Saudi Awwal Bank (SAB) has achieved a remarkable milestone by receiving the prestigious ‘Gold Award’ from the Chartered Institute of Procurement & Supply (CIPS) as part of its global Procurement Excellence Programme (PEP). This award, which underscores SAB’s commitment to ethical sourcing, governance, and sustainable procurement, positions the bank not only as a leader in the Saudi financial sector but also as a significant player on the global stage. SAB is now the first bank from Saudi Arabia and the 11th institution worldwide to attain this recognition.
The CIPS Gold Award is emblematic of excellence in procurement and is awarded to organisations that effectively integrate procurement with business strategies while adhering to international best practices in performance management. Ghada Al Jarbou, SAB’s Chief Operating Officer, remarked that this accolade “validates the strength of our procurement transformation” and underscores the bank’s ongoing focus on operational efficiency and strategic growth. She further noted that this achievement reinforces SAB’s commitment to sustainable value creation for its employees, customers, and shareholders.
SAB’s recognition comes at a pivotal time as the bank embraces its role in supporting Saudi Arabia’s Vision 2030, which aims to diversify the economy and reduce dependence on oil revenues. The commitment to procurement excellence is crucial in this context, as it facilitates enhanced operational effectiveness and aligns with broader national goals. According to the bank, procurement is integral to its overall business strategy and transformational efforts, highlighting its involvement in evolving the procurement landscape in the Kingdom.
In addition to the Gold Award, SAB has demonstrated a robust commitment to procurement ethics, having received the Corporate Ethics Mark from CIPS in September 2023. This certification reflects the comprehensive ethics training completed by the bank’s staff, enhancing its procurement processes against standards of integrity, which include addressing issues related to fraud, corruption, and environmental concerns. Such ethical frameworks are essential in fostering trust and transparency within the procurement function.
Furthermore, SAB has not only focused on procurement excellence but has also taken significant strides towards sustainability. Earlier in 2024, the bank was recognised as Euromoney’s ‘Best Bank for ESG’ for the second consecutive year, reflecting its dedication to environmental, social, and corporate governance initiatives. These acknowledgments align with the global emphasis on sustainability within the banking sector and reflect SAB’s strategic intent to be a frontrunner in shaping corporate sustainability deliberations within Saudi Arabia.
As the banking sector continues to evolve in response to global challenges, SAB’s recent achievements signify a proactive approach in improving procurement standards and ethical practices. These advancements enhance the institution’s competitive edge and contribute positively to the economic landscape of the Kingdom, reinforcing the bank’s role in the broader transformation of the financial services industry in Saudi Arabia.
In conclusion, SAB’s accolades from CIPS not only exemplify its operational commitment but also represent a significant leap for the organisation within the context of Saudi Arabia’s evolving market dynamics. SAB’s journey towards procurement excellence is pivotal for setting benchmarks within the sector, inspiring other entities to pursue rigorous standards of governance, ethics, and sustainability.
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Source: Noah Wire Services
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