In upholding governance and integrity, the Group Compliance through the Integrity and Governance Department (IGD) has concluded the three-year of its Corruption Risk Management (CRM) via the CRM Review Plan. The CRM Review Plan was approved by BAEC in January 2021 on all Divisions and subsidiaries, comprising 15 high-risk stakeholders underwent review in the first year, followed by 10 medium-risk stakeholders, and 14 low-risk stakeholders in the third year. Ratings were assigned to all stakeholders corroborating the controls were attested in ensuring the Bank’s initiative in minimising corruption risk. 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. We have introduced e-learning on outsourcing which will assist the business units in complying with the outsourcing requirements which will inadvertently help enhance quality and timeliness of outsourcing approvals. Bank Islam has implemented the ISO 37001 ABMS Certification, which is an international standard to prevent, detect and respond to bribery by adapting relevant anti-bribery policies and strong internal controls, aligning the operations with guidelines that combat bribery. On 31 August 2023, Bank Islam proudly became the first full-service Islamic financial institution in Malaysia to achieve the ABMS ISO 37001 certification. This accreditation sets new standards in the industry and distinguishes Bank Islam as an ethical and responsible organisation. KEY COMPLIANCE ACHIEVEMENTS AND ACTIVITIES FOR FY2023 PayNet has accredited the Bank with the Best Independent Assessment for Retail Standalone Category 2023 for four (4) consecutive years due to successful adoption of a structured risk-based review methodology which facilitated the overall review process. The review was jointly prepared with Group Internal Audit. Group Compliance staff have successfully attended 52 webinars and 64 trainings in strengthening the risk & compliance culture throughout the year 2023. In 2023, Group Compliance through Regulatory Compliance Department (RCD), has successfully implemented the Trade Surveillance Programme and operationalise the Control Room Function to manage the Ethical Wall Policy (EWP) requirement along with the governance of Material Non-Public Information and Conflict of Interest. EWP is to safeguard the material non-public and price sensitive information from misuse by the Directors, Management and Employees of the bank. The implementation of the programme fulfils the standards and expectations of BNM Code of Conduct for Malaysia Wholesale Financial Market and ensuring market integrity is intact and trade misconducts are addressed appropriately. The initiative was further strengthened with Ethical Wall Policy Training. The training is aimed to educate the participants on the Ethical Wall policy requirements and how it is operationalised to ensure compliance of the EWP by the respective Permanent Insiders (PI) and Access Employees (AE). 239 1 2 3 4 5 6 7 8 9 www.bankislam.com ACCOUNTABILITY
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