FINANCIAL SECTOR REGULATION ACT: IT GOVERNANCE AND RISK MANAGEMENT STANDARD PUBLISHED

FINANCIAL SECTOR REGULATION ACT: IT GOVERNANCE AND RISK MANAGEMENT STANDARD PUBLISHED

• 11 November 2023
• Financial Sector
• SA Legal Academy

The Financial Sector Conduct Authority and the Prudential Authority have finalised and published a joint standard on IT governance and risk management under the Financial Sector Regulation Act, 2017.

In force from 15 November 2023, the new standard is in line with ‘sound’ IT management practices and processes, according to an accompanying communication. It will apply to:

• banks, their controlling companies (local or foreign) and subsidiaries, and
• any financial institution that is an insurer, as well as its controlling company (local or foreign).

Released in draft form in 2021 for public comment, the new standard was issued with a report on the input received, along with a statement of need.

• joint standard
• communication
• statement of need
• consultation report

Published by SA Legal Academy Policy Watch

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