Regulatory Alerts2016-09-08
Compliance with Principles for Effective Risk Data Aggregation and Risk Reporting
The South African Reserve Bank directs banks to engage internal or combined internal and external auditors in conducting granular verification of evidence regarding compliance with the Basel Committee’s Principles for Effective Risk Data Aggregation and Risk Reporting. Domestically systemically important banks must submit their auditor-validated compliance reports by 30 September 2017, while non-systemically important banks will receive individually confirmed submission dates. This directive operationalizes Principle 12 by mandating periodic, auditor-led reviews to validate risk management processes and ensure robust corporate governance aligned with each institution’s operational complexity.
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