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December 07, 2018

SARB issued a directive (D5/2018) on completion of return related to operational risk. The directive is applicable to all banks, controlling companies, branches of foreign institutions, eligible institutions, and auditors of banks or controlling companies.

The directive instructs the concerned entities to:

  • Change the frequency for completion and submission of the form BA 410 on operational risk from semi-annual to quarterly
  • Submit, to Prudential Authority, the first quarterly form BA 410 for the first quarter of 2019 (January 01, 2019 to March 31, 2019)
  • Complete and submit the relevant form BA 410, 20 working days after each relevant quarter on a bank solo basis and 30 working days after each relevant quarter on a bank consolidated and controlling company consolidated basis.

Regulation 34(2) sets out the purpose of the form BA 410 for a bank that adopted the advanced measurement approach for the calculation of the required amount of capital and reserve funds in respect of operational risk. In addition, as part of its supervisory processes, the Prudential Authority requested banks that adopted the standardized approach and the alternative standardized approach for the calculation of its required amount of capital and reserve funds in respect of operational risks to complete and submit the form BA 410. The purpose of the form BA 410 is to obtain selected information in respect of, among other things, a bank’s loss event types, gross losses recorded, and recovery of losses; this information is based on specified business lines and specified loss event types.

 

Related Link: Directive D5/2018

Keywords: Middle East and Africa, South Africa, Banking, Operational Risk, D5/2018, BA 410, Reporting, SARB

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