MUHAMMAD SYAFIQ BIN S.M. ABDUL WAHID

Head of Internal Audit

Syafiq assumed the role of Head of Internal Audit at Labuan Re in March 2024, bringing with him over 14 years of extensive experience in audit, compliance, and governance across a spectrum of industries including banking, insurance, takaful, education, and large conglomerates. His proficiency encompasses a wide array of areas such as the International Professional Practice Framework (IPPF), Risk-Based Auditing methodologies, International Financial Reporting Standards (IFRS), Corporate Governance, Integrity, ISO 9001:2015, risk management, compliance, and Project Management.

Prior to joining Labuan Re, Syafiq held pivotal positions at METEOR Sdn Bhd (a holding company of Open University Malaysia), MNRB Holdings Berhad, Bank Rakyat, and more.

At METEOR, he realigned the internal audit functions to match corporate objectives, ensuring the audit department’s independence and introducing a risk-based audit methodology that paved the way for strategic improvements in business sustainability, governance, risk management, and compliance. At MNRB, within the Takaful Ikhlas Internal Audit section, he revitalized the risk assessment process, aligning it closely with strategic business priorities through in-depth evaluations and top management collaboration. He significantly enhanced audit quality by refining risk assessments in key areas and incorporating Shariah principles in each assignment, ensuring comprehensive and robust audits. By also pioneering the adoption of data analytics tools, he notably increased audit precision and provided deeper insights into operational efficiencies.

Syafiq has been an Associate Member of the Institute of Internal Auditors (IIA) since 2014. In addition to his professional affiliation, he holds a Master of Business Administration (MBA) degree and is ACCA qualified.