Regulatory Alerts2013-07-19
Added · Updated
Operational Risk Practices: Completion and Submission of the BA 410 Return
The South African Reserve Bank’s Office of the Registrar of Banks issued Directive 11/2013 to standardize the completion and submission of the six-monthly operational risk BA 410 return across the banking sector. The directive mandates a minimum gross loss reporting threshold of R10,000 for line items 1 to 63 and a R5 million threshold for material losses in line items 64 to 75, while permitting institutions to adopt lower thresholds upon consultation. Financial institutions must ensure their chief executives and independent auditors sign and return the enclosed acknowledgement of receipt to the Registrar promptly.
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