Islamic bank licensees must have robust systems and controls, with documented policies and procedures for the valuation process. These systems must be integrated with the Islamic bank licensees' enterprise risk management processes and must have the ability to give confidence to the CBB and management regarding the reliability of the valuations. These policies and procedures must include: (a) clearly defined responsibilities of the personnel and departments involved in the valuation; (b) sources of market information, and review of their reliability; (c) frequency of independent valuations; (d) timing of closing prices; (e) procedures for adjusting valuations between periods; (f) ad-hoc verification procedures; and (g) reporting lines for the valuation department that must be independent of the front office. Such policies and procedures must also take into consideration compliance with IFRS or AAOIFI accounting standards as applicable and CBB requirements.