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South African Reserve Bank

Risk Management and Compliance 

The Risk Management and Compliance Department (RMCD) co-ordinates the governance, risk management and compliance activities of the Bank. The functions of the RMCD are underpinned by relevant policies. The RMCD is functionally accountable to the Governors' Executive Committee (GEC) and reports on behalf of management to the Risk Management Committee (RMC) and the Board Risk Committee (BRC).
The main functions of the Department are to
  • Facilitate risk management ownership by the Bank's management, including awareness creation and provision of risk management training;
  • Provide a standardised strategic and operational risk management methodology and process;
  • Co-ordinate and facilitate specialised operational risk management processes, including business continuity management, occupational health and safety management;
  • Co-ordinate follow-up actions to ensure that risk custodians implement identified and agreed actions to improve controls;
  • Validate that the risk management processes are adequate and effective, and comply with internationally accepted risk management standards;
  • Co-ordinate and facilitate compliance risk management;
  • Administer the Bank’s Commercial Crime Control and Whistle-blowing policies; and
  • Ensure standardised and integrated reporting on all risk management activities and exposures to the GEC via the RMC, as well as to the BRC.
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