Regulatory Alerts2020-09-25
D6/2020 Completion and Submission of Return Relating to Operational Risk (BA 410)
The Prudential Authority directs banks, controlling companies, and foreign branches to submit quarterly operational risk returns using Form BA 410. The directive establishes submission deadlines of twenty working days for solo filings and thirty for consolidated filings, while mandating a R10 000 minimum gross loss threshold and a R5 million reporting threshold for material losses. Institutions must distribute the directive to external auditors and return a jointly signed acknowledgement of receipt to the Prudential Authority, thereby replacing Directive 11 of 2013 and Directive 5 of 2018.
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