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South African Reserve Bank

Compliance and operational risk 

Compliance and operational risk
Compliance with the laws, contracts, regulatory policies and investment guidelines is enforced by the Bank to ensure that the Bank does not suffer a loss arising from a breach of any of the aforementioned. Daily, weekly, monthly and quarterly compliance requirements are monitored at various levels of the Bank’s compliance framework. In the case of compliance with investment guidelines, these are assessed daily, weekly and monthly to ensure that any breaches are dealt with.
Operational risk
Operational risk is the risk of a possible financial loss or damage to the Bank’s reputation arising from human errors, internal control failure, systems failure or external events that have an adverse impact to the Bank. The Bank has an incident reporting tool which enables the process of self-reporting for any operational risk related events. Action plans are drawn on reported incidents and follow-ups done with relevant business areas. For externally managed investment portfolios, the Bank requires the fund managers to provide their Statement on Standards for Attestation Engagements (SSAE) No. 16, for the purposes of reporting on the design of internal controls and their operating effectiveness.
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