In South Africa’s financial-services sector, technology governance has moved to the top of the boardroom agenda. The FSCA’s Joint Standards 1 (2023) and Joint Standard 2 (2024) have reshaped expectations, setting out explicit requirements for governance, cybersecurity, and IT risk management.
For financial institutions, from asset managers to insurers, these frameworks make one point unmistakably clear: compliance and cybersecurity are no longer back-office functions; they are executive responsibilities.
From Regulation to Resilience
While the regulatory intent is clear, many firms continue to grapple with how to translate policy into measurable, auditable practice.
Technology environments are increasingly complex, with multiple vendors, cloud platforms, and outsourced providers involved in day-to-day operations.
To help institutions navigate this challenge, Chronologic’s IT Security & Compliance Framework Assessment offers a structured, evidence-based method for assessing maturity against the FSCA’s Joint Standards 1 and 2.
At the heart of the assessment lies a 17-Domain Maturity Model, covering governance, cybersecurity, risk management, business continuity, and third-party oversight, each mapped directly to the clauses of the FSCA’s standards.
This model allows financial organisations to move beyond checklists and toward a quantifiable understanding of their compliance posture.
A Four-Phase, Executive-Level Assessment
The Framework Assessment applies a concise but rigorous methodology that typically spans four weeks:
- Initiation – Establishes scope through document exchange, confidentiality agreements, and a pre-assessment questionnaire.
- Discovery & Scoring – Facilitated workshops evaluate maturity across the 17 domains on a 1–5 scale, where 3 represents minimum compliance.
- Analysis & Roadmap – Identifies and ranks gaps by severity, likelihood, and regulatory relevance, producing a prioritised roadmap with clear timeframes.
- Presentation & Finalisation – Delivers an executive-level briefing, IT maturity scorecard, control-mapping framework, and auditable gap register for governance committees or regulatory review.
The result is a clear, defensible view of IT governance maturity, and a roadmap for achieving higher resilience and regulatory readiness.
Outcomes That Matter
The engagement delivers tangible artefacts designed for both internal and external oversight, including:
- IT Security & Compliance Maturity Scorecard – Benchmarking current vs. target state.
- FSCA JS1/JS2 Control Mapping – Transparent evidence alignment with regulatory clauses.
- Risk-Ranked Remediation Plan – Prioritised roadmap for immediate and long-term improvement.
- Policy Evidence Matrix – Inventory of documentation and gaps across governance areas.
- Governance Cadence & KPI Framework – Embedding compliance into ongoing operational rhythm.
Together, these outputs enable leadership to demonstrate proactive compliance and strengthen confidence among regulators, boards, and clients.
Why Leading Firms Are Adopting This Framework
- Regulatory Precision – Direct alignment with FSCA and Prudential Authority standards.
- Actionable Governance Insight – A prioritised, risk-based roadmap for measurable progress.
- Scalable Approach – Fit-for-purpose engagement suited to the size and complexity of each organisation.
- Evidence-Backed Accountability – Clear audit trails and documentation supporting board oversight.
- Independent Expertise – Objective facilitation combining technical depth with regulatory understanding.
This assessment transforms compliance from a cost centre into a source of governance advantage.
Sustaining Maturity Beyond the Baseline
Recognising that compliance is not static, the framework can be extended through targeted modules designed to maintain or accelerate improvement:
- Remediation Sprint Support – Targeted technical and policy remediation.
- Policy Refresh Pack – Comprehensive policy alignment with FSCA, POPIA, and ISO 27001.
- Bi-Annual or Annual Review – Lightweight reassessment to sustain regulatory readiness.
- Microsoft 365 Security Hardening Sprint – Practical improvements to access management and data protection.
Each module can be activated independently, allowing institutions to strengthen controls progressively without unnecessary overhead.
The Broader Impact
Robust IT governance and regulatory maturity are no longer optional; they are the foundation of trust in the digital financial economy. Institutions that can demonstrate disciplined oversight, resilience, and compliance readiness will be better positioned to maintain client confidence and meet supervisory expectations.
The IT Security & Compliance Framework Assessment provides the structure, evidence, and clarity needed to achieve that standard, enabling financial organisations to approach compliance not as a burden, but as a strategic enabler of stability and growth.
Chronologic | Advancing Technology Governance, Security, and Compliance in Financial Services To learn more about establishing an FSCA-aligned IT maturity baseline or to discuss how this assessment can strengthen governance within your organisation, visit chronologic.co.za or contact the Chronologic on 010-5918105 / info@chronologic.co.za