South African financial supervisors are developing a joint regulatory approach after surveying adoption and finding weaknesses in fairness testing, third-party model risk and board oversight.
A formal discussion paper is under development. Current messages emphasise accountability, data governance, human responsibility and stronger supervisory capability.
Banks, insurers and other institutions supervised through the Twin Peaks prudential and conduct framework.
Summarised from the primary instruments below. Open the source before relying on an obligation for legal or compliance decisions.
Strengthen board-level oversight and identify a clear executive accountable for AI risk.
Make ethical principles operational and improve fairness testing rather than relying on policy statements.
Improve third-party model risk management and retain institutional responsibility for AI-generated work.
The original authority remains the source of truth. Dates below are publication and effective dates, not OneBench ingest dates.
South African Reserve Bank / Prudential Authority
Sets out survey findings, current supervisory concerns and the plan for a joint regulatory discussion paper.