This review examines how financial risk management and internal control maturity can support Saudi private sector companies as Vision 2030 accelerates diversification, capital-market depth, digital investment and private-sector participation. The paper develops an integrated maturity perspective linking financial risk governance, internal control over reporting, risk culture, technology-enabled assurance, audit committee oversight and strategic resilience. A structured narrative review method was used, drawing on recent literature and regulatory material issued between 2020 and 2025. The analysis suggests that mature Saudi companies are moving from fragmented compliance controls toward enterprise-wide risk intelligence, where liquidity, credit, market, cyber, tax, ESG, supply-chain and project risks are assessed through connected controls and board-level reporting. The review contributes a staged maturity model, a Vision 2030 alignment framework and practical recommendations for boards, chief financial officers, internal auditors and risk leaders. It concludes that internal control maturity is not only a defensive compliance requirement, but a value-creating capability that strengthens investor trust, financing access and sustainable growth in the Kingdom's private sector.
Joby James (Tue,) studied this question.