Regulatory Alerts2019-04-02
Guidance Note G3/2019: 2019 Meetings with Executive Management of Smaller South African Banks
The South African Reserve Bank’s Prudential Authority requires smaller South African banks with total assets under R50 billion and their external auditors to prepare for 2019 supervisory meetings centered on the full life cycle of outsourcing. Executive management must submit presentation materials at least three weeks prior to scheduled meetings and address strategic alignment, third-party selection criteria, contractual safeguards, ongoing risk monitoring, and termination contingency planning. Institutions must distribute this guidance to their auditors and return a jointly signed acknowledgement of receipt to the Authority without delay.
Share