Regulatory Alerts2021-11-15
Principles for the Sound Management of Operational Risk
The Prudential Authority directs all South African banks, controlling companies, and foreign branches to align their operational risk frameworks with the March 2021 Basel Committee on Banking Supervision principles. Institutions must complete comprehensive assessments of their policies, processes, and practices within twelve months of publication. Ongoing supervisory reviews will enable the Prudential Authority to mandate additional capital or policy realignments for entities demonstrating inadequate risk management.
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