The Financial Services Authority of Oman (FSA) has successfully obtained ISO 9001 certification for its quality management system, which serves as an institutional achievement, demonstrating a commitment to employing best management practices, enhancing performance efficiency, and promoting a culture of quality and continuous improvement.
Impact on Services and Stakeholders
This certification supports the development of the FSA's institutional framework and the improvement of services provided to entities and stakeholders active in the non-banking financial sector, including the capital market, insurance, and the accounting and auditing profession. Receiving this certification reflects the continuous efforts and integrated institutional approach involving various sectors and units of the FSA at different stages of implementing the quality management system.
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Commitment to Institutional Excellence
The FSA emphasized that obtaining ISO 9001 certification is a significant milestone in its journey towards institutional excellence and reflects the organization's commitment to adopting effective management practices that enhance performance quality, increase efficiency, and achieve strategic goals and future aspirations.
The Financial Services Authority of Oman stated that this success is the result of collaboration and integration among its various sectors and units, as well as the team spirit that has contributed to the successful implementation of the quality management system and its requirements. The organization also highlighted the importance of continuous efforts and the effective participation of FSA employees throughout the various stages of the project.
The FSA also declared its commitment to continuing development efforts and continuous improvement and strengthening a culture of quality in the workplace, so that these efforts reinforce the foundations of institutional excellence and support higher levels of efficiency and effectiveness in carrying out its regulatory and oversight responsibilities.
It is noteworthy that the FSA was established based on Royal Decree No. 20/2024, issued on March 25, 2024. This organization is a governmental entity with legal personality and financial and administrative independence, reporting to the Council of Ministers.
According to the royal decree, the FSA assumed the regulatory responsibilities previously carried out by the Capital Market Authority. The establishment of the FSA and the issuance of its governance framework aimed to structure and regulate the non-banking financial sector under its direct supervision. Since then, the responsibilities of this organization have expanded to include regulation, awareness, development, oversight, and monitoring of the accounting and auditing profession, in addition to the capital market and insurance sector.
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