Page 118 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

Table 3 Table 4
shariah Advisory council members Audit oversight Board members

No. SAC Members No. AOB Members
1. Datuk Dr Mohd Daud Bakar – Chairman 1. Dato’ Gumuri Hussain (Non-Executive Chairman)
2. Associate Professor Dr Aznan Hasan – Deputy 2. Alex Ooi Thiam Poh (Executive Officer)
Chairman 3. Eugene Wong Weng Soon
3. Dato’ Ahmad Tajudin Haji Abdul Rahman 4. Dato’ Zahrah Abd Wahab Fenner
4. Professor Dr Ashraf Md Hashim 5. Marzunisham Omar 1
5. Professor Dr Engku Rabiah Adawiah Engku Ali 6. Wong Chong Wah
6. Professor Dr Asmadi Mohamed Naim 7. Dato’ Darawati Hussain
7. Associate Professor Dr Syed Musa Syed Jaafar 8. Hew Ee-Lu 2
Alhabshi
8. Associate Professor Dr Mohamed Fairooz Abdul
Khir 1 Retired on 25 September 2018
2 Appointed on 5 October 2018
9. Dr Shamsiah Mohamad

RIsK MANAgeMeNT ANd INTeRNAL
Audit oversight Board coNTRoLs

The Chairman with the assistance of the Executive
The Audit Oversight Board (AOB) was established
under Part IIIA of the SCMA, and its mandate is to Team is responsible for the effectiveness of risk
assist the Commission in discharging its regulatory management and internal controls in the SC. The
function in respect of developing an effective audit risk management and internal control approach of
oversight framework, promoting confidence in the the SC is organised through a robust governance
quality and reliability of audited financial statements, arrangement, incorporating the Board, Board
and regulating auditors of PIEs and scheduled funds. Committees, management committees, internal
governance processes and the line departments.
The AOB also exercises oversight over any person
who prepares a report relating to financial There is a clear organisational structure with well
information of PIEs and schedule funds, in relation defined lines of responsibility, effective framework
to capital market activities. The AOB members are and processes to identify, monitor, mitigate and
appointed by the Board (Table 4). manage risks which the SC might be exposed to
and the appropriate internal control mechanism.
These set of policies and standards are reviewed
periodically to ensure risks and internal controls
are managed responsibly with integrity, fairness,
transparency and accountability.

The risk governance structure is supported by the
three key components of internal governance,
namely risk management, internal compliance
and internal audit. This facilitates the effective

108 | PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES

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