Riyadh – Sharikat Mubasher: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) has become the first government authority in the Kingdom to adopt the ‘Self-Oversight Model' under the national financial control system, following the completion of all readiness requirements set by the Ministry of Finance.

As per Monsha’at’s press release, this move forms part of broader efforts to modernize government financial oversight by introducing more flexible and risk-based supervisory approaches. The Ministry of Finance said the transition reflects Monsha’at’s mature internal control environment and the strength of its financial and operational systems.

Saud Albraik, Deputy Minister of Finance for Public Revenues, described the milestone as an important step in the evolution of government financial oversight, noting that the model enables qualified entities to manage their financial responsibilities under approved regulations while enhancing efficiency, governance, and accountability.

The self-oversight framework allows government entities to oversee their own financial operations after demonstrating strong internal controls and institutional readiness. Alongside direct, digital, and report-based oversight, it forms part of Saudi Arabia’s broader financial control system.