Accomplished the Annual Shariah Compliance Review Plan FY2021 as approved by the relevant authorities encompassing mandated regulatory, risk-based review and thematic review. Besides, a strategic alliance was achieved with the other internal control functions, i.e., Shariah Risk Management and Shariah Audit in performing an ad-hoc Shariah compliance review on the common areas. The objectives of these reviews are to provide assurance on the net compliance risk and identify the Shariah Non-Compliance (SNC) risk in designated controls, and where necessary to recommend appropriate mitigation measures. Becomes the reference point in performing an in-depth review and/or investigation on any reported incidents that may give implications to the Shariah compliance status of the Bank’s operations, business, affairs and activities. The decision is crucial as the result will determine the state of purity of the income to be further recognised by the Bank. The process involves scrutinising the details of the issues raised and proposing remedial action plan which may entail corrective and preventive measures. In building up the Shariah compliance culture within the Bank, a continuous collaboration amongst the Shariah governance and control functions was established via series of Shariah Townhall. The programme served as a catalyst to heighten the awareness level and intensify compliance with the current and relevant Shariah rules and regulations so as to curb any possible SNC event. While outsourcing is necessary for operational efficiency, we continue to instil strict governance in reviewing each outsourcing party to uphold the zero tolerance principle particularly on corruption, bribery and adverse media. Effective collaboration with our service providers will create synergy and improve our service deliveries and spurring “Real Economy” as part of our VBI initiatives. In view of the hardship faced by Malaysians due to the COVID-19 pandemic and recent floods, BNM’s focus will be towards championing the plight formulising measures to aid the impacted sectors. BIMB will continue to develop its products and services to suit our customers’ need including catering for unserved/underserved market by improving our digital outreach. We remain vigilant in disseminating the regulations given by BNM to ensure BIMB’s strategies are in tandem with the National Agenda. In safeguarding customers’ information and data, we have instilled the Compliance Culture by creating awareness amongst our staff and service providers on the importance of preserving banking secrecy and confidentiality. Any incidents are detected through our review process and thoroughly investigated to ensure the appropriate remedial actions are taken to avoid recurrence. We do not tolerate any unethical practices and any transgression are severely dealt with by imposing consequence management action to the parties involved. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL BANK I SLAM MALAYS IA BERHAD 202
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