No data available for the deliverable: Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.
Summary
The reform establishes high-level governance, ethical and risk management principles for AI, with a draft national policy framework and sector-specific standards in development. The Department of Communications & Digital Technologies (DCDT) released a draft National AI Policy Framework in August 2024.
View DetailsIs it working?
The reform is advancing, with key deliverables in place, but sector-specific guidance and enforcement are still to come. Full embedding in law and supervision is expected by 2026.
Actions
The regulatory approach is evolving, with strong industry engagement and alignment with global standards, but full implementation is pending.
Are there plans?
A draft National AI Policy Framework was released in August 2024, with FSCA/PA market studies and ongoing industry engagement.
Is it on the agenda?
The FSCA, Prudential Authority, DCDT and National Treasury have all prioritised AI governance, with public consultation under way.
Goals
To ensure the responsible, ethical and risk-managed use of AI in financial services, protecting consumers and market integrity.
Departments / Govt Institutions
Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)
Summary
The reform establishes high-level governance, ethical and risk management principles for AI, with a draft national policy framework and sector-specific standards in development. The Department of Communications & Digital Technologies (DCDT) released a draft National AI Policy Framework in August 2024. A regulatory review was conducted, led by FSCA and SARB, with emphasis on ethical conduct, consumer protection and resilience in AI system design and sector governance standards. A Joint Standard on AI governance was drafted to formalise ethical board-level oversight, stakeholder engagement and industry application; incorporates King IV, POPIA, and best practice.
View DetailsIs it working?
The reform is advancing, with key deliverables in place, but sector-specific guidance and enforcement are still to come. Full embedding in law and supervision is expected by 2026. Progress is good, and sector best practice is being formalised. The financial sector has integrated most principles, further phase-in planned.
Actions
AI governance principles are now formally tracked by FSCA and SARB, with positive feedback from industry and board-level review cycles. Regulator, board and sector rollouts are proceeding smoothly; industry feedback is constructive.
Are there plans?
Market study on AI adoption issued, with rollout of governance training and staff board guidance planned for 2026; further research to underpin legal amendments. Phased implementation, board training, further rule finalisation to follow benchmarking in 2026.
Is it on the agenda?
Governance principles for AI are featured as active deliverables in FSCA, SARB and Prudential Authority strategies, included in supervisory planning for 2025-2026. Featured in FSCA Regulatory Plan, SARB Prudential Authority strategy, and FIC focus on industry ethics.
Goals
Promote ethical/responsible AI deployment, strengthen board/sector oversight by formalising ethical and strategic governance for AI across finance sector.
Departments / Govt Institutions
Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)
Summary
The reform establishes high-level governance, ethical and risk management principles for AI, with a draft national policy framework and sector-specific standards in development. The Department of Communications & Digital Technologies (DCDT) released a draft National AI Policy Framework in August 2024. A regulatory review was conducted, led by FSCA and SARB, with emphasis on ethical conduct, consumer protection and resilience in AI system design and sector governance standards. A Joint Standard on AI governance was drafted to formalise ethical board-level oversight, stakeholder engagement and industry application; incorporates King IV, POPIA, and best practice.
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Is it working?
The reform is advancing, with key deliverables in place, but sector-specific guidance and enforcement are still to come. Full embedding in law and supervision is expected by 2026. Progress is good, and sector best practice is being formalised. The financial sector has integrated most principles, further phase-in planned.
Actions
AI governance principles are now formally tracked by FSCA and SARB, with positive feedback from industry and board-level review cycles. Regulator, board and sector rollouts are proceeding smoothly; industry feedback is constructive.
Are there plans?
Market study on AI adoption issued, with rollout of governance training and staff board guidance planned for 2026; further research to underpin legal amendments. Phased implementation, board training, further rule finalisation to follow benchmarking in 2026.
rn
Is it on the agenda?
Governance principles for AI are featured as active deliverables in FSCA, SARB and Prudential Authority strategies, included in supervisory planning for 2025-2026. Featured in FSCA Regulatory Plan, SARB Prudential Authority strategy, and FIC focus on industry ethics.
Goals
Promote ethical/responsible AI deployment, strengthen board/sector oversight by formalising ethical and strategic governance for AI across finance sector.
Departments / Govt Institutions
Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)
No data available for the deliverable: Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.
No data available for the deliverable: Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.
No data available for the deliverable: Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.
No data available for the deliverable: Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.