Team Lead, Shariah

6 days ago

Kuala Lumpur, Kuala Lumpur, Malaysia OCBC Full time

OCBC Federal Territory of Kuala Lumpur, Malaysia

2 weeks ago Be among the first 25 applicants

Responsibilities
  1. Assist to review the Bank's processes, guidelines, and policies to ensure their robustness and effectiveness with a crucial role in enhancing Shariah & Operational Risk Management efficiency, Shariah compliance with regulations, and maintaining alignment with industry best practices.
  2. Evaluate the robustness of processes and policies to identify potential vulnerabilities, inefficiencies, and areas for improvement.
  3. Collaborate with the Shariah department to ensure that all processes and policies adhere to Shariah principles and guidelines.
  4. Ensure all processes and policies are well-documented, regularly updated with the latest BNM PD/Guidelines/Letter/SAC BNM Rulings, SC resolutions etc. and standardized across the Bank to facilitate consistency and Shariah compliance.
  5. Involve in comprehensive reviews including thematic review on Islamic products to assess the Shariah Non-Compliance Risk associated with the Islamic products, to measure potential impact of the risk exposures to the bank (if any), and to ensure it is properly done to avoid Shariah Non-Compliance Risk.
  6. Assess the adequacy of the control and tools in various aspects including in BU's processes, products and transactions to ensure adequate risk management practices are in place to mitigate the above risks.
  7. Highlight potential SNC risks associated with the products and provide recommendation for strengthening risk management practices and ensuring compliance.
  8. Regular review and updates of Shariah Risk Management policy and guidelines.
  9. Formulate Shariah risk assessment methodology and processes to systematically identify, measure, monitor and report Shariah risks to prevent any Shariah Non-Compliance Event.
  10. Provide guidance and support to Business Units and other control functions on Shariah Risk Management matters.
  11. Align and monitor Shariah risk exposures with OABB's risk appetite and risk limits.
  12. Conduct Quality Assurance Reviews on Business Units' Risk Control Self-Assessment to ensure appropriate and efficient controls are in place to manage Shariah Non-Compliance Risk.
  13. Prepare Operational & Shariah Risk reports for Board Risk Management Committee (RMC).
  14. Develop Shariah Non-Compliance stress scenario and stress impact for Bankwide's Internal Capital Adequacy Assessment Process (ICAAP) as part of stress testing exercise to assess the Bank's potential vulnerabilities to stressed business conditions.
  15. Develop and conduct Shariah Risk Management training programs that educate staff on effective Shariah Risk Management.
  16. Participate/Involve in development and execution of any Shariah Risk Management tools to proactively identify, assess, measure and mitigate SNC risks.
  17. Coordinate Information Security and Data Risk Management (ISDRM) function for OABB via Information Risk Working Group (IRWG) platform.
  18. Coordinate Operational Risk Management (ORM) for OABB via Operational Risk Partner (ORP) platform that includes Business Continuity Management (BCM) and Process and Conduct Risk.
  19. Coordinate OABB Third Party KRI monthly submission.
  20. Perform roles as Third-Party Functional Specialist (TPFS) in ensuring relevant risk related to third parties is addressed during planning phase and throughout the services arrangement period.
  21. Responsible as an administrator and approver for BNM's Operational Risk Reporting (ORR) (OABB's Operational Risk Event (ORE)/Shariah Non-Compliance (SNC) Event and Key Risk Indicator).
  22. Responsible as a department's Control Self-Assessment (CSA) and Risk and Control Self-Assessment (RCSA) coordinator and assessor.
  23. Prepare and submit Operational Risk Weighted Asset (ORRWA) Quarterly reporting.
  24. Prepare half yearly Third-Party Risk Management report to Operational Risk Committee (ORC).
  25. Prepare Quarterly Data Monitoring report.
Qualifications - External
  1. Minimum of years of experience in risk management, with a strong focus on Shariah compliance and Shariah risk management within the Islamic finance sector.
  2. In-depth knowledge of Islamic finance principles, Shariah-compliant products, regulatory frameworks, and Shariah compliance requirements.
  3. Proven experience in developing and implementing Shariah risk management strategies in a financial institution, with specific expertise in identifying and mitigating Shariah-related risks.
  4. Excellent analytical, communication, and interpersonal skills, with the ability to convey complex Shariah concepts to diverse stakeholders.
  5. Ability to work collaboratively in a fast-paced environment and effectively manage multiple priorities while ensuring adherence to Shariah principles.
  6. Proficiency in MS Excel, MS PowerPoint.
  7. Strong analytical skills, attention to detail.
  8. Independent, fast learner, performance driven, right attitude, good time management.
  9. Highly responsible and has ability to lead a team independently.
  10. Good communication skills and writing skills.
Seniority level

Executive

Employment type

Full-time

Job function

Finance

Industries

Banking

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