SANTO DOMINGO – Ninety-eight percent Dominican financial intermediaries have key risk indicators , and 93% conduct stress tests, which are essential for measuring their resilience in the face of adverse scenarios. This is according to the report “ Evaluation of the Comprehensive Risk Management Framework ,” published by the Superintendency of Banks (SB) .
The SB analyzed the considerations provided through a self-assessment survey by the 45 financial intermediation entities (FIEs) to understand their comprehensive risk management processes based on governance, policies and procedures, and risk culture , among other related topics.
Similarly, 1,342 professionals who are part of the risk teams, as well as the members of the boards of directors of the entities, participated in the survey.
The SB publication highlights progress in managing each of the risks, but also points to areas for improvement, such as measuring concentrations in their various aspects; analyzing correlations between sectors; and continuing to include standards for defining risk management models more in-depth and technical approach in critical areas, the creation of specialized risk units should be encouraged.
“Financial institutions have demonstrated significant progress in their risk management, reflecting their commitment and effort. The growing adoption of technological tools to identify, monitor, and mitigate risks is particularly noteworthy,” the SB report states.
The data collected shows that, of the 30 EIFs with a risk culture plan , 11 carry out annual and quarterly assessments.
Similarly, 31 of the 45 entities consulted stated that they evaluate the considerations of their stakeholders.
By 2023, 77% of financial institutions had a specialized operational risk unit, compared to 89% in 2024, reinforcing the approach of quantifying risks from human errors, failures and interruptions.
In addition, 44 entities have partially implemented key risk indicators and 18 of them have already automated within their systems.
In 2023 , the use of risk management tools was 75% for monitoring, 70% for identification, and 55% for mitigation. By 2024, these figures had increased to 80%, 71%, and 56%, respectively.
Training
Of the EIFs evaluated, 44 provide risk training to all staff, which is essential to strengthening the risk culture and raising awareness among employees.
In 2023 , 88.6% of entities provided risk training to all staff, while this proportion climbed to 98% in 2024.
