Lima, 12 November 2024

S.B.S. Resolution No. 03884-2024

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

WHEREAS:

That, by means of SBS Resolution No. 00053-2023 and its amendments, 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, considering the complexity of the developments that the implementation of the provisions of the Model Risk Management Regulation implies for financial system companies, it is convenient to modify the implementation period of Chapters III, IV, V and VI of Title II of the aforementioned Regulation for the models that are used in credit risk management, and that are categorized in risk levels other than the highest;

With the approval of the Deputy Superintendencies of Banking and Microfinance, of Risks, of Economic Studies and of 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 (hereinafter, General Law); and on the basis of the provisions of the Thirty-Second Final and Complementary Provision of the General Law;

RESOLVES:

Article One.- To replace Table 1 of article five of SBS Resolution No. 00053-2023 and its amendments, with the following:

“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:

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000

Table 1: Financial system companies

	Credit Risks	Market and Liquidity Risk	Operational Risk and LA/FT
Models categorized in the highest risk levels	As of 30 June 2024	As of 31 December 2024	As of 31 May 2026
Models in other risk levels	As of 31 May 2025

(…)”

Article Two.- 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 AFP