South Africa: Financial Sector Assessment Program-Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision
IMF Staff Country Reports, March 3, 2015
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- South Africa: Financial Sector Assessment Program-Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision
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Bibliographic details
- Published: March 3, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484309773.002
Summary and key findings
- 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.
Scope, subjects, and keywords
- Subject areas: Auditing, Banking, Credit risk, External audit, Financial regulation and supervision, Internal audit, Market risk, Operational risk, Public financial management (PFM).
- Keywords: Africa, Auditing, bank Supervision department, banking assets, banking book, banking group, board of directors, CR, Credit risk, due diligence, External audit, Global, internal audit, Internal audit, ISCR, management committee, Market risk, Operational risk, risk management, risk profile, senior management, Southern Africa, staff team of the International Monetary Fund.