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HC-6.6.1

Islamic bank licensees must establish a sound risk management framework commensurate with the bank's size, complexity and risk profile. A risk management framework must have the following key features:

(a) active Board and senior management oversight;
(b) independent risk management function;
(c) a Board driven sound risk management culture that is established throughout the bank;
(d) appropriate policy, procedures and limits;
(e) comprehensive and timely identification, measurement, mitigation, controlling, monitoring and reporting of risks;
(f) appropriate management information systems ('MIS') at a business and bank-wide level; and
(g) comprehensive internal controls.
Added: July 2018