Regulatory Alerts2006-01-13
Banks Act Circular 4/2006: Trilateral Discussions on Business Continuity Planning
The South African Reserve Bank's Registrar of Banks issued Circular 4/2006 to mandate that all banks present their business-continuity management frameworks during 2006 trilateral discussions. The circular requires institutions to demonstrate preparedness for major disruptions by detailing administration, impact analysis, recovery objectives, and simulation exercises. Banks must return signed acknowledgements of receipt from their chief executive officers and independent auditors to confirm compliance with these regulatory requirements.
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