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  • Independent Review

    • HC-6.6.33

      Islamic bank licensees must ensure that their risk management frameworks are subject to a comprehensive independent review by a third-party consultant, other than their external auditors:

      (a) Upon first implementation of a new or revised module on specific risk management requirements;
      (b) When there are material changes to certain Rulebook requirements and the CBB requires such a review;
      (c) When there are material changes to the business conducted by the bank or its risk profile and the CBB requires such a review; or
      (d) In case of a major failure of controls or major adverse changes in relevant business environment and the CBB requires such a review.
      Amended: January 2022
      Added: July 2018

    • HC-6.6.34

      With regards to HC-6.6.33(a), the relevant modules are the following:

      (a) Module IC;
      (b) Module CA;
      (c) Module DS;
      (d) Module CM;
      (e) Module OM;
      (f) Module ST;
      (g) Module LM; and
      (h) Module RR.
      Amended: January 2022
      Added: July 2018

    • HC-6.6.35

      Resources involved in the independent third-party review must be competent and appropriately trained. The independent third party must not have been previously involved in the development, implementation and operation of the bank’s risk management framework.

      Added: January 2022

    • HC-6.6.36

      The independent review reports must be presented to the Board or a designated committee of the Board. The agreed action planning steps to remedy any material weaknesses must be documented. The independent report together with the action plan must be provided to the CBB within one month of the date of the report.

      Added: January 2022