'Superfinanciera must project itself into the future, in a digital environment'

The Financial Superintendence It is improving its supervision plan for a market that is becoming more digitalized every day and that is why it established a plan of five large strategic projects that will make it a superintendency that looks to the future.

This is what the Financial Superintendent, Professor César Ferrari, said during the Public Hearing of Accountability for the period between August 2023 and July 2024.

“Building the supervision of the future” was the title of the report in which the management of the SFC was detailed, in particular, that related to the five Strategic Projects (PE): Open Finance, Digital Supervision, Optimal Risk Management, Regulatory Optimization and Modernization of the SFC.

Regarding the data of the financial system, The entity presented the operations and preferences of users in the different transactional channelsinformation technology (IT) management and the supervisory strategy to evaluate money laundering and terrorist financing (ML/FT) risk management.

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Backed deposits

Additionally, the Superfinanciera reported that public deposits are backed by the system’s liquidity sufficiency, achievements in credit risk management and disclosure and measures to address credit deterioration, among others.

In relation to the supervision of the credit and insurance market, during its Accountability Hearing, The entity made reference to the 18 Bilateral Colleges that were carried out with supervised entities through which economic perspectives and information on the challenges in risk management in those institutions are exchanged.

Additionally, the supervisory body reported that Supervision Colleges of financial conglomerates were held in which the results of risk-based supervision of the different jurisdictions were evaluated, focused on responsible banking and the growth of the financial markets in Latin America.

On the other hand, compared to the insurance industry, Superfinanciera reports show patrimonial and financial solidity in accordance with the continuous supervision of accounting, solvency and regulatory compliance.

During the reference period, the supervisory strategy for securities market issuers focused on the evaluation of financing costs and their impact in the performance of the entities.

Within the balance made by the Supervisor, it is observed that the appetite of investors to be part of the Colombian financial system continues, reflected in the requests for the constitution of new entities, especially in the banking and insurance industries.

fair treatment

Regarding the financial consumer, between August 2023 and July 2024, supervision sought to generate fair treatment for the financial consumer and preserve the integrity and transparency of the market through the implementation of the platform for the presentation of disagreements, facilitating access to mechanisms. of justice such as extrajudicial conciliation and lawsuits.

Regarding financial inclusion, the SFC highlighted the production of information for analysis and the generation of strategies that contribute to closing gaps and promoting the population’s access to financial products and services. In the balance presented this Tuesday, Superfinanciera officials also reported the actions carried out with respect to analytical projects, innovation, best practices in financial management and capital market development.

Regarding administrative management, The entity referred to the execution of its budget and to actions aimed at seeking the well-being of both officials and citizens who come to the entity.

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Open finance will generate competition

– He first project is Open Finance, which will be mandatory and will generate more competition, since all sectors will be able to share customer information.

– He second It is digital supervision, which will eliminate reporting by entities and can lower costs for clients.

– He third It is risk optimization and incorporating emerging risks and not just traditional ones.

– He room is updating standards and eliminating outdated ones.

– He fifth It is the modernization of the Superfinanciera.

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HOLMAN RODRÍGUEZ MARTÍNEZ
Portfolio

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