Page 153 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 151
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

The Compliance Transformation Programme consists of the following four (4) pillars:

Risk Reporting Risk Identification

• Reports on material compliance indicators and • Gap analysis is done on new regulatory requirements
incidence are discussed at the Board Compliance to identify regulatory compliance risk and necessary
Committee, Executive Risk Management Committee action plans to be taken to address the identified gaps.
and Shariah Committee for deliberation to ensure

adequacy of actions taken. • Analyse compliance incident reporting in Muamalat
Operational Risk Solution (“MORiS”).
• Establish channel for reporting of potential non-
• Monitor compliance issues raised by Internal Audit,

compliance incidence to Compliance function.
Compliance Review, Regulators and External Auditors.
• Monthly Designated Compliance Officer
(“DCO”) meeting and Compliance
Working Committee are established as
avenues to discuss on compliance related
matters.
Four (4)
Pillars of
Compliance

Risk Monitoring Risk Assessment
• Annual review plans are established, (i.e. compliance • Compliance and DCO in the respective business units
review, Shariah review, AML review, Independent conduct the Compliance Risk Assessment (“CRA”) on
Credit Review) to facilitate on-going assurance of relevant regulatory guidelines.
adequacy and effectiveness of control 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
• Adequate policies and procedures are established,
matters.
revised and communicated as control mechanisms to
ensure compliance risk is well managed.