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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