Resolution Reforming Article 27 of the Standard for Comprehensive Risk Management

Resolution No. CD-SIBOIF-881-1-MAR13-2015
Dated March 13, 2015

NORM REFORMING ARTICLE 27 OF THE STANDARD FOR COMPREHENSIVE RISK MANAGEMENT

The Board of Directors of the Superintendence of Banks and Other Financial Institutions,

CONSIDERING

I

That on May 14, 2013, the Standard for Comprehensive Risk Management, contained in Resolution No. CD-SIBOIF-781-1-MAY14-2013, was approved. It was published in La Gaceta, Official Gazette No. 147, on August 7, 2013, with the objective of establishing minimum guidelines to be followed by financial institutions to comprehensively manage the risks to which they are exposed. These risks must be consistent with the nature, complexity, and volume of their operations, as well as their size and risk profile.

II

That Article 27 of the aforementioned Standard provided that compliance with its provisions would be evaluated in accordance with the risk management best practice principles adopted by the financial institution, established in Resolution No. SIB-OIF-XX-242-2012, issued by the Superintendent on September 5, 2012, through which the new system for classifying banks and financial institutions with a risk-based supervision approach was approved.

III

That on February 19, 2015, Resolution SIB-OIF-XXIII-049-2015 was issued, which repealed the aforementioned Resolution No. SIB-OIF-XX-242-2012 of September 5, 2012; for this reason, it is necessary to reform the aforementioned Article 27 to update the reference to said Resolution.

IV

That in accordance with the considerations stated above and based on the powers granted in Article 10, items 1) and 2) of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, published in La Gaceta, Official Gazette No. 196, on October 14, 1999, and its amendments.

In exercise of its powers,

HAS ISSUED

The following,

Resolution No. CD-SIBOIF-881-1-MAR13-2015
NORM REFORMING ARTICLE 27 OF THE STANDARD FOR COMPREHENSIVE RISK MANAGEMENT

FIRST: Article 27 of the Standard for Comprehensive Risk Management, contained in Resolution No. CD-SIBOIF-781-1-MAY14-2013, dated May 14, 2013, published in La Gaceta, Official Gazette No. 147, on August 7, 2013, is hereby amended, which shall read as follows:

“Article 27. Evaluation Criteria.- Compliance with this standard shall be evaluated in accordance with the risk management best practice principles adopted by the financial institution, established in the resolution of the Superintendent through which the risk management classification system for banks and financial institutions with a risk-based supervision approach is established; as well as in accordance with the specific requirements provided for in these provisions.”

SECOND: This standard shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette.

(f) S. Rosales (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Fausto Reyes (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) U. Cerna Secretary

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF