2022-09-27

Directive D8-2022: Completion of Operational Risk Return Form BA 410

The Prudential Authority issued Directive D8-2022 to standardize the quarterly submission of Form BA 410 for South African banks, controlling companies, and foreign branches utilizing the standardised or alternative standardised operational risk approaches. The directive mandates a minimum gross loss reporting threshold of R10,000 and requires material operational risk losses of R5 million or more to be recorded, while permitting institutions to apply a lower threshold after consulting the Authority. Institutions must ensure external auditors review the directive and return a jointly signed acknowledgement of receipt to confirm compliance.

South Africa

South African Reserve Bank

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