcement mechanisms.
The audit will culminate in a detailed report, followed by a discussion with the stc Group executive management team and presentation of documentation to the Board Audit Committee to review identified gaps and actionable recommendations for enhancement.
stc Group, Chief of Ethics, Group Regulatory and Compliance, Mr Amir Algibreen:
“This audit underscores our dedication to fostering a culture of integrity and accountability. We believe that this comprehensive ethics audit will not only enhance our compliance and ethics program but also reinforce our commitment to ethical leadership and transparency. With our international offices and numerous subsidiaries, we have a profound responsibility to uphold the highest standards of integrity and ethical conduct.”
stc Group, Chief of Strategy, Mr Abdullah A. Alkanhl:
“By rigorously evaluating our ethical framework on, anti-corruption and business ethics on Group level, we aim to reinforce our position as a responsible organization, dedicated to making a positive impact on both our industry and the communities we serve. We are excited about the opportunity to refine our practices and continue our journey towards excellence.”
stc Group remains committed to maintaining the highest standards of integrity, and this audit marks an important milestone in the ongoing efforts to strengthen the compliance and ethics program, ensuring alignment with global best practices and ethical leadership.