Regulatory Alerts2020-09-25
G9/2020: Operational Risk Practices Completion and Submission of Form BA 410
The Prudential Authority issued Guidance Note G9/2020 to standardize the quarterly completion and submission of form BA 410 by South African banks, controlling companies, and foreign branches. The guidance mandates that line items 1 to 63 capture operational risk losses with a minimum R10,000 threshold, while line items 64 to 75 require reporting material losses of R5 million or more, including separate credit and market risk flags with written descriptions. Replacing Guidance Note 4/2013, the document requires institutions to distribute the guidance to external auditors and return a jointly signed acknowledgment of receipt to the Prudential Authority.
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