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The Risk Management function supports ICD’s strategic plan and business delivery, thereby helping it to achieve sustainable growth and profitability. It also promotes a strong risk culture and establishes governance standards and best practices where strategic decisions and day- to-day operations are made from a risk-return/ development impact perspective. It aims to achieve efficiencies within the Corporation and strengthen synergies with IsDB Group entities and other multilateral development banks.
It maintains a constructive relationship with credit rating agencies and other stakeholders.
7.2 Compliance
Based on the Anti Money Laundering, Combating Financing Terrorism and the Know Your Customer Policy of the IsDB Group, ICD is strongly committed to ensuring that all its activities
are governed by its strict rules, procedures and guidelines. All activities are undertaken based
on rigorous scrutiny, due diligence, monitoring and oversight using automated filtering and screening systems which cover all major international sanctions programs, embargoes, politically exposed persons (PEPs) and legal and regulatory enforcement lists etc. This policy was approved
by the IsDB Board of Executive Directors in 2019 and the ICD Board adopted the policy in 2020. Additionally, ICD takes into consideration the latest version of the unbiased and non-political recommendations of specialized international entities such as the Financial Action Task Force (FATF) on Anti-Money Laundering and Combating Financing of Terrorists, International Convention for Suppression of the Financing of Terrorism and
INTERNAL AUDIT HAS DILIGENTLY RAISED AWARENESS OF KEY RISKS IMPACTING THE ORGANIZATION AND PROVIDED ADVICE TO MANAGEMENT AND THE BOARD IN DEVELOPING CONTROL SOLUTIONS.
the UN Security Council Resolution No. 1373, as measures to combat money laundering and the financing of terrorism. As a member of the IsDB Group, ICD also has an approved Integrity Policy, Disclosure of Information & Conflict
of Interest Policy and Whistleblowing Policy dealing with anti-bribery, anti-corruption, anti-fraud and conflict of interest.
All compliance-related matters are entrusted
to and handled by a dedicated Compliance Unit within ICD, which reports functionally to the
CEO and submits semi-annual reports to Audit, 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 ICD senior management, as well as to all ICD employees. This ensures that ML and TF risks are adequately identified, excluded, and mitigated.
7.3 Internal Audit
The Internal Audit function is an independent assurance and consulting activity that adds value to ICD by assisting it to accomplish its objectives. With numerous changes occurring across the globe significantly impacting ICD and our member countries, the function has employed a more dynamic, systematic, and disciplined approach
in evaluating and improving the effectiveness of ICD’s governance, risk management and internal control mechanisms. Internal Audit has diligently
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