This course exposes the participants to the Syariah risk management processes as part of the Syariah governance and assurance mechanisms and the assessment of the adequacy and effectiveness of the current internal controls for Syariah compliance within the business units via the adoption of various risk management tools. Cases and discussions on the adoption of tools, namely Risk Control Self Assessment (RCSA), Key Risk Indicators (KRI) and Loss Event Data (Syariah Non-Compliance Management & Reporting) will be conducted.
The knowledge on the frameworks and will in turn empower the Syariah governance functions; Syariah secretariat and Syariah researchers, Syariah risk officers, Syariah reviewers and Syariah auditors to identify, assess and improve the internal control measures necessary to ensure continuous compliance to Syariah.
This course adopts a hybrid method of teaching and learning sessions about the fundamentals of Syariah Risk management. It also covers the practical works and assessment of the adequacy and effectiveness of the current internal controls for Syariah compliance adopted in Syariah-compliant operations. At the end of the 2-day session, participants will be generating a report on the internal control measures for the critical processes in Islamic Financial institutions’ operations.
Who Should Attend
- Risk Management Committee Members
- Syariah Risk Management managers and executives
- Syariah function managersand executives
- Head of the Operations
Upon completion, the programme will be able to:
- Empower participants on the fundamentals and applications of Syariah risk management as a vital second line of defense function to ensure Syariah compliance;
- Inculcate the fundamentals of Syariah risk management processes and technical skills to execute the Syariah risk management processes; and
- Empower the participants to adopt the Syariah risk management tools , namely Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI) and Loss Event Data (Syariah Non-Compliance Management & Reporting).
Topic 1: Syariah Governance and Risk
|Topic 2: Syariah Non-Compliance Risk in Islamic Financial Institutions
Discussion: Identification and discussion on the role of Syariah governance organs in each of the process and examples of adoption for best practice.
Topic 3: Syariah Risk Management Tools
Case study on RCSA in 4 retail and trade products; identification of risks in business process and present internal control in adoption (Group discussion and presentation time)
Topic 4: Syariah Risk Management Tools
Identification of pertinent Syariah-related KRIs
|Topic 5: Internal Control & Committee of Sponsoring Organizations of the Treadway Commission (COSO) Framework in Syariah Risk Management
Internal Control in Managing Syariah Non-Compliance Risks
Case study in the application of COSO in Syariah risk management and Syariah Assurance
|Topic 7: Internal Control for Possible SNC Risks
Case study on assessment of Internal Control for Syariah compliance
|Topic 8: SNC Monitoring and Reporting
|14 March 2022
|Session 1: 9:00 am – 12:15 pm
|15 March 2022
|Session 2: 9:00 am – 12:15 pm
|16 March 2022
|Session 3: 9:00 am – 12:15 pm
|17 March 2022
|Session 4: 9:00 am – 12:15 pm
|$700 (10% SBS)
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