Regulatory Alerts2015-03-13 | CD-SIBOIF-881-1-MAR13-2015Added · Updated
Resolution Reforming Article 27 of the Standard for Comprehensive Risk Management
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) amended Article 27 of the Standard for Comprehensive Risk Management to update a reference to a repealed resolution. The change replaces the citation of Resolution No. SIB-OIF-XX-242-2012 with a generic reference to the current Superintendent’s resolution establishing the risk management classification system. This amendment applies to financial institutions subject to the standard. The resolution entered into force upon notification on March 13, 2015.
Resolution No. CD-SIBOIF-881-1-MAR13-2015 Dated March 13, 2015 STANDARD 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 was approved, contained in Resolution No. CD-SIBOIF-781-1-MAY14-2013, published in La Gaceta, Official Gazette No. 147, of 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, which 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 classification system for 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III That on February 19, 2015, Resolution SIB-OIF-XXIII-049-2015 was issued, which repealed the aforementioned Resolution No. SIB-OIF-XX-242-2012 of September 5, 2012; for this reason, it is necessary to reform the aforementioned Article 27 to update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 set forth 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, of October 14, 1999, and its amendments.
In exercise of its powers,
HAS ISSUED
The following,
Resolution No. CD-SIBOIF-881-1-MAR13-2015 STANDARD 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, of May 14, 2013, published in La Gaceta, Official Gazette No. 147, of August 7, 2013, is hereby reformed, 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 Superintendent’s resolution 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 B. Secretary”
URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF