South Africa Financial Sector Assessment Program Technical Note On Cybersecurity Risk Supervision And Oversight
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 2022-06-17 |
| Genre | : Business & Economics |
| ISBN | : |
Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem. The South African financial system has a long history of incorporating technology and as for many financial systems across the globe, digitalization has become a strategic priority. For risk management to keep pace with the dynamic nature of cyber threats and threat agents, systemically important financial institutions (SIFIs) have made substantial investments in cyber resilience programs (e.g., establishing cyber strategies, frameworks, and governance structures). Consistent with many jurisdictions, and partly a result of widespread remote working arrangements implemented in response to the global pandemic, cybersecurity threats to financial stability increased. However, high standards of risk management meant threats did not materialize into significant losses and/or disruptions.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 21 |
| Release | : 2022-06-17 |
| Genre | : Business & Economics |
| ISBN | : |
South Africa has made significant progress in strengthening its macroprudential policy framework and foundations since the 2014 FSAP. Institutional arrangements were overhauled by the 2017 Financial Sector Regulations Act that, among others, introduced the current ‘Twin Peaks’ structure, provided SARB with a strong financial stability mandate, and sought to foster interagency coordination and collaboration (including via the establishment of the Financial System Council of Regulators. As a result, South Africa has a hybrid macroprudential policy framework that combines a ‘strong’ decision maker in the SARB Governor, but that is importantly supported by an advisory committee structure, fostering effective cooperation and coordination. Systemic risk monitoring has also been enhanced and some macroprudential policy tools phased-in.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2022-06-17 |
| Genre | : Business & Economics |
| ISBN | : |
This Technical Note sets out the findings and recommendations of the Financial Sector Assessment Program (FSAP) for South Africa on financial safety net and crisis-management arrangements. It primarily focuses on the arrangements for early intervention, recovery, resolution, and financial safety nets for banks in South Africa. To a lesser extent, the note also addresses issues relating to recovery and resolution applicable to insurers and Financial Market Infrastructure (FMI).
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 44 |
| Release | : 2015-03-03 |
| Genre | : Business & Economics |
| ISBN | : 1498393284 |
This Technical Note analyzes over-the-counter (OTC) derivatives market reforms in South Africa and identifies vulnerabilities that may potentially impact financial stability. South Africa is committed to reform its OTC derivatives market to reduce vulnerabilities and increase transparency. Reforms are being implemented through the Financial Market Act and Regulations for banks, reflecting the Basel III capital requirements. Swift progress on the consultation and issuance of FMA regulations, trade repository regulations, and related notices are warranted to proceed with reforming the OTC derivatives market. Secondary legislation still needs to be finalized and will contain requirements for financial market infrastructures.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2015-03-03 |
| Genre | : Social Science |
| ISBN | : 1498331548 |
This Technical Note discusses findings and recommendations made in the Financial Sector Assessment Program (FSAP) for South Africa in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The AML/CFT supervisory framework for the financial sector, in particular the banking sector, has been strengthened by the amended Financial Intelligence Center (FIC) Act that took effect in 2010 and the creation of the AML/CFT supervision team within Banking Supervision Department (BSD) of the South African Reserve Bank (SARB). Significant technical deficiencies remain, such as the absence of requirements to identify and verify the identity of beneficial owners of customers and to apply enhanced diligence to high-risk situations.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 137 |
| Release | : 2015-03-03 |
| Genre | : Business & Economics |
| ISBN | : 1498395511 |
This paper discusses key findings of the Detailed Assessment of Observance on the Insurance Core Principles on South Africa. Insurance regulatory and supervisory regime in South Africa is in transition. Currently, the Financial Services Board (FSB-SA) regulates the nonbanking financial services industry, including the insurance sector, in South Africa. With the goal of achieving a safer financial sector to serve South Africa better, the government has proposed major changes in the financial sector. The four policy objectives are: financial stability, consumer protection and market conduct, financial inclusion, and combating financial crime. Market realities in the insurance sector pose significant regulatory challenges, which are well recognized by the authorities.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2022-06-17 |
| Genre | : Business & Economics |
| ISBN | : |
The South African insurance sector is large, complex, internationally active, and competitive. Supported by high penetration and density of insurance products, the insurance sector has grown to account for 18 percent of the financial sector in South Africa. The industry hosts an unusually diverse range of business models, including traditional participation focused models, bank-led conglomerates, asset management focused groups, and technology driven new entrants. Even among large insurers, risk profiles vary significantly, which is unique relative to other major insurance markets. Most large insurance groups are actively expanding their business both regionally and globally.
| Author | : International Monetary Fund |
| Publisher | : |
| Total Pages | : 45 |
| Release | : 2015 |
| Genre | : Banks and banking |
| ISBN | : 9781498354035 |
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 35 |
| Release | : 2022-06-17 |
| Genre | : Business & Economics |
| ISBN | : |
The South African financial markets are the most developed and liquid in Africa and well developed by global standards, as well, reflecting credible and independent policy making, a diverse economy and strong financial institutions. Foreign exchange market turnover is consistently among the top 20 in the world according to the Bank for International Settlement (BIS) triennial survey. The government bond and interest rate swap yield curves go out to 20 years. The size of the domestic bond market is around 85 percent of GDP, and stock market capitalization is about 300 percent of the GDP. Supporting financial market infrastructure is broadly adequate for the size and turnover of the markets. The central bank (SARB) operates independently and at a high capacity, providing a sound footing for market functioning.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 137 |
| Release | : 2015-03-03 |
| Genre | : Business & Economics |
| ISBN | : 1498364454 |
This paper discusses key findings of the Detailed Assessment of Observance on the Insurance Core Principles on South Africa. Insurance regulatory and supervisory regime in South Africa is in transition. Currently, the Financial Services Board (FSB-SA) regulates the nonbanking financial services industry, including the insurance sector, in South Africa. With the goal of achieving a safer financial sector to serve South Africa better, the government has proposed major changes in the financial sector. The four policy objectives are: financial stability, consumer protection and market conduct, financial inclusion, and combating financial crime. Market realities in the insurance sector pose significant regulatory challenges, which are well recognized by the authorities.
