Lima, 16 October 2023

S.B.S. Resolution No. 03421- 2023

The Superintendent of Banking, Insurance and Private Administrators of Pension Funds

WHEREAS:

That, by SBS Resolution No. 53-2023, the Model Risk Management Regulation was approved, which establishes guidelines and minimum requirements to address the main elements for model risk management such as the development, validation, implementation, use, monitoring and contracting of model providers;

That, it has been deemed convenient to establish that, in the case of models categorized at levels other than the highest risks, certain functions of the model risk Committee may be assumed by other committees that do not have directors among their members;

That, likewise, considering the complexity of the developments that the implementation of the provisions of the Model Risk Management Regulation implies for the companies, it is considered convenient to modify the deadlines for adaptation to the referred Regulation;

With the approval of the Deputy Superintendencies of Banking and Microfinance, Insurance, Risks, Economic Studies and Legal Advice;

In use of the powers conferred in numerals 7, 9 and 19 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance – Law No. 26702 and its amending norms; and on the basis of the exceptional conditions set forth in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article One.- Incorporate paragraph 11.3. into article 11 of the Model Risk Management Regulation, approved by SBS Resolution No. 53-2023, in accordance with the following:

"Article 11.- Responsibilities of the model risk committee

(…)

11.3. The functions of numerals V, VI, VII and IX of paragraph 11.1. of this article may be assumed by other committees without any director among their members, in the cases of models categorized at levels other than the highest risks, in which case, the agreements of

these must be brought to the attention of the model risk Committee or whoever acts in its stead, at least quarterly."

Article Two.- Replace articles three, four and five of SBS Resolution No. 53-2023, with the following:

"Article Three.- This Resolution enters into force on the day following its publication in the Official Gazette El Peruano.

For the models used in credit risk management, the companies must submit the "Model Inventory" Report for the first time no later than 30 November 2023. In the case of the models used in market, liquidity, operational, and money laundering and terrorist financing risk management, said Report must be submitted for the first time no later than 31 May 2024. Subsequent submissions of the referred Report shall be made within thirty-one (31) calendar days after the close of the first half of each year.

Article Four.- The companies shall have an adaptation period until 31 March 2024, to comply with the provisions contemplated in Chapters I and II of Title II of the Regulation approved in article one of this Resolution.

Article Five.- The application of Chapters III, IV, V and VI of Title II of the Regulation approved in article one of this Resolution shall be carried out gradually in accordance with the following tables, as applicable:

Table 1: Companies of the financial system

	Credit Risks	Market and Liquidity Risk	Operational and ML/TF Risk
Models categorized at the highest risk levels	As of 30 June 2024	As of 31 December 2024	As of 31 May 2026
Models at other risk levels	As of 30 November 2024	As of 31 May 2025

Table 2: Companies of the insurance system

	Credit, Market and Liquidity Risks	Operational and ML/TF Risk
Models categorized at the highest risk levels	As of 01 January 2026	As of 30 November 2025
Models at other risk levels

"

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

Article Three.- This Resolution enters into force on the day
following its publication in the Official Gazette El Peruano.

Register, communicate and publish.

SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance and
Private Administrators of Pension Funds (a.i.)