South Africa: Financial Sector Assessment Program-Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision

International Monetary Fund

No 2015/055, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision in South Africa. The South African banking system is highly concentrated with more than 90 percent of banking assets being controlled by the five largest banks. A suitable legal framework for banking supervision is in place to provide each responsible authority with the necessary legal powers to authorize banks, conduct ongoing supervision, address compliance with laws, and undertake timely corrective actions to address safety and soundness concerns. The responsibilities and objectives of each of the authorities involved in banking supervision are clearly defined in legislation and publicly disclosed.

Keywords: ISCR; CR; risk management; banking group; senior management; board of directors; risk profile; internal audit; External audit; Market risk; Credit risk; Internal audit; Auditing; Africa; Global; Southern Africa; bank Supervision department; due diligence; banking book; management committee; staff team of the International Monetary Fund; banking assets; Operational risk (search for similar items in EconPapers)
Pages: 196
Date: 2015-03-03
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