Regulatory Alerts2022-09-27
Guidance Note G11-2022 on Operational Risk Practices and Form BA 410
The Prudential Authority issued Guidance Note G11-2022 to standardize the quarterly completion and submission of operational risk form BA 410 by banks, foreign branches, and controlling companies. The guidance mandates a R10,000 minimum reporting threshold for line items 1 to 63 and a R5 million threshold for material losses in lines 64 to 75, requiring separate flagging and descriptions for credit and market risk boundary events. Replacing the previous 2020 directive, it further requires institutions to return a jointly signed acknowledgement of receipt from the chief executive officer and external auditors to ensure compliance.
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