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South Africa Financial Sector Assessment Program Technical Note On Cybersecurity Risk Supervision And Oversight
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Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Sweden written by International Monetary and published by International Monetary Fund. This book was released on 2023-04-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sweden: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498324975 Total Pages :42 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa: Financial Sector Assessment Program-Financial Safety Net, Bank Resolution, and Crisis Management Framework-Technical Note by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa: Financial Sector Assessment Program-Financial Safety Net, Bank Resolution, and Crisis Management Framework-Technical Note written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses recommendations made during the Financial Sector Assessment Program (FSAP) for South Africa in the areas of contingency planning, crisis management, and bank resolution. The proposed scope of the new resolution regime and of the South African Reserve Bank’s (SARB) jurisdiction as the resolution authority remains unclear. It is suggested that authorities should consider focusing on all deposit-taking institutions and only those other financial institutions that are currently deemed systemic. Non-deposit-taking financial institutions that are not found to be systemic should be resolved by the Prudential Authority or the Market Conduct Authority, whichever is the lead regulator.
Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 : Total Pages :26 pages Book Rating :4.4/5 (2 download)
Book Synopsis Iceland by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Iceland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2023-07-28 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Icelandic financial system is large, concentrated and interconnected - banks and Non-Bank Financial Institutions (NBFIs) - domestically and internationally. There are 10 banks: 4 commercial banks and 6 savings banks, but the system is dominated by just three of the commercial banks (Arion banki, Íslandsbanki and Landsbankinn) that together account for 95 percent of banking assets. Cash use is declining as a percentage of point of sale (POS) transactions, leading to an increasing dependence on electronic payment means. The debit and credit cards used for most retail transactions rely on international communications with Visa and Mastercard.
Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The implementation of a twin peaks model represents a significant change to the South African financial supervisory architecture. The Prudential Authority (PA), operating within the administration of the South African Reserve Bank (SARB), is responsible for promoting and enhancing the safety and soundness of financial institutions that provide financial products and securities services. A separate authority, the Financial Sector Conduct Authority2 (FSCA), is responsible for market conduct regulation and supervision. The introduction of the twin peaks architecture was motivated by a need to increase the robustness of the financial sector regulatory and supervisory system, reinforce financial stability, improve protection of customers, and enhance cooperation among the regulators.
Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 ISBN 13 :1498393284 Total Pages :44 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 ISBN 13 :1498331548 Total Pages :23 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Insurance Sector - Regulation and Supervision by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Insurance Sector - Regulation and Supervision written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498395511 Total Pages :137 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles-Technical Note by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles-Technical Note written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Fund. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513553016 Total Pages :47 pages Book Rating :4.5/5 (53 download)
Book Synopsis Denmark by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Denmark written by International Monetary Fund. Monetary and Capital Markets Department and published by . This book was released on 2020-08-12 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: COVID-19 pandemic: The Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic, so this Technical Note (TN) does not assess the impact of the crisis or the recent crisis-related policy measures. Nonetheless, given the FSAP's focus on vulnerabilities and policy frameworks, the findings and recommendations of the TN remain pertinent. The Danish Financial Supervisory Authority (DFSA) has improved standards in its oversight of banking and insurance sectors since the last FSAP. Nevertheless, risks persist, both in traditional forms, and new areas, such as cyber risk, AML, and innovative market entrants. This note, selects topics to meet evolving supervisory challenges and the expectation that the international supervisory standards themselves will likewise continue to rise.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498308198 Total Pages :44 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa: Financial Sector Assessment Program-Stress Testing the Financial System-Technical Note by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa: Financial Sector Assessment Program-Stress Testing the Financial System-Technical Note written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses stress testing (ST) results for the financial system of South Africa. The bank STs suggest that banks have adequate capital to withstand severe shocks, but need larger liquidity capacity to meet regulatory requirements. Even in the severe scenario in which GDP falls for three consecutive years, banks’ capital buffers seem sufficient, although the impact of a large default could be significant. Banks also appear resilient to market risks in both the trading and banking books. Some banks, however, would have difficulty meeting the Liquidity Coverage Ratio without the Committed Liquidity Facility of the South African Reserve Bank.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :147559982X Total Pages :35 pages Book Rating :4.4/5 (755 download)
Book Synopsis New Zealand by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book New Zealand written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-05-10 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note assesses regulation and oversight of financial market infrastructures (FMIs) in New Zealand. The regulatory and oversight framework for FMIs in New Zealand is undergoing a major reform. The Reserve Bank of New Zealand and the Financial Markets Authority (FMA) currently lack sufficient legal powers to identify and address risks building up in FMIs, partly because the regime is voluntary and the authorities do not have the appropriate toolkit to pursue their oversight objectives. It is recommended that supervisory practices be formalized and staff resources increased. The role of the FMA should be further clarified.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498364454 Total Pages :137 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498346367 Total Pages :252 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation-Technical Note by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation-Technical Note written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses findings of the Detailed Assessment of Implementation on the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation in South Africa. Although South Africa’s level of implementation of the IOSCO principles is complete in several areas, there is room for enhancement. The legal framework is robust and provides the authorities with broad supervisory, investigative, and enforcement powers. There are arrangements for on-site and off-site monitoring of regulated entities. The powers to cooperate with domestic and foreign counterparts are extensive. Accounting and auditing standards are high, as is the disclosure regime that applies to listed companies in practice.
Book Synopsis South Africa by : International Monetary Fund
Download or read book South Africa written by International Monetary Fund and published by . This book was released on 2015 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
