Regulatory Alerts2021-02-12
Prudential Authority Guidance Note 2/2021 – Flavour of the Year on New Technologies
The Prudential Authority requires South African banks, controlling companies, and foreign branches to hold 2021 board meetings focused on the impact of emerging technologies such as artificial intelligence, distributed ledger technology, and fintech competition. Institutions must submit a sixty-minute presentation detailing technological governance, risk management, outsourcing strategies, and cybersecurity measures to the authority at least three weeks prior to executive committee meetings. The guidance further mandates that chief executives and independent auditors jointly sign and return an acknowledgement of receipt to confirm comprehensive oversight of technological adoption across all organisational lines of defence.
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