Regulatory Alerts2011-05-13
South African Reserve Bank Guidance Note 2/2011: 2011 Trilateral Meetings with Audit Committees and External Auditors
The South African Reserve Bank issued Guidance Note 2/2011 to mandate that banks present on the Board Risk Committee's role in interest rate risk management during their 2011 trilateral meetings. The document requires the chairperson of the Board Risk Committee to detail ALCO structures, risk measurement approaches, and regulatory compliance practices to the Office of the Registrar of Banks. Attendance is compulsory for audit committee members, external auditors, and key risk and compliance officers, with a signed acknowledgement of receipt required from the CEO and independent auditors.
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