Regulatory Alerts2010-05-13
G2/10: 2010 Meetings with Bank and Controlling Company Boards on Group Risk Oversight
The South African Reserve Bank issued Guidance Note 2/2010 to require all reporting banks and controlling companies to prepare presentations on diversified group risk oversight for their scheduled 2010 supervisory meetings. The guidance mandates that board discussions must comprehensively address group structure, governance frameworks, risk appetite statements, enterprise-wide risk management systems, and information technology adequacy. Institutions must demonstrate how management and boards monitor and mitigate risks arising from non-banking subsidiaries and affiliates to ensure effective group-wide supervision.
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