5.1The head of the risk management function, the Chief Risk Officer (CRO) or equivalent is responsible for assisting the Board, board committees, executive committee (including the Internal Shari’ah Supervision Committee), senior management (including Internal Shari’ah Control Division or Section and Internal Shari’ah Audit) to develop and maintain the risk governance framework applicable to its IB.
5.2In addition to the key activities set out within the Central Bank’s Risk Management Standards (153/2018), IBs must include identifying, assessing, monitoring and reporting risks associated specifically to Shari’ah compliant business and activities.