Section Head, Shariah Risk, Operational Risk Management Department

Job Purpose :

Shariah risk management refers to a function that systematically identifies, measures, monitors and reports Shariah non-compliance risks in the operations, business, affairs, and activities of the Bank.

• Responsible to assist Department Head, Operational Risk Management to ensure Agrobank's Shariah Risk framework/policies and guidelines are in line with regulatory requirements (BNM).
• Responsible to ensure Agrobank's Operational Risk Reporting processes are in line with industry practice and meet the BNM's requirements and Shariah Governance Framework.
• Partnering with the other Shariah related functions such as Shariah Department, Shariah Review , Shariah Research and Shariah Audit and business/support units to identify, manage and mitigate areas of Shariah Risk which consists of risk which might arise from inadequate or failed internal processes, people and systems, or from external events.

Principal Accountabilities :

• Develop, communicate, and implement processes for Shariah risk related matters such as Shariah RCSA, KRI, incident management and awareness within the Bank.
• Lead and provide effective Shariah risk awareness and Shariah compliance culture in the Bank through engagement with respective stakeholders, detailed walkthroughs and process mapping to identify significant risks and controls or conducting of operational risk trainings or related programs.
• Shariah Risk Champion in providing support and effective communication, education as well as advisory to build risk awareness within the organization.
• To interact and build effective working relationships with peers and all levels of management.
• Ensure all identified staff have their own role in managing Shariah risk
• Include a contemporary study of emerging risk i.e., climate-related risks that have a significant impact on other major risk types in the Shariah risk profile reporting.
• Develop, Formulate, review and recommend appropriate Shariah risk management policies and operational manuals.
• The Shariah risk management function, must:

a) Integrate Shariah non-compliance risk considerations with enterprise-wide risk management,

b) Identify Shariah non-compliance risk exposure in the business operations and activities of the Bank,

c) Assess Shariah non-compliance risk and measure the potential impact of the risk exposure to the Bank,

d) Establish appropriate risk mitigation measures,

e) Develop, Validate, Consolidate and Report Shariah RCSA exercise conducted by all Business/Support Units.

f) Ensure the accuracy, completeness and timely capturing/reporting of KRIs and Incidents related to Shariah

g) Prepare/Review Shariahrisk dashboard which to be reported to ORMC / MRC, BRMC and Board on monthly basis.

• Develop/Enhance frameworks, policies, procedures & guidelines in relation to operational risks and align with Agrobank's strategic goals & policies.
• Provide Sign Off/ assessment from operational risk perspective on the Bank's documents i.e. Policy, Framework and Operation Manual as well as on the Bank's initiatives.

b) Monitor Shariah non-compliance risk exposures and effectiveness of the risk mitigation measures,

c) Report to the Board, Shariah Committee, and senior management on the Shariah non-compliance risk exposures,

d) Identification, measurement, mitigation, monitoring and reporting of Shariah risk related area/operations/functions/ systems etc

e) Constructively challenge decisions that may give rise to Shariah non-compliance risks.

• Implement tools and methodologies in managing Shariah Risk i.e., Shariah Control & Self-Assessment (SRCSA), Incidence Management & Data Collections (IMDC) and Key Risk Indicators (KRI) across the Bank.
• Support Business unit/ Support unit within the Bank in the process of identifying and reporting of errors, exposures, losses, and near misses via ORMS.
• Submission incidence report on Shariah non-compliance to Regulator.

Qualifications & Requirements:

Education:

• Degree in Shariah, Fiqh Muamalat, Islamic Jurisprudence or relevant from reputable university
• Professional course related to Risk Management will be added advantage

Experience:

• Min. 7 years of relevant experience in control function under Shariah governance.
• Preferably Manager in Islamic Banking/Financial Services or equivalent.
• Good knowledge of a broad range Islamic banking products and services including consumer banking, business banking and trade finance,
• Conversant with relevant regulatory requirements i.e., Bank Negara Malaysia (BNM) Guiding Principles and Guidelines, Shariah Resolutions in Islamic finance, Shariah Parameters.
• Possess knowledge on overall Shariah risk management and risk management tools and techniques embedded in the banking.

Knowledge & Skills :

• Requisite knowledge on Shariah / Islamic finance.
• Conversant with relevant regulatory requirements.
• Good Management & Organizational skills.
• Knowledge of Islamic Banking products and Shariah concept applications.
• Strong analytical skills on quantitative and qualitative measures for inherent Shariah risk and to provide recommendation for remedial and action plan.
• Acquire good comprehension on the Shariah Governance Policy Document.
• In-depth understanding of prevention tools/strategies to detect/mitigate Shariah losses.
• Advisory skills for business and supports units in managing the Shariah risk matters identified.