Regulatory Alerts2023-06-02
Directive on Operational Resilience (D4-2023)
The Prudential Authority directs South African banks to implement enterprise-wide operational resilience principles aligned with Basel Committee standards, requiring robust risk-based policies, third-party management, and ICT/cyber resilience. Institutions must assess their current governance, business continuity, and incident management frameworks against these principles and ensure harmonization with recovery and resolution plans. This directive replaces Directive 10 of 2021 and extends the compliance deadline to 31 December 2024, allowing banks adequate time to align with international regulatory timelines.
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