Page 155 - Bank-Muamalat-AR2020

153
Our Performance Sustainability Statement Our Governance Our Numbers Other Information
Governance

• Reports on material compliance indicators and incidence
are discussed at the Board Compliance Committee,
Executive Risk Management Committee, Shariah • Gap analysis is done on new regulatory requirements
Committee and Compliance Working Committee for to identify regulatory compliance risk and necessary
deliberation and adequate action taken. action plans to be taken to address the identified gaps.
• Establish channel for reporting of potential • Analyse compliance incident reporting in Muamalat
non-compliance incidence to Compliance function. Operational Risk Solution (“MORiS”).
• Monthly DCO meeting and Project Working Committee • Monitor compliance issues raised by Internal Audit,
were established as avenue to discuss compliance. Compliance Review, Regulators and External Auditors.

Risk
Reporting Risk
Identification

Risk
Monitoring
Risk
Assessment

• Annual review plans are being established, (i.e. • Compliance and Designated Compliance Officer
compliance review, Shariah review, AML review, (“DCO”) in respective business units conduct the
Independent Credit Review) to facilitate on-going Compliance Risk Assessment (“CRA”) on relevant
assurance of adequacy and effectiveness of control regulatory guideline.
mechanism.
• Risk assessment/profiling of business units are
• Continuous system enhancement and risk profiling are conducted to identify higher risk or high impact areas
carried out to ensure proper oversight on regulatory for targeted resources.
compliance including AMLA and Shariah-related
matters. • Adequate policies and procedures are established,
revised and communicated as control mechanisms to
ensure compliance risk is well managed.