Page 66 - ICD AR21 EN

All compliance-related matters are entrusted to and handled by a dedicated Compliance Unit within the ICD, which reports functionally to the Risk and Compliance Committee of the Board and is responsible for: the development and implementation of compliance-related policies, manuals and procedures; the oversight and monitoring of all activities relating to the prevention, detection and combating of Money Laundering
(ML) and Terrorism Financing (TF); conducting compliance-related training and awareness activities; and the provision of support and guidance to senior management of the ICD. This ensures that ML and TF risks are adequately identified, excluded and mitigated.
6.2 INTERNAL AUDIT
The Internal Audit function is an independent assurance and consulting activity that adds value to ICD by helping it accomplish its objectives. It utilizes a systematic
and disciplined approach to evaluate and improve the effectiveness of ICD’s governance, risk management and internal control mechanisms. The function adopts the Institute of Internal Auditors’ mandatory guidance, and its independence from management responsibility is critical to its ability to deliver quality audits by maintaining a neutral and objective stance. It is free from interference by any element in ICD on matters of audit selection, scope, procedures, frequency, timing, or internal audit report content. Its independence
is ensured by functionally reporting to the Audit Committee of the ICD Board.
The function utilizes a risk-based approach to develop its Annual Audit Plan, which it aligns with ICD’s strategic priorities and objectives and therefore confronts
ICD’s most pressing risks. Audit coverage is achieved through channelling audit effort to business, support and control functions within the Corporation. In 2021, the Department focused on ICD’s treasury and equity activities as well as its Information Technology and Human Resource practices. In 2022, it will among other areas focus on evaluating ICD’s credit-issuing divisions, financial reporting and policy as well as advising management on how to enhance and improve its policies and procedures.
As a member of the
IsDB Group, ICD has an approved Integrity
Policy, Disclosure of Information & Conflict of Interest Policy.
The Department enjoys a cordial working relationship with the Management team which is responsible
for ensuring that any issues or risks raised are addressed within an appropriate and agreed timetable. Confirmation to this effect is always provided to the Department for validation that risks raised have indeed been successfully remediated.
6.3 LEGAL
The Legal function has the mandate to assist, support and complement the mission of ICD through the provision of accurate, effective, efficient and timely legal services that best protect the interest of ICD. The Legal function is also responsible for managing all legal risks emanating from the operations of ICD and providing support at the organizational and business unit levels, and it permeates all projects, transactions and corporate arrangements involving ICD.
6.4 SHA'RIAH
While the responsibility of the IsDB Group Sha'riah Board is to approve all Shari’ah-related aspects of all transactions, products, policies and documentation undertaken by ICD in order to ensure that they are in conformity with the rules and principles of Shari’ah, the day-to-day Shari'ah issues are managed by ICD's Sha'riah advisor in close collaboration with the IsDB Group's Shari’ah Compliance Section by providing technical support and advice to ICD's business and control functions.
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