<![CDATA[This study analyses the implementation of risk management in the VIP prize-linked savings product of BMT Mitra Muamalah Jepara and formulates areas for control strengthening. A descriptive qualitative case-study design was employed. Primary data were obtained through semi-structured interviews with eight informants comprising the BMT manager, funding/marketing officer, operations/finance officer, internal control officer, a member of the Sharia Supervisory Board, and three product members. The interview data were coded and organised into liquidity, operational, sharia-compliance, reputational, strategic/funding, and legal-data protection risks, and were interpreted alongside relevant sharia provisions and prior studies. The findings show that risk management has been implemented through management-approved product policies, monthly performance evaluation, cash-flow projections based on maturity schedules, daily reconciliation, segregation of duties, periodic internal audits, and Sharia Supervisory Board review. An operational input error had occurred but was detected through daily reconciliation without causing member losses. Member trust was relatively strong, although questions regarding maturity rules and the timing of gift distribution remained. Liquidity and operational risks therefore require the highest continuing attention, while sharia and reputational risks are mitigated by supervisory review and transparent communication. The study recommends formal risk appetite, measurable key risk indicators, stronger data-access controls, documented complaint standards, and scenario-based liquidity testing.]]>
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