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Risk and Capital Management Report 2020 Management Report 2020 D Divider Section Heading Continued Standard Bank Group Standard Bank Group RISK AND CAPITAL RISK AND CAPITAL MANAGEMENT REPORT MANAGEMENT REPORT 2020 2020 D DIVIDER SECTION HEADING CONTINUED Our reporting suite Our integrated report Our primary report to stakeholders, providing a holistic view of our ability to create sustainable shared value in the short, medium and long term. We produce a full suite of reports to cater for the diverse needs of our stakeholders. Our integrated report contextualises and connects to information in the following reports, which provide additional disclosure and satisfy compliance reporting requirements: Governance Risk and Annual Environmental, Report to Subsidiary and capital financial social and society annual reports remuneration management statements governance (RTS) Our subsidiaries report report (AFS) (ESG) report Assesses the provide an account Discusses Sets out Sets out the An overview of the group’s social, to their stakeholders the group’s the group’s group’s full group’s processes economic and through their own governance approach to risk audited annual and governance environmental annual reports, approach and management. financial structures, including (SEE) impacts. available on their priorities, as well as statements, task-force on respective websites. the remuneration including the climate-related • The Standard policy and report of the financial disclosures Bank of South Africa (SBSA) implementation group audit (TCFD). Intended report. committee. readers • Liberty Our clients, • Other subsidiary employees reports, including Intended readers and broader legal entities in Our shareholders, debt providers and regulators society Africa Regions. We urge our stakeholders to make use of our reporting site at The invitation to the annual general meeting (AGM) and https://reporting.standardbank.com/. All our reports and latest notice of resolutions to be tabled is sent separately to financial results presentations, booklets and SENS announcements shareholders and is also available online. are available online, along with a glossary of financial and other definitions, acronyms and abbreviations used in our reports. AIR GOV/REM RCM AFS ESG RTS Key frameworks applied The International Integrated Reporting <IR> Framework Companies Act, 71 of 2008, as amended (Companies Act) Johannesburg Stock Exchange (JSE) Listings Requirements King IV Report on Corporate Governance for South Africa 2016™* International Financial Reporting Standards (IFRS) South African Banks Act, 94 of 1990 (Banks Act) Basel Committee on Banking Supervision’s (BCBS) public disclosure framework CDP (previously Carbon Disclosure Project) The Financial Stability Board’s TCFD United Nations (UN) Sustainable Development Goals (SDGs) * Also known as the King Code and King IV. Copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. STANDARD BANK GROUP Risk and capital management 2020 01 Contents About this report 02 Board responsibility 03 Risk reflections 04 How we manage risk 08 Strategic risks 16 Non-financial risks 18 Financial risks 26 Capital management 50 Annexures 57 57 Annexure A – Key metrics 58 Annexure B – Linkages between financial statements and regulatory exposures 60 Annexure C – Credit risk 94 Annexure D – Funding and liquidity risk 97 Annexure E – Market risk 98 Annexure F – Capital management 104 Annexure G – SBSA 118 Annexure H – Regulatory and legislative updates impacting the group How to navigate our reports The following icons refer readers to information across our reports: Refers readers to information For information on elsewhere in this report. forward-looking statements, refer to the inside back cover. Refers readers to information in other reports online. 02 About this report This risk and capital management report covers the Standard Bank Group’s (the group or SBG) financial services activities and other interests. Certain information pertains to the group’s results, which includes our interest in Liberty and our other banking interests, and has been denoted as such. REMA: Remuneration policy GOV/REM page 57 to 69. The SBG pillar 3 tables are in annexures A to F of this report and the 2020 governance and REM1: Remuneration awarded remuneration report. SBSA during the financial year pillar 3 tables and other financial risk disclosures are GOV/REM page 115. CRB(e): Breakdown of exposures by in annexure G of this report. geographical areas, industry and Pillar 3 table references (OV1, residual maturity CR1 etc.) have been included REM2: Special payments in the table headings for ease AFS page 158. of use. GOV/REM page 115. BCBS pillar 3 requirements CRB(f): Amounts of impaired only apply to banking exposures and related allowances by operations. REM3: Deferred remuneration geographical areas and industry GOV/REM page 116. AFS page 158. All amounts are in rand millions unless otherwise stated. • 2020 refers to the 12 months ended 31 December 2020 • 3Q20 refers to the nine months ended 30 September 2020 • 1H20 refers to the six months ended 30 June 2020 • 1Q20 refers to the three months ended 31 March 2020 • 2019 refers to the 12 months ended 31 December 2019. Risk-related IFRS disclosure are in annexure C of the group and SBSA audited annual financial statements. The main features of regulatory capital instruments (CCA) are on our website: reporting.standardbank.com All disclosures in this report are unaudited. STANDARD BANK GROUP Risk and capital management 2020 03 Board responsibility Our board of directors (the board) has the oversight responsibility for risk management. FOR THE PERIOD UNDER REVIEW, THE BOARD IS SATISFIED THAT: Our risk, compliance, Our business activities We are adequately treasury and capital have been managed funded and capitalised management, and group within the board- to support the execution internal audit (GIA) approved risk appetite. of our strategy. processes operated effectively. In the instances where we have incurred losses, breached risk limits or were fined by our regulators, the board is satisfied that management has taken appropriate remedial action. BASEL PILLAR 3 DISCLOSURE We abide by a disclosure policy which incorporates the pillar 3 disclosure requirements as set out by the BCBS. Key elements of this policy include: GUIDING PRINCIPLES FOR PILLAR 3 DISCLOSURE FREQUENCY OF REPORTING GOVERNANCE PROCESSES INTERNAL CONTROLS AND PROCEDURES. The board is satisfied that this report has been prepared in accordance with the requirements of our disclosure policy and that an appropriate risk and control framework has been applied. 04 Risk reflections At the beginning of 2020, we saw the spread of Covid-19 followed by unprecedented worldwide disruption. This one-in-100-year event fundamentally changed the way we work and do business. It tested the risk management and resilience of institutions around the world. Our robust risk management system helped us The speed of economic recovery is dependent on the speed of withstand the multiple shocks experienced as a recovery from the second wave of Covid-19 infections and rollout of vaccines. Initial lockdowns and the second wave of infections result of the Covid-19 pandemic. Despite high resulted in the contraction of South Africa’s real GDP by an levels of uncertainty and several challenges, we estimated 7.5% while East Africa, Ghana, Côte d’Ivoire, Tanzania, maintained the trust of our stakeholders and Malawi and Ethiopia achieved positive growth. Poor economic remained committed to our purpose of driving outlook and inflation decline also led to cumulative interest rate cuts of up to 300 bps in 2020 and a significant endowment growth, financial inclusion and economic activity impact on financial services providers. across Africa. Politically stable and diversified economies that are not dependent on oil exports like Kenya, Tanzania, Kenya, Uganda Our environment and Ghana are expected to recover faster than Nigeria and sub-Saharan countries. The depressed economic environment Economic that we face in the short to medium term poses many risks, and The pandemic negatively impacted the global economy by presents us with an opportunity to contribute meaningfully disrupting global supply chains and financial markets, lowering towards the recovery of the countries in which we operate. equity market valuations, and increasing unemployment levels. The prospects of a modest GDP growth in sub-Saharan Africa in Politics and geopolitics 2020 were replaced by a steep decline, as countries began to feel The events that followed the US presidential elections highlight the effects of the pandemic and economies were put under the need for nations to expend more effort to maintain their increased pressure. While most developed and emerging democracies. countries experienced a substantial GDP contraction in 2020, China saw an estimated 2.3% increase. US-Chinese tensions continued to play out in 2020, exacerbated by the debate about the origin of the pandemic. The decoupling GDP GROWTH of the US-Chinese tech sector is already disrupting bilateral flows of technology, talent, and investment. This uncertainty affects 2021 2022 our technology investment decisions as the possibility 2020* projections* projections* of incompatibility grows between Eastern- and Western-owned % % % technology. We look forward to the new US administration that World (3.5) 5.5 4.2 may ease the current trade tensions and restore strong Sub-Saharan household consumption in Asia to support recovery. Africa (2.6) 3.2 3.9 Nationalist sentiments
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