Page 94 - Bank-Muamalat-Annual-Report-2021

92 BANK MUAMALAT MALAYSIA BERHAD
ABOUT US OUR LEADERSHIP OUR STRATEGY OUR PERFORMANCE

ECONOMIC

This entails putting controls in place through policies and to improve overall customer experience for over-the-counter
procedures that comply with Bank Negara Malaysia’s RMIT, (“OTC”) account opening by reducing the Average Serving
PayNet’s requirements and international best practices.
Time (“AST”) from 35 minutes to 15 minutes. Further efforts
The appropriateness and effectiveness of these controls
to digitise middle office and back-end office operations are
are constantly reviewed to ensure that our customer data is
ongoing.
safeguarded.
The following indicators for improvements have been set to
The Board and senior management consider cybersecurity a ensure that the Bank is on track to meet its targets:
top priority, and provide direction to ensure adequate controls
are in place to manage and mitigate cyber risk. Reporting • Increase work performance while efficiently improving
on technology and cybersecurity has become a permanent cross-departmental collaboration.
monthly agenda for the Board and senior management to • Speedier time-to-market.
discuss the risk profile and emerging risks. • Reduce employees’ burden on repetitive workflow, allowing
them to focus on income generator efforts.
As part of the measures to safeguard customer information,
the Bank has put in place the following controls:
Digitalising Middle Office
• Oversight of customer information through strong
• Digital Onboarding for customers (avoid long queue and
governance in ensuring all information are handled
waiting time at branches)
according to established process and procedures, through
• Digital Processing system (to lessen the Person-In-Charge
precise tools and people possessing the right skillsets.
(“PIC”) processing details for each client)
• Implementation of a Data Loss Prevention tool for all
workstations and laptops to mitigate data breaches and • Digital verification engine (such as biometric, facial
compliance risks. recognition)
• Intense engagement with the Security Operation Centre • Ongoing initiatives for both depositors and financing
customers related to Cash Management and investment.
(“SOC”) to stay in readiness for advance threats to the
financial industry, and monitor anomalies in the Bank’s These initiatives aim to reduce the turnaround time (“TAT”)
ICT Infrastructure, incident response and security device from 2-3 days through instant straight-through processing
management. (“STP”).
• Ensure end-point is being patched and updated with Digitalising Back Office Operations
the latest security version as well as reducing technology
obsolescence. Development of Smart Form, an integrated online application
• Performing periodic Penetration Testing and Vulnerability form and supporting documents that integrate directly with the
Assessment activities to ensure that the Bank’s security back-office system. This effort will reduce all paper usage as
measures are robust and resilient, as well as identifying it is downloadable in PDF format. New client details will be
possible security gaps to be monitored and remediated. sent immediately and directly to the Back Office team (“BO”),
which speeds up the whole process.
To ensure that the Bank’s employees are kept up to date with
the latest cybersecurity threats, a continuous cybersecurity Soft token migration to reduce carbon footprint
awareness programme is conducted.
We used to provide hard tokens to our corporate customers
for a unique generation of One Time Password (“OTP”). The
DIGITAL BANKING hard token uses raw materials such as plastic to be created and
will need to be delivered to customers, which involves paper,
Driven by the pandemic environment which catalysed more
online transactions and engagements, Bank Muamalat has packaging boxes, petrol for delivery, among others. Now with
put greater emphasis on digitalisation efforts, and enhancing a fully digital Soft Token, the code can be sent easily and cost
technology capabilities. effectively via SMS.
We continue to advance our digital banking capabilities through
the enhancements of Muamalat Application Platform (“MAP”) Targeted Achievements
and continuous improvement in mobile apps, Retail Internet
Rollout fully digitalised account opening by
Banking (“RIB”) and Corporate Internet Banking (“CIB”).
December 2022.
In FY2021, we launched an Online Deposit Account (“ODA”)