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Sound practices for the management of operational risk in financial institutions (in Spanish)

Sound practices for the management of operational risk in financial institutions (in Spanish)

2.3. El tratamiento del RO en Basilea II 2.3.1. Pilar I: criterios de admisión para el uso de los distintos métodos Basilea II incorpora la medición del cargo de capital por RO dentro del Pilar I. Para ello se permite que los reguladores opten por admitir entre tres metodologías de medición, que van desde enfoques muy sencillos hasta modelos de medición avanzados. El Pilar I recoge las buenas prácticas y principios emitidos por el BCBS (analizados en la sección anterior de este trabajo) como precondición para la aplicación de dichos enfoques de medición. Estos criterios para calificar para la aplicación de los distintos enfoques, son proporcionales a la complejidad del enfoque elegido y se deja discreción para que, en algunos casos, los reguladores decidan por sí mismos cuáles de los requisitos enumerados serán de aplicación en su jurisdicción. Recordemos que las alternativas de medición del capital por RO contenidas en Basilea II (en orden creciente de sensibilidad al RO) son: i) Enfoque de Indicador Básico; ii) Enfoque Estandarizado (y su variante, el Enfoque Estandarizado Alternativo) y; iii) Enfoques de Medición Avanzada (AMA). Para el caso del Enfoque de Indicador Básico, Basilea II no fija criterios específicos que deban adoptar los bancos en orden a permitirles la aplicación de este método. No obstante, se establece que “...se aconseja a los bancos que utilicen este método que sigan las directrices del Comité recogidas en el documento ‘Sound Practices for the Management and Supervision of Operational Risk’ de febrero de 2003...” 16
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Sound practices for the management of operational risk in financial institutions (in Spanish)

Sound practices for the management of operational risk in financial institutions (in Spanish)

a) Contar con una unidad de gestión del RO que se encargue del diseño y aplicación del marco de gestión del RO de la entidad. Esta unidad será la encargada de compilar las políticas y [r]

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Information systems for the management of operational risk: survey in the Argentine financial system (In Spanish)

Information systems for the management of operational risk: survey in the Argentine financial system (In Spanish)

Se realizó un relevamiento de los sistemas de información para el control, medición y mitigación del riesgo operativo (RO), a partir de una muestra de entidades representativa del sist[r]

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Financial risk indicators to evaluate inventory management policies

Financial risk indicators to evaluate inventory management policies

The Value at Risk (VaR) indicator and other performance measurement that share its logic are today widely used in financial institutions, as well as in the economic valuation of portfolios and business within the financial sector. VaR is a single number that measures the maximum potential looses in present value of a portfolio, as long as the market conditions behave in a usual way, which means, the market exhibits conditions related to its historical data. The idea of having a ‘portfolio’ belongs pretty much to the financial sector, but in a general way, one can see a real project as a portfolio, in the sense that you need to make an investment for having the real project in operation, and after the investment has been made, one can expect some economic returns in the future. Just like buying some treasure bills right now, and selling them after a while at a different price, hopefully higher.
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Corporate risk reporting: Analysis of risk disclosures in the interim reports of public Portuguese non-financial companies

Corporate risk reporting: Analysis of risk disclosures in the interim reports of public Portuguese non-financial companies

One single coder (one of the authors) performed manual content analysis over the course of five months, on the narrative sections of interim reports, namely the management report and the notes to financial statements more likely to contain risk information such as provisions, impairments, contingent assets and debts, events occurred after year-end and risk factors when available. The chosen coding unit was the sentence in its context as it is the one that, most likely, allows reliable data to be obtained (Milne & Adler, 1999). Like Linsley and Shrives (2006), to ensure reliability, ten reports have been codified twice which made it possible to fine-tune the coding rules defined previously.
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Systemic Risk: Government versus the Market in the Financial Crisis

Systemic Risk: Government versus the Market in the Financial Crisis

Examples of systemic events prior to the current crisis were the default by the Russian government in 1998 which affected markets around the world leading the Federal Reserve to cut interest rates, and the 9/11 terrorist attacks which spread through the payments system in the United States by severely damaging financial firms intimately engaged in the system. It is important to emphasize that contagion or chain reactions are not automatic; they can be altered by changes in the rules of the game established by public policy. When Argentina defaulted on its debt in 2001, three years after the Russian default, there was no global contagion, even though the world economy was in worse shape, primarily because the rules of International Monetary Fund (IMF) support were better explained and anticipated.
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The incorporation in Latin-American institutions of high education. Good practices for the access and students’ permanency with disability

The incorporation in Latin-American institutions of high education. Good practices for the access and students’ permanency with disability

people with disability, without any type of discrimination and in equality opportunities and treatment, supposes an advance towards the restoration of an educational inclusive system. In the matter, this article chases a double objective: on one hand, the identification of strategies for the access and the students’ permanency with disability in high education, and on the other one, the presentation of good practices in the Latin-American area, which selection has been based on the response that they give to the needs and rights of the above mentioned people.
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Analysis of the investment activities of Spanish financial institutions in the real estate market 2004   2015

Analysis of the investment activities of Spanish financial institutions in the real estate market 2004 2015

Overall the weight of Caixa Ontinyent’s investment in the real-estate market is higher than that of Santander and BBVA, but it is not extremely high. Also it has remained rather stable over the years, but the ratios are slightly lower after the global financial crisis and the Spanish financial crisis. Finally, we would like to look at the liquidity and solvency of Caixa Ontinyent to conclude our verdict. Both ratios can be found in figure 2.15. The solvency ratio of Ontinyent has actually increased throughout the years and although it is not as high as those of Santander and BBVA it is excellent. The evolution of its liquidity ratio is excellent. In the both the short- and long-term Caixa Ontinyent it is unlikely that Caixa Ontinyent will have problems to meet its financial obligations. Overall, we could conclude that Caixa Ontinyent performed very well throughout the crisis, it has been investing relatively more in the real- estate market than the commercial banks, but its financial performance has been excellent. There is some liquidity risk as its ratio has declined rapidly over the last years, but its performance throughout the crisis what interests us the most has been good.
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Risk management strategies for low income households: the case of Colombia

Risk management strategies for low income households: the case of Colombia

Risk derives its subjectivity through the variation in its level of occurrence, the likelihood of its occurrence and severity of impact. The World Bank classifies risks by the level they occur (micro, meso and macro) and by the nature of the event (natural, social and environmental, among others). Risks at the micro level affect individuals and households. These are called idiosyncratic risks, since the correlation with other agents is close to zero. Death, illness and aging fall under this category. Meso and macro risk affect communities and countries. These risks, also called covariant, are difficult to insure, since the correlation between individual risk is greater than zero. Examples of these can of risks are unemployment, earthquakes, floods or wars. Finally, risks can be distinguished by severity and frequency. The likelihood of getting a flu is very high (high frequency), but its costs are low (low severity). The contrary happens with a tsunami: it is a very unlikely event (low frequency), but if it happens, could wipe out all assets and lead to death (high severity).
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Exploring the influence of seasonal uncertainty in project risk management

Exploring the influence of seasonal uncertainty in project risk management

"Buy down" the risk with planned work in the baseline. This approach rests on spending money and time to reduce the risk or even make it disappear. The second approach is based on providing Management Reserve (or contingency) to "handle" the consequences of the risk. All risk "types" can be found starting with the WBS. Look there of epistemic uncertainties that create risk.

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Risk Framework Analysis in the Management of Sovereign Debt: The Argentine case

Risk Framework Analysis in the Management of Sovereign Debt: The Argentine case

Scenario 1: we assume (generally speaking) a deteriorating economy with decreasing country confidence and capital flight. Usually the outflows of capital can be associated with a combination of phenomena such as: depreciation of the local currency, a consequent fall in the prices of domestic debt (possibly associated with an increase in local interest rates) and an increase in the volatility of the exchange rate and of debt in general. The final impact of the outflow of capital always depends on the political measures carried out. The gen- eral assumption used in this scenario is that those responsible implement certain policies against shocks, whose e↵ects cannot be totally mitigated. These policies can include loss of foreign reserves held by the BCRA, an adjustment to interest rates and an increase in net fiscal tax assets. Under this scenario, the value of the assets is assumed to fall by $20 billion, foreign reserves decrease by $5 billion and the volatility of the assets increases by 5%. As a result of this scenario, the outflow of capital causes a deterioration in the sovereign credit risk indicators and an increase in the exposure to risk. This translates into a decrease of D2D of the order of 0.57 standard deviations (from 1.24 to 0.67) and an increase of 15 percentage points (i.e. from 11% to 25%) in the default probability and an increase of the order of 381 basis points (reaching 1212) in the credit spread. Scenario 2: Analogously, a capital inflow scenario can be illustrated. The inflow of capital can be explained (in a simplified manner) through the joint result of an appreciation of the exchange rate, an improvement in domestic debt prices and a decrease in market volatility. Likewise, the inflow of capital allows the increase of foreign reserves, which may require sterilization operations. The impact of this type of scenario projects an increase of the sovereign assets by $20 billion, a fall in the volatility of 2%, an increase in the reserves of $5 billion and an increase in dollar terms of the debt issued in currency domestic due in part to sterilization and partly to the appreciation of the exchange rate.
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Use of the Internet in the diffusion of GIS for General Practices in Victoria, Australia

Use of the Internet in the diffusion of GIS for General Practices in Victoria, Australia

Figure 2 shows the model adopted to integrate the data bases that were selected for the pilot GIS. The data bases have been grouped into routinely and specifically collected data. The model is also based on the thematic character of each data set , that is, whether it is geospatial, health or demographic data. All these data bases have been integrated into the system through common GIS operations such as tabular linking and address geocoding. The geospatial data sets needed for the implementation of the system are in the left column. These include address data bases, for the purpose of address matching operations, road network data base for routing and distance analysis, and the
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Best practices for school leaders: Implementation of a profesional competence model for school management in Chile

Best practices for school leaders: Implementation of a profesional competence model for school management in Chile

Crouch (2008) distingue dos tipos de buenas prácticas: a) Con Marca : establecidos a través del desarrollo teórico, organismos internacionales que buscan marcar tendencia; y b) Sin Marca : o rutinaria, que surgen de la observación in situ de casos que demuestran buenos resultados argumentando para identificar una buena práctica se debe seguir una evaluación de objetivos que permita disponer de una pluralidad de métodos con metas estándares, siendo muy importante la sistematización detallada que cubra la información más relevante para la misma.

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Analysis of the need for financial education in collegiate formation

Analysis of the need for financial education in collegiate formation

Keywords: Financial education; resource management; finance. 1. Introducción En la actualidad existen muchos programas de educación financiera para todo tipo de entes, programas para universitarios, profesionales, programas dedicados a comerciantes o miembros de alguna institución que capacita a las personas o entidades que forman parte de él, sin embargo la educación financiera no está implementada de manera curricular en el nivel de formación secundario de los jóvenes, por lo cual esto se convierte en una necesidad de estudiar más a profundidad en cualquier sociedad este fenómeno, haciendo énfasis en este artículo a Bolivia y Sudamérica.
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Qualitative operational value at risk for an electric utility based on the guidelines of the basel committee

Qualitative operational value at risk for an electric utility based on the guidelines of the basel committee

At the time this analysis was performed the usual approach was to use time series of risk variables. However, when quantitative data of operational risks do not exist or when are scarce then it is necessary to obtain qualitative data based on experts’ decision to understand the behavior of the OpR. The qualitative methods just started to be implemented seriously in the financial system after the global financial crash of 2008. Therefore this article introduces a financial innovation because it presents a study based on qualitative data from surveys that were made by experts.
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Proposal for the management of change for organizational strengthening in integrated management systems

Proposal for the management of change for organizational strengthening in integrated management systems

% Consolidado Empresas % de Referencia.. enfermedades laborales que se puedan presentar; ii) No se cuenta con un modelo de programación para efectuar los cambios cual delimita la comuni[r]

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Gestión de riesgos Financieros y Derivados / Financial Risk Management & Derivatives

Gestión de riesgos Financieros y Derivados / Financial Risk Management & Derivatives

El objetivo de esta asignatura es familiarizar al alumno en el área de valoración y gestión de los riesgos derivados de los movimientos de los precios en los m[r]

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Gestión de riesgos Financieros y Derivados / Financial Risk Management & Derivatives

Gestión de riesgos Financieros y Derivados / Financial Risk Management & Derivatives

El objetivo de esta asignatura es familiarizar al alumno en el área de valoración y gestión de los riesgos derivados de los movimientos de los precios en los m[r]

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Gestión de riesgos Financieros y Derivados / Financial Risk Management & Derivatives

Gestión de riesgos Financieros y Derivados / Financial Risk Management & Derivatives

El objetivo de esta asignatura es familiarizar al alumno en el área de valoración y gestión de los riesgos derivados de los movimientos de los precios en los m[r]

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A system of indicators for disaster risk management in the Americas

A system of indicators for disaster risk management in the Americas

sources, that were available to the government, in its role as a promoter of recovery and as owner of affected goods, when the evaluation was undertaken. Access to these resources has limi- tations and costs that must be taken into account as feasible val- ues according to the macroeconomic and financial conditions of the country. In this evaluation the following aspects have been taken into account: the insurance and reassurance payments that the country would approximately receive for goods and in- frastructure insured by government; the reserve funds for disas- ters that the country has available during the evaluation year; the funds that may be received as aid and donations, public or private, national or international; the possible value of new taxes that the country could collect in case of disasters; the margin for budgetary reallocations of the country, which usually corre- sponds to the margin of discretional expenses available to gov- ernment; the feasible value of external credit that the country could obtain from multilateral organisms and in the external capital market; and the internal credit the country may obtain from commercial and, at times, the Central Bank, when this is legal, signifying immediate liquidity.
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