Making sense of the Balboa
Access the website www.tubalboaconsentido.gob.pa of the Superintendence of Banks of Panama focused on financial education for adults and children.
Access the website www.tubalboaconsentido.gob.pa of the Superintendence of Banks of Panama focused on financial education for adults and children.
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ESG, Environmental, Social and Governance factors are becoming the new convention in the financial services sector. Banks are integrating ESG sustainability factors into their key functions and activities that are part of risk management, performance strategies, and operational improvement to access new markets. At BICSA we have an Environmental and Social Management System (ESMS), a methodology designed to address environmental and social issues and integrate sustainability issues into the operations managed by banks and other financial institutions. The system defines a set of policies, guidelines, tools, procedures and systems that facilitate the identification, evaluation, mitigation and monitoring of environmental and social risks generated during the development of a project or economic activity. Since 2018 Banco Internacional de Costa Rica has been part of the 16 signatories of the Panama Sustainable Finance Protocol, which initiated this new GREEN DNA within our organization. And from 2020 we implemented an Environmental and Social Management System (SIGAS), which evaluates the activities of our customers to verify the socio-environmental risk and mitigation measures of our customers, thus giving a commitment to society and the environment of the region. According to our methodology, Environmental and Social Risks are classified as follows:Environmental, Social and Governance Risks Management
The security of our customers is important, which is why we make the following secuirty tips available to you:
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Master of Business Administration from the National University, San Diego, California, United States. He is President and owner operator of Hotel Pumilio S.A.; he was General Manager of Soluciones de Pago MB S.A.; General Manager of Banco de Soluciones BANSOL; Deputy General Manager of Banco de Costa Rica; Director of Products and Marketing of Scotibank of Costa Rica; held positions of Director of Personal Banking – Credit and Collection Manager – Credit Card Manager of Banco Interfin; He was Financial Manager of Banco Banex.
He is currently Vice President of the General Board of Directors of Banco de Costa Rica, Member of the Board of Directors of Operadora de Planes de Pensiones Complementarias S.A., of the BCR and Member of the Board of Directors of BCR Valores Puesto de Bolsa, S.A.
Has a degree in Business Administration. He has been a member of the Board of Directors of Banco Popular and Desarrollo Comunal, President of the Board of Directors of Popular Fondo de Inversion, SAFI and has participated in Commissions and Committees of the same bank. He worked 36 years at Banco Nacional, an institution in which he held various positions, standing out as Auditor General, the last position held in the entity. In addition, he was Deputy General Manager, General Accountant, Head of Banking Marketing and Financial Analyst in the Credit Department. He has been characterized by achieving the professionalization and technical training of the Audit staff, as well as promoting the greater growth of the productive asset in the credit portfolio as a basis in the strength of the patrimonial sufficiency.
He is currently President of the General Board of Directors of Banco Nacional de Costa Rica, and Director at CORBANA.
Graduated in Public Accounting, she worked for more than 12 years in different positions in Correos de Costa Rica, being her last position as Administration and Finance Manager.
She is currently Director of the Board of Directors of Banco de Costa Rica and President of Sociedad Administradora de Fondos de Inversión S.A.; In addition, she is Director of BCR Corredora de Seguros S.A.
Has a Degree in Economics and a Master in Economics, Banking and Capital Markets. She has completed courses in banking and finance and has extensive experience in these topics. She worked for public banking and regulatory entities inside and outside the country. In addition, she is Director Secretary at BCR Pensión Operadora Planes de Pensiones Complementarias S.A. (subsidiary of Banco de Costa Rica).
Economist with a Master’s Degree in Economic Analysis and Financial Economics from the Complutense University of Madrid, as well as a Master’s Degree in Economics with emphasis in Banking and Capital Markets from the University of Costa Rica. He has worked for Banco Nacional for 18 years and has developed an outstanding career in the organization, where he has held various positions, standing out as Director of Credit Risks, Director of Market Risks, General Director of Risks, Deputy General Manager of Credit and Risks. In 2020 he occupied the General Management a.i. He currently holds the position of Deputy General Manager of Strategy and Customer Experience.
Degree in Economics from the University of Costa Rica. Specialist in Energy Efficiency (EE) and Renewable Energy (CICR). Development Effectiveness Specialist (IDB). She was Head of Portfolio Development and Banking for Development at BAC Credomatic; Advisor to the Executive Presidency of the National Insurance Institute; Project Manager of the Central American Bank for Economic Integration (CABEI) / Initiative MIPYMES Verdes, Dynamic and change, MIPYME Specialist, BCIE; Director of Programs and Projects of the Development Banking System; and Director of Control and Monitoring of the Development Banking System (SBD).
She is currently Director President of the BCR General Board of Directors. Also, Director of the Board of Directors of the Insurance Broker and Director of the Board of Directors BCR Sociedad Administradora de Fondos de Inversión S.A. SAFI).
Degree in Educational Administration. She held the position of President of the General Board of Directors of Banco Nacional from October 1, 2018 to May 2022. As a director, she was President and Vice President of the Board of Directors of BN Corredora de Seguros, S. A. She held the Presidency and Vice Presidency on the Board of Directors of BN Vital, OPC, S. A. She was a member of the Corporate Risk Committee; Compensation, Nominating and Governance Committee, participated in the Corporate Audit Committee, Corporate Compliance Committee and Corporate Information Technology Committee. She is part of the Board of Directors of the Integral Program of Agricultural Marketing (PIMA). He was a member of the Board of Directors of the Latin American Association of Financial Institutions for Development (ALIDE). She promoted the corporate governance management of the Banco Nacional to have objective parameters that allow evaluating the collegiate bodies, in search of the best practices, transparency, accountability and assist in decisions made with responsibility and equitable treatment. Another position held is that of Deputy of the Republic in the period 2010-2014. She was head of a delegation of the Legislative Assembly of Costa Rica to the OECD and the European Parliament. Owner Councillor of the Municipal Council of Alajuela.
Compliance Form
The Bank, following the regulatory guidelines and best practices, has defined a Comprehensive Risk Management System, whose main objective is to promote a healthy and safe banking environment. The function of Operational Risk is to guarantee the adequate administration of this risk, to achieve its understanding, to identify the operative risks present in the activities of the organization, to reinforce controls, to reduce the number of incidents or events, and to minimize monetary losses. Methodology and management framework: The Corporate Risk Management has defined a methodology and an operational risk management framework that allows carrying out the identification, measurement, mitigation, monitoring, control and information of said risk in order to minimize the levels of losses due to this. All bank staff must apply this methodology and is responsible for the proper management of operational risks associated with their areas and activities. This methodology and management framework are fully detailed in the Operational Risk Manual, which has been approved by the Risk Directive Committee and BICSA Board of Directors. The management framework to guide the objectives and essential components of operational risk management are composed as detailed below: Phase 1 – Culture Stage in which all the staff of the organization is made aware of the importance of Operational Risk management through periodic training. Phase 2 – Qualitative Management Stage in which the organizational structure, policies, identification of risks and prioritization of responses, development of indicators, self-assessments and evaluation of Operational Risks in the Bank’s new initiatives, products and / or services and significant improvements to these are defined. Phase 3 – Quantitative Management Stage in which the data capture and maintenance, collection of losses, calculating the capital requirement for operational risk, internal model validation and risk prevention of management information occurs. Main Achievements Since the implementation of the operational risk management in the bank, the main achievements obtained can be listed below: Management results At BICSA, the operational risk management is supported by the identification of risks or threats, which are identified through self-assessments, and the events and incidents monitoring. As of December 31, 2022, the following can be observed: Threat distribution detected by type of risk: Events and incidents distribution by type of risk: Exposure: Frequency: Severity: Operational risk capital requirements Banco Internacional de Costa Rica, S.A. calculates the Operational risk capital requirements in accordance with the provisions of Chapter VI of Rule N° 11-2018 of the Superintendency of Banks of Panama. The minimum operational risk capital requirements are determined by multiplying the operational risk-weighted assets established above by the capital coefficient for the due date. Results as of December 31, 2022: Operational risk-weighted assets Operational risk capital requirements BICSA Panamá 33,9 3,19 BICSA and subsidiaries 44,2 3,53 (In millions of dollars)Management objectives
The methodology consists mainly of the following stages:
Entity
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