SARB DELIVERING THE SARB STRATEGY
STRATEGYMANAGEMENTThe successful execution of theSARB’s strategy will ensure thatit continues to meaningfullycontribute towards the economicwell-being of all South Africansby achieving its mandate.In 2016, the SARB adopted a new strategymanagement framework and four-year strategicplan. Two years into this journey, the design ofthe strategic plan has remained fairly consistent,however, a stronger focus has been placed onboth executing and tracking the strategy. TheSARB is on track to achieve its 2020 targets.Through the continual development andimprovement of its strategy managementframework, and associated processes andsystems, the SARB is working towards astrategy-focused organisation where:the strategic plan and strategy managementframework are continually embedded into theeveryday lives of its employees;its departments work together and within thebroader external eco-system to execute thestrategic focus areas (SFAs) and strategicinitiatives; andchange is driven and supported by theSARB’s leadership team, culture andemployees.14SOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/18
The 2020 strategic plan, summarised on page 7, drives the achievement of both priceand financial stability. The five SFAs and their supporting strategic objectives prioritisekey areas of work and provide a manageable strategic agenda against whichperformance can be measured.12345Banknotes and coin are used to buy and sell goods and services. These forms oflegal tender must be readily available and in adequate supply to meet the public’sdemand and their integrity must be trusted. Two strategic objectives support SFA 5.The first is to optimise the notes and coin supply chain and the second is toenhance the quality and integrity of notes and coin.SOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/18ADDITIONAL INFORMATIONSFAENSURECOST EFFECTIVEAVAILABILITY ANDINTEGRITY OFNOTES AND COINFINANCIALSSFAResilience to external shocks is the ability to maintain price and financial stability whenadverse external events occur. Two strategic objectives support SFA 4. The first is toENHANCE THEmaintain an optimal level of reserves and enhance their management. This givesSOUTH AFRICANSouth Africa access to sufficient foreign exchange to meet its financialECONOMY’SRESILIENCEcommitments. The second objective is to establish mechanisms to effectivelyTO EXTERNALmanagethe impact of external shocks. These mechanisms will strengthen theSHOCKSSouth African economy’s ability to anticipate different types of shocks and respondto such scenarios through clear and executable plans.GOVERNANCESFAThe Prudential Authority was established on 1 April 2018 in terms of the FSRA, whichintroduces the Twin Peaks approach to financial regulation. Twin Peaks has two mainPROMOTE ANDaims – to strengthen the safety and soundness of financial institutions and to betterENHANCE THEprotect financial customers and ensure that they are treated fairly by financialSAFETY, SOUNDNESSAND INTEGRITY OFinstitutions (market conduct). SFA 3’s strategic objective is to further establish andREGULATED FINANCIALembed the Prudential Authority, which will consolidate the prudential regulation andINSTITUTIONSsupervision of financial conglomerates, banks, insurers and financial marketinfrastructures (FMIs) in the SARB.SUBSIDIARIESSFAThis is the SARB’s main responsibility in terms of its financial stability mandate. Whenfinancial stability risks are managed well, systemic financial crises are less likely toPROTECToccur, and are more easily managed if they do occur, mitigating the spill-over effectsAND ENHANCEon the broader economy and society. Three strategic objectives support SFA 2. TheFINANCIAL STABILITYTO ACHIEVE Afirst is to establish and enhance frameworks to manage systemic events; theSAFER FINANCIALsecond is to develop and enhance frameworks for systemic risk identification,SYSTEMmonitoring and mitigation; and the third to enhance the regulatory, supervisory andoversight framework of the National Payment System (NPS).DELIVERING THE SARB STRATEGYSFAThe objective is to achieve and maintain price stability in the interest of sustainable andbalanced economic growth. Two strategic objectives support SFA 1. The first is tomaximise monetary policy effectiveness by continuing to develop a policy-relevantMAINTAINHEADLINEand structured research programme, which focuses on SFA 1 and betterINFLATION WITHINunderstands the synergies between the SFAs, specifically SFAs 1, 2 and 4. TheTHE TARGETRANGEsecond objective is to anchor inflation expectations by continually building theSARB’s stakeholder engagement programme through more effectively targetingsectors and groups that influence price setting.INTRODUCTIONSTRATEGY DESIGN15
STRATEGY AND RISK MANAGEMENT – continuedWhile the achievement of the SARB’s mandatethrough the SFAs is the intended outcome of thestrategy, it is also imperative that the SARB buildsinternal enabling capability to ensure that it remainsa relevant and high-performing organisation over thelonger term. While not core to the SARB’s mandate,these cross-cutting objectives support all five SFAsand enable step change in performance; namely:The building blocks of the SARB strategy are thefoundational capability and capacity elementsthat provide the backbone to ensureorganisational effectiveness.Leverage and maximise the SARB’sparticipation in regional and internationalforums to advance South Africa’snational interest.Provide fit-for-purpose technology solutionsthat deliver accurate and timeous informationto inform decision making and enable theSARB’s processes in a globalised andincreasingly complex environment. The revisedIT strategy is being implemented and the ITportfolio has been segmented into tier 1 andtier 2 projects, with tier 1 projects requiringincreased focus given their significant impacton the SFAs.Improve strategy, risk and performancemanagement to enable the SARB torespond to the rapidly changing environment,understand the risks associated with itsstrategy and continue to build a highperforming organisation. A strategic initiativehas recently been launched to betterunderstand the role of central banking post2020 and the implications for the SARB.Factors such as financial technology (fintech),blockchain, smart payment methods,intelligent cybersecurity and other exponentialtechnologies are covered by the initiative.Improve enterprise information managementto address the SARB’s current and futureinformation requirements and enable it tooptimally collect, analyse and disseminateinformation in response to increasingfinancial system complexity and rapidtechnological developments.Establish and embed cybersecurityprocesses given that cyber threats remainhigh and no organisation is completelyimmune to such risks.16SOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/18BUILDING BLOCKSCROSS-CUTTING OBJECTIVESImprove targeted internal and externalstakeholder communication and engagementas an important tool to deliver the SARB’smandate, create greater transparency aroundthe SARB and improve citizen education.A brand and corporate identity initiative isunderway and will be complemented bythe SARB’s stakeholder strategy andengagement initiatives.Attract, develop and retain critical skills andcompetencies by maturing talentmanagement, workforce planning andperformance management, as well asfostering employee engagement anddeveloping a new employee value proposition.This focus supports the SARB’s response tothe changing world of work, which includestechnology advances (artificial intelligence,machine learning and robotics) and amulti-generational, connected, flexible andmobile workforce.Improve organisational effectiveness byreducing bureaucracy and silos and becomingmore flexible and agile to enable rapidresponse to the changing environment.A number of initiatives aim to improve theSARB’s agility, including a review ofgovernance structures and committeesacross the organisation.Embed a culture of performance, innovationand collaboration led by a team driven by theSARB’s values. The SARB is implementinga programme that aims to embed the desiredculture and strengthen its leadership. This isa focal point of the SARB’s enterprise-wideinitiatives, as successful strategy executiondepends on alignment between cultureand strategy.
INTRODUCTIONGOVERNANCEFINANCIALSThe SARB recognises that a longerterm focus is required to ensure that itis future fit, relevant and able torespond to the megatrends that impactits work. For example, fintech is onefactor that may shape the strategicfocus in the longer term. Work isunderway to test the relevance of thestrategic plan beyond 2020.SUBSIDIARIESA targeted analysis of disruptiveenvironmental forces and the SARB’sinternal performance was undertakenduring the reporting year, and it wasconcluded that the SARB’s strategy issufficiently robust to respond to internaland external factors. The five SFAsremain in place for the medium term to2020. One notable refinement is theinclusion of cybersecurity as a strategicinternal cross-cutting objective in thestrategic plan. This is in response tothe increasing number of cybercrimeincidents globally and the growingsophistication of cyberattacks.DELIVERING THE SARB STRATEGYSTRATEGY REVIEWADDITIONAL INFORMATIONSOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/1817
STRATEGY AND RISK MANAGEMENT – continuedDevelopments infinancial technologyThe rapid developments infintech such as crypto-assets,initial coin offerings andcrowdfunding means that thefinancial sector is potentially facinginnovation- and technology-drivendisruptions to its products andservices. This has implicationsfor the SARB’s macro- andmicroprudential oversightresponsibilities.The SARB established the Fintech Programme in2017 as part of its ‘smart central bank of thefuture’ strategic initiative. A dedicated unit staffedwith full-time employees is tasked with strategicallytracking and analysing fintech developments.The primary aim of the programme is to ensureefficient, appropriate and enabling fintech policyand/or regulatory frameworks for emergingfinancial services activities and innovations. Theprogramme will facilitate the development of policypositions for the SARB across the fintech domain,taking into account the related benefits and risksof fintech. It will consider whether current policiesand regulatory regimes are still appropriate forthese innovations and, where required, assistpolicymakers in formulating new regulatoryresponses to these innovations.The SARB has adopted a risk-based rather than arules-based evaluation approach. For example, itdoes not evaluate the product, technologies usedor the entity, which is usually a small technologycompany. Instead, it evaluates the underlyingeconomic function or regulated activity whichwould typically include deposit taking, payments,lending, insurance and investments.1.18THE FINTECH PROGRAMME WILL FOCUSON THE FOLLOWING THREE AREASDevelopment of a policy and/or regulatoryframework for crypto-assets: the SARB’sreview will cover issues such as clearing andsettlement risks, exchange control impacts,monetary policy and financial stability andcybersecurity, among others.Assess the appropriateness of innovationfacilitators1 for the SARB: clear and transparenteligibility and participation criteria will be developedto assist the selection of applicants for a regulatorysandbox. The data collected and interactions withinnovation facilitators could inform policy positions.Fintech data collection and analysis:to fast-track learning of exponential technologiessuch as blockchain.The SARB is committed to staying abreast ofand contributing to global thought leadershipon fintech. It collaborates with local andinternational regulatory and standard-settingbodies. Work undertaken by the variousworking groups at the Financial Stability Boardand the Bank for International Settlements hasbeen proactive in trying to understand fintechdevelopments and robustly exploring benefits,risks and appropriate regulatory frameworks.Innovation facilitators is a collective term for innovation hubs, regulatory sandboxes and accelerators. A regulatory sandbox is aset of rules that allows innovators to test their products or business models in a live environment without following some or alllegal requirements and subject to predefined restrictions.SOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/18
The SARB’s risk management framework ensures that the risks that may threaten the achievement of the SARB’s strategicobjectives are adequately and effectively managed at acceptable levels. The SARB’s risk management approach includesmonitoring and appropriately responding to potential and actual risks emanating from global and domestic political andeconomic environments. The framework governs the full spectrum of strategic, financial (including credit, market andliquidity), reputational and operational risk management and considers and, where appropriate, incorporates the riskmanagement principles set out in the fourth King Report on Corporate Governance in South Africa (King IV).RISK MANAGEMENT FRAMEWORKDELIVERING THE SARB STRATEGYThe SARB is exposed to significant inherent risks in many of its core functions.Given its unique role, the SARB’s risk management and control objectives gobeyond the risks that impact its operations to include public interest in line withits constitutional and statutory responsibilities.INTRODUCTIONRISK MANAGEMENTHEADS OFDEPARTMENTAND MANAGINGDIRECTORSRISK MANAGEMENTAND COMPLIANCEDEPARTMENT(RMCD)Responsible fordepartmental strategic,operational and projectrisk managementFacilitates andcoordinates integratedrisk management in theGroup, and reportingthereon to risk oversightcommitteesRISK MANAGEMENTCOMMITTEE(RMC)BOARD RISK ANDETHICS COMMITTEE(BREC)Oversees the fullspectrum of riskmanagement inthe Group on behalfof the Governors’Executive Committee(GEC)Reviews the status andeffectiveness of riskmanagement in theGroup on behalf ofthe BoardRISKMANAGEMENTAND COMPLIANCECOORDINATORSCoordinate theimplementation of the riskmanagement andcompliance processesin each departmentRISK MANAGEMENTMETHODOLOGIES ANDSOFTWAREADDITIONAL INFORMATIONRISKMANAGEMENTAND COMPLIANCEDEPARTMENTProvides centralisedgovernance, riskmanagement andcompliance supportservices to alldepartmentsFINANCIALSRISK UNIVERSECOORDINATED RISK MANAGEMENTSpecialised cross-cutting risks, transversal risks, insurance managementCONTINUOUS RISK MANAGEMENTFinancial risk management, risk incident management, monitoring action plan implementation, day-to-day riskmanagement activities, key risk indicators, scenario analysis, monitoring and assessment of external risksSUPPORTGOVERNANCESTRUCTURED RISK ASSESSMENTSStrategic risk, policy risk, operational risk, reputational risk, project riskSUBSIDIARIESRISK GOVERNANCEGROUP RISK MANAGEMENT POLICYSOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/1819
STRATEGY AND RISK MANAGEMENT – continuedCOMBINED ASSURANCE APPROACHThe Group follows a combined assurance approach to risk management and control. This approach aims to integrate,coordinate and align the assurance processes within the Group and to optimise the level of risk, governance andcontrol oversight.LEVEL VEL OFASSURANCEPROVIDERSINTEGRATED RISKMANAGEMENTRisk management and internal control are an integral part of the Group’smanagement and accountability functions. Management within eachdepartment is primarily responsible for the ongoing identification,assessment and management of their department’s risks; includingdesigning, implementing and maintaining an adequate and effective systemof control.The Group’s risk management policy and framework, and the RMCD whichperforms a centralised, integrated risk management coordination function,together ensure that risks are managed in a way that is consistent withinternationally accepted standards and guidelines.The RMCD reports to the RMC and BREC on risk management activitiesand the status and effectiveness of risk management in the Group. Inaddition, it facilitates structured risk assessments conducted at variouslevels and covering all functions and business units. The coordinating role ofthe RMCD extends to the management of specialised, cross-cutting riskswhich include compliance and business continuity management.The RMCD also coordinates and facilitates continual risk managementactivities, which include the reporting of risk incidents, monitoring theimplementation of action plans to mitigate identified residual risks, andimplementing and monitoring key risk indicators.rd3LEVEL OFASSURANCEPROVIDERSINTERNAL AUDITThe Internal Audit Department (IAD) provides objective, independentassurance on the adequacy and effectiveness of the Group’s governance,risk management and control processes.The Chief Internal Auditor (CIA) reports jointly to the Governor and to theChairperson of the Audit Committee. All IAD activities are governed by anInternal Audit Charter approved by the Audit Committee. The Board reviewsthe Charter at least every three years to ensure its relevance.The IAD’s risk-based approach to auditing aligns to the InternationalProfessional Practice Framework as prescribed by the Institute of InternalAuditors (IIA). The IAD’s audit methodology is based on the guidelines setout in the Committee of Sponsoring Organizations of the TreadwayCommission (COSO) framework.The external quality assurance (EQA) review undertaken during thereporting year, confirmed the IAD’s general conformance to IIA standards.EQA reviews are undertaken periodically.COMBINED ASSURANCE FORUMThe Combined Assurance Forum (CAF) coordinates work undertaken by the respective assuranceproviders and is accountable to the GEC and the Audit Committee. It comprises representatives from thevarious assurance service providers and the independent external auditors. In addition to CAF meetings,bilateral meetings are held between the respective assurance service providers to coordinate theirrespective assurance activities.20SOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/18
INTRODUCTIONThe Group’s annual financial statements are auditedby independent external auditors, and where deemednecessary, other external assurance providers areused to obtain independent assurance on theadequacy and effectiveness of internal processesand practices, taking into account internationalbest practice.SPECIALISED CROSS-CUTTING RISKSSpecific efforts, applied Group-wide, to ensure thatthe Group meets its compliance obligations include: developing and maintaining an appropriatecompliance policy and framework; identifying, assessing and monitoring compliancewith applicable regulatory requirements; promoting a culture of compliance; andBusiness continuity managementGoing forward, focus will be placed onstrengthening the integration between the risk andstrategy management processes, and therecommendations arising from the peer review willbe implemented. These recommendations includestreamlining the reporting process to the RMC andBREC and further automation of some of thesupporting processes.FINANCIALSThe SARB has a business continuity managementpolicy and framework in place. The RMCD providescentralised coordination and the appropriate backupinfrastructure and facilities further strengthen theSARB’s resilience. The RMCD facilitates businessimpact assessments and compiles business continuityplans for all departments. It also liaises closely withthe Cyber and Information Security Unit, which isresponsible for ensuring holistic governance andmanagement of the Group’s cyber and informationsecurity programme.The chief risk officers of two central banksconducted a peer review of the adequacy andeffectiveness of the SARB’s integrated riskmanagement framework and processes.The results showed that the SARB’s integratedframework and processes encompass theessential components of a strong riskmanagement programme and include the corecomponents of the operational risk managementpr
respond to the megatrends that impact its work. For example, fintech is one factor that may shape the strategic focus in the longer term. Work is underway to test the relevance of the strategic plan beyond 2020. . tracking and analysing fintech de
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