The Head of Shariah Risk Management at AmBank Islamic is responsible for embedding Shariah noncompliance risk into the bank's enterprise-wide risk management framework and ensuring robust oversight, controls and reporting across AmBank Islamic and the Group. The role oversees risk identification, incident management and policy governance while upholding zero tolerance for Shariah noncompliance in line with BNM's Shariah Governance Framework and IFSA. The incumbent also leads a high performing team. Promotes a strong compliance and ethics culture and engages with key internal and external stakeholders, including regulators, the Board and the Shariah Committee.
Responsibilities:
- Support development and execute the strategic plans to achieve the business and financial objectives of AmBank Islamic in consultation with the CEO.
- Lead the implementation of controls and monitoring frameworks to uphold zero tolerance for Shariah Non-Compliance (SNC) risks
- Conduct targeted reviews or investigations into financial loss-related incidents involving potential Shariah non compliance.
- Oversee the design and effectiveness of remedial and preventive measures to mitigate Shariah related financial risks.
- Support financial integrity by ensuring disclosures and reporting adhere to regulatory and Shariah compliance standards
- Review Shariah risk incidents, provide challenge and support Business Units in investigations, recording, assessment of root causes and control gaps and mitigating actions to prevent recurrence.
- Manage and monitor proper closure of incidents, exceptions, and breaches, including providing advice on consultative basis.
- Monitor and report on Shariah risk performance and highlight key issues on non-compliance to risk controls and areas of concerns on irregularities to the CEO, Business Heads, Shariah Committee and relevant Group wide control functions
- Monitor regular performance and identify areas for improvement. ▪ Manage resources effectively to support financial objectives.
- Contribute to the safeguarding of capital and liquidity by embedding Shariah risk considerations into enterprise risk discussions.
- Ensure Shariah considerations are incorporated in the policies, products or services of AmBank Islamic.
- Ensure the development and implementation of adequate policies and processes to identify, assess, control, review and communicate Shariah risks across the Group, covering key business processes and material changes.
- Ensure compliance with Shariah regulatory requirements, including the BNM Shariah Governance Framework.
- Advise the Group on any Shariah regulatory changes, staying abreast of new laws and regulations, ensuring timely updates to internal policies and procedures in response to the Islamic landscape development
- Ensure prompt submission and timely closure of any issues for regulatory submissions including those reported to Bank Negara Malaysia.
- Report all Shariah non-compliance and corresponding remedial actions to the board of directors and shariah committee
- Lead and motivate a high-performance team, in line with the P2ACE culture
- Establish a fair and equitable workplace by ensuring a strong ethics and compliance-driven culture within AmBank Islamic.
- Oversee employee programmes which involve professional development, engagement programmes, and team building.
- Provide clear and measurable performance standards that align with organizational goals. This involves working with the Group to ensure that performance expectations are well-defined and communicated.
- Recognize and develop high-potential employees to create a succession plan especially for Shariah Risk Management department (SRM) for future leaders who can fill key roles in SRM when necessary.
