Regulatory Alerts2015-06-25
South African Reserve Bank Directive 8/2015: Reporting requirements for material outsourced and critical third-party service providers
The South African Reserve Bank issues Directive 8/2015 to require banks to submit specified information regarding their outsourcing arrangements to assess operational risk and sector-wide vulnerabilities. Banks must report details on their top fifteen material outsourced service providers and critical third-party service providers, including contract values and contingency plans, using the format in Annexure A. These reports must be signed off by the chief risk officer and chief executive officer, submitted within 30 business days of the reporting period, and filed on a solo, bank consolidated, and controlling company consolidated basis.
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