VP, Shariah Risk Analyst

About UOB

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. In Asia, we operate through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and offices. Our history spans more than 80 years. Over this time, we have been guided by our values – Honorable, Enterprising, United and Committed. This means we always strive to do what is right, build for the future, work as one team and pursue long-term success. It is how we work, consistently, be it towards the company, our colleagues or our customers.

About the Department

Operational Risk Management (ORM) under Risk Management works closely and provides support and guidance to Business and Support units (BSUs) within the Bank to effectively manage their operational risk profiles. As the second line of defence, it provides an overarching governance over operational risk through relevant frameworks, policies and ORM programmes. It leverages on the Governance, Risk and Compliance (GRC) system to implement the ORM programmes to the BSUs, namely Key Risk and Control Self-Assessment (KRCSA), Outsourcing, Product Programme, Key Operational Risk Indicators, Management Risk Awareness and Incident Reporting. ORM also provides independent review and challenge on the inputs from BSUs in all ORM programmes. Key results and highlights from these programmes which include technology risk and Shariah related risks are reported to the Senior Management, relevant committees and Board. 

Job Responsibilities

• Formulating and recommending appropriate Shariah risk management policies and guidelines.
• Facilitate the process of identifying, measuring, controlling and monitoring Shariah risks inherent in the Bank’s operations and activities via the implementation of ORM tools.
• Identifying and understanding the inherent Shariah risks in the Bank, taking into account existing controls that have been put in place and their effectiveness in mitigating such risks.
• Measuring the potential impact of Shariah Non-Compliance risk to the Bank, based on the actual de-recognition of income derived from Shariah Non-Compliant activities.
• Monitoring of Shariah risks to facilitate efficient and effective management of such risks.
• To update Shariah Non-Compliance risks to Management, Shariah Committee and Board; if necessary (e.g. KRCSA result analysis, significant SNC incident, if any).
• In addition to the Shariah Risk function, the incumbent is required to be adequately familiar with the ORM programs/methodologies i.e. Key Risk & Control Self-Assessment, Key Operational Risk Indicator, Incident Reporting, Product Program, Management Risk Awareness (MRA), etc.
• This is a mid-level management position and the incumbent is expected to also support the other ORM team members on non-Shariah risk related matters, as and when necessary.
• The incumbent will be designated as a Relationship Manager within the ORM team; similar to other team members and will be assigned several Business & Support Units (BSUs) to support in the implementation of all ORM programs.
• Key contact person for Shariah risk oversight but to leverage on other ORM team members, where necessary and will be working closely with other Shariah organs, e.g. Shariah Review (Compliance) and Shariah Secretariat (Islamic Banking). 
• To be actively involved in the Incident Management team covering both Conventional and Shariah risk related incidents.

Job Requirements

• Possesses a Degree in Fiqh & Usul Fiqh  / Islamic Banking and/or Finance/ Islamic Economics or equivalent field.
• Minimum 8 years of working experience in Islamic banking operations and Shariah risk management . 
• Conversant with the relevant regulatory requirements i.e. Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SCM) Guiding Principles and Guidelines, Prudential Limits and Standards, Shariah Parameters and Shariah Resolutions in Islamic Finance.
• Possess good comprehension on the Islamic Financial Services Board (IFSB) Guiding Principles of Risk Management and relevant exposure draft related to Islamic Banking. 
• Possess good knowledge on overall risk management and Shariah non-compliance risk associated in the Islamic banking products including consumer banking, business banking, trade finance, investment banking, treasury and capital market.
• Besides Shariah risk knowledge, to be well versed with the ORM program methodologies given that most Shariah risk assessment will be leveraging on the existing ORM tools/methodologies.
• Adequate analytical skills on qualitative and quantitative measures on the risk inherent and able to provide recommendation for risk treatment and mitigation.
• Provide advisory services for business and support units in managing the Shariah risk matters identified under their respective purview as resolved by relevant Shariah authorities. 
• Good analytical skills in Islamic Jurisprudence reasoning (Classical and Contemporary)
• Well versed in Shariah Advisory Committee (SAC), BNM and Shariah Security Commission (SECs) resolutions and respective recognized Shariah Authorities.
• Stay informed on global issues in Islamic Banking and Finance.
• Adequate understanding in Islamic Jurisprudence, Islamic Legal Maxim, Islamic Commercial Transaction, Islamic Legal, Islamic accounting and Islamic Banking and operations.
• Possess skills in formulating and recommending appropriate policies/guideline to facilitate Shariah Risk Management.
• Knowledge in Enterprise Risk Management framework in Islamic Banking and finance operations including Conventional Banking operations.
• Ability to understand Arabic will be an added advantage.

Be a part of UOB Family

UOB is an equal opportunity employer. UOB does not discriminate on the basis of a candidate's age, race, gender, color, religion, sexual orientation, physical or mental disability, or other non-merit factors. All employment decisions at UOB are based on business needs, job requirements and qualifications. If you require any assistance or accommodations to be made for the recruitment process, please inform us when you submit your online application.

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Competencies