Job Description

Job Responsibilities :1. Shariah Risk Function\xc2\xb7 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.\xc3\xbc Evaluate the robustness of processes and policies to identify potential vulnerabilities, inefficiencies, and areas for improvement.\xc3\xbc Collaborate with the Shariah department to ensure that all processes and policies adhere to Shariah principles and guidelines.\xc3\xbc 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.\xc2\xb7 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. The review includes the following:\xc3\xbc assess the adequacy of the control and tools in various aspects including in BU\xe2\x80\x99s processes, products and transactions to ensure adequate risk management practices are in place to mitigate the above risks.\xc3\xbc highlight potential SNC risks associated with the products and provide recommendation for strengthening risk management practices and ensuring compliance.\xc2\xb7 Regular review and updates of Shariah Risk Management policy and guidelines.\xc3\xbc Formulate Shariah risk assessment methodology and processes to systematically identify, measure, monitor and report Shariah risks to prevent any Shariah Non-Compliance Event.\xc3\xbc Provide guidance and support to Business Units and other control functions on Shariah Risk Management matters.\xc3\xbc Align and monitor Shariah risk exposures with OABB\xe2\x80\x99s risk appetite and risk limits.\xc2\xb7 Conduct Quality Assurance Reviews on Business Units\xe2\x80\x99 Risk Control Self-Assessment to ensure appropriate and efficient controls are in place to manage Shariah Non-Compliance Risk\xc2\xb7 Prepare Operational & Shariah Risk reports for Board Risk Management Committee (RMC).\xc2\xb7 Develop Shariah Non-Compliance stress scenario and stress impact for Bankwide\xe2\x80\x99s Internal Capital Adequacy Assessment Process (ICAAP) as part of stress testing exercise to assess the Bank\xe2\x80\x99s potential vulnerabilities to stressed business conditions.\xc2\xb7 Develop and conduct Shariah Risk Management training programs that educate staff on effective Shariah Risk Management.\xc2\xb7 Perform regular update on unit\xe2\x80\x99s database on Shariah Risk related matters.\xc2\xb7 Participate/Involve in development and execution of any Shariah Risk Management tools to proactively identify, assess, measure and mitigate SNC risks.2. Operational Risk Function\xc2\xb7 . Coordinate Information Security and Data Risk Management (ISDRM) function for OABB via Information Risk Working Group (IRWG) platform.\xc2\xb7 Coordinate Operational Risk Management (ORM) for OABB via Operational Risk Partner (ORP)platform that includes Business Continuity Management (BCM) and Process and Conduct Risk.\xc2\xb7 Coordinate OABB Third Party KRI monthly submission.\xc2\xb7 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.\xc2\xb7 Responsible as an administrator and approver for BNM\xe2\x80\x99s Operational Risk Reporting (ORR) (OABB\xe2\x80\x99s Operational Risk Event (ORE)/Shariah Non-Compliance (SNC) Event and Key Risk Indicator).\xc2\xb7 Responsible as a department\xe2\x80\x99s Control Self-Assessment (CSA) and Risk and Control Self-Assessment (RCSA) coordinator and assessor.\xc2\xb7 Prepare and submit Operational Risk Weighted Asset (ORRWA) Quarterly reporting.\xc2\xb7 Prepare half yearly Third-Party Risk Management report to Operational Risk Committee (ORC).\xc2\xb7 Prepare Quarterly Data Monitoring report.\xc2\xb7 Maintain department\xe2\x80\x99s End User Computing (EUC).\xc2\xb7 Perform department\xe2\x80\x99s KRI submission.Qualifications..Job Requirement :\xc2\xb7 Degree from a recognized university or professional qualification with a foundation in Fiqh al-Muamalat, Islamic Banking or Economic.\xc2\xb7 Proven experience of at least 5 years in the Islamic finance industry, preferably in a Shariah function in accordance with the Shariah governance of BNM. Experienced in Risk Management is definite advantage.\xc2\xb7 Experience in conducting risk assessments, strong analytical and problem-solving skills to identify and evaluate inherent Shariah non-compliance risks, and a sound understanding of risk management frameworks, methodologies, and tools.\xc2\xb7 Familiarity with regulatory frameworks and guidelines related to Shariah compliance and risk management.\xc2\xb7 Ability to develop and implement Shariah Risk Management policies, procedures, and control mechanisms.\xc2\xb7 Strong communication and interpersonal skills to effectively collaborate with internal stakeholders

OCBC Bank