Disponible en Español

II Meeting of Heads of Financial Risk Management in Central Banks

July 13 - 15, 2021


The second edition of the Meeting was held on a digital format on July 13-15, 2020, and it was a joint collaboration by the Center for Latin American Monetary Studies (CEMLA), Banco de España, Banco de México, Banco Central de Costa Rica. It was attended by 82 representatives from 37 institutions and associates of CEMLA from Argentina, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, France, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Peru, Portugal, Sint Maarten, Spain, the Bahamas, the Philippines, Trinidad and Tobago, Turks and Caicos Islands and Uruguay. The event was focused on: methodologies and information systems for financial risk management and valuation, financial risk management challenges in the COVID-19 crisis, compliance, and Environmental, Social and Corporate Governance (ESG).


Invited talk: Dealer Banks Balance Sheet Policies and Spillovers to Emerging Markets

This session discussed economic aspects that determine the participation, or lack thereof, of emerging economies (EM) of the global flows of credit, capital and financial risk; this participation will not improve unless there is an adequate use of collateral from EM that goes beyond FX reserve and swap lines. He also mentions that cross-border collateral pledgeability is a key step for financial stability; however, it also requires a re-wiring of their financial plumbing, with the collaboration of local authorities, international central securities depositories, global banks, among others, in their respective domains.


Session 1. Methodologies and Information Systems for Financial Risk Management and Valuation

Central banks have particular functions and operations that set their financial risk management systems apart of other more ‘traditional’ forms. This session discussed the different experiences, challenges and chronological accounts in the implementation of risk management systems and methodologies. Some key points of the session were the following:

  • - The importance of integration and connectivity to avoid the creation of information silos and to guarantee efficiency in response time.
  • - Risk management systems need to be flexible to accommodate the changes in risk appetite of new measures.
  • - These implementations require a technological, organizational and cultural evolution.


Session 2. Financial risk management challenges in the COVID-19 crisis

This session discussed the policy actions that the central banks implemented during the COVID-19 crisis, and the implications to the financial risk areas.

  • - The prompt response of the institutions carries an increased risk stemming from additional exposures that has to meet the policy goals.
  • - The usefulness of an adequate level of international reserves in times of uncertainty, as well as the flexibility of risk management frameworks.
  • - In some instances, these measures were put in place with the additional operational challenges posed by the pandemic.


Session 3. Compliance

This session addressed the compliance function in central banks. It described its organizational aspects and its evolution in time. The main takeaways of the session included:

  • - Its evolution is a natural response to the increasing complexity in financial operations.
  • - Automation and improvement of response times are common challenges and go hand in hand with transversality across the institution.
  • - Compliance is key to preserve the institutional reputation, follow the investment objectives and reduce legal liabilities.


Session 4. Environmental, Social and Corporate Governance (ESG)

The interest in environmental and social issues in the public domain and the realization of their repercussions have motivated the incorporation of ESG the principles as part of the objectives and culture of many central banks.

  • - It is important for risk managers to understand and integrate the physical and transitions risks due to climate and environmental risks and the channels that transmit their impacts into the financial system.
  • - It is also important to integrate specific methodologies for the identification, exposure, assessment and mitigation of environmental and climate risks.
  • - An active area of interest is the development of methodologies for the optimal allocation of assets to design green and sustainable investment portfolios in line with management objectives with a consideration for financial risk management.


July 13

Opening speech: Financial risk management

Dr. Manuel Ramos Francia, Director General, CEMLA


Invited talk. Dealer Banks Balance Sheet Policies and Spillovers to Emerging Markets

Manmohan Singh, Senior Financial Economist at International Monetary Fund, International Monetary Fund

Session 1. Methodologies and Information Systems for Financial Risk Management and Valuation

Chair: Francisco Chamú Morales, Director of Risk Management, Banco de México


Pablo Villa Michel Morales, Director of Risk Management, Banco Central de Costa Rica

Omar Santiváñez Romaní, Head of the Department of Databases of International Reserves, Banco Central de Reserva del Perú

Gonçalo Pereira, Head of the Risk Management Department, Banco de Portugal


July 14

Session 2. Financial risk management challenges in the COVID-19 crisis

Chair: Luis González Mosquera, Director of Financial Risks, Banco de España


Fernando Monar Lora, Director Risk Management, European Central Bank

Isabela Ribeiro Damaso Maia, Head of Corporate Risks and Benchmark, Banco Central do Brasil

Odean White Chief Risk Officer, Bank of Jamaica

Session 3. Compliance

Chair: Pablo Villa Michel, Director of Risk Management, Banco Central de Costa Rica


July Alberto Pecero Mariscurrena, Manager of Financial Risk Analysis and Compliance, Banco de México

Christian Ferrada Krause, Coordinator of Strategic Risks and Financial Compliance, Banco Central de Chile

Adriana Corrales Rojas, Risk Management and Compliance Advisor, Banco Central de Costa Rica


July 15

Session 4. Environmental, Social and Corporate Governance (ESG)

Chair: María Antonieta Campa, Projects and Risk Analysis Manager, Banco de México


María Nalda, Senior Expert of the Financial Risk Department, Banco de España

Patricia Moles Fanjul, Researcher – Advisory Team, Banco de México

Ana Mónica Gamboa Chaves, Reserves Management Analyst, Banco Central de Costa Rica

Tour de Table

Chair: Serafín Martínez Jaramillo, Advisor, CEMLA

Conclusions of the Meeting and next steps

Chaired by the organizers


Dr. Manmohan Singh
Senior Economist, International Monetary Fund (IMF)

Dr. Manmohan Singh is a senior economist with the IMF. He writes extensively on topical issues including collateral velocity and reuse (a term he coined), rehypothecation and securities lending of collateral, monetary policy and collateral, shadow banking, collateral in the OTC derivatives market and CCPs, and why (some) EM collateral may access the global plumbing. His new book, Collateral Markets and Financial Plumbing, looks at all the above topics from the lens of financial collateral. Manmohan has led work-shops for the IMF to official sector policy makers on strategic asset allocation and impact of regulations on financial markets. He holds a Ph.D. and M.B.A. from University of Illinois at Urbana-Champaign and a B.S. from Allegheny College.

Pablo Villa Michel Morales
Director of Risk Management, Banco Central de Costa Rica

He is the Director of Integral Risk Management of the Central Bank of Costa Rica since 2014 and is responsible for the implementation of the institutional project of Integral Risk Management. He has promoted improvements to the Bank's risk management policies and processes and developed the internal risk management certification course. He has extensive local and international experience in the financial industry and risk management. He graduated from the Masters in Financial Economics and Applied Macroeconomics at the Pontificia Universidad Católica de Chile, and is internationally certified by several institutions in financial and operational risk management, as well as a specialist in data science. He has experience as a professor and a researcher in economics and finance.

Omar Santiváñez Romaní
Head of International Reserves Databases Area of the International Operations Department, Banco Central de Reserva del Perú

Omar Santiváñez is Head of International Reserves Databases Area in the International Operations Department at Central Reserve Bank of Peru (CRBP). He oversees the management of a Business Intelligence and Analytics Solution which serves as a Support System for Strategic, Tactical and Operational decisions. He holds a Bs. in Systems Engineering with a concentration in Decision Support Systems from Universidad de Lima, a Master in Public Governance and Management from Università Cattolica del Sacro Cuore and Universidad Católica Sedes Sapientiae, and a Master in Data Management and Technological innovation from OBS Business School and Universitat de Barcelona (focused in Business Intelligence and Big Data).

Gonçalo Pereira
Head of Risk Management Unit, Banco de Portugal

Mr. Pereira is the Head of the Risk Management Unit at the Bank of Portugal since 2015. He has a background in Applied Mathematics and he holds a Master Degree in Actuarial Science. Mr. Pereira has worked for several years as an IT Analyst and Project Manager, and has been working in Financial Risk Management for the past 8 years.

Fernando Monar
Director Risk Manager, European Central Bank (ECB)

Mr. Monar Lora is currently the Director Risk Manager, until March 2020, he was the Head of the Risk Analysis Division in the Directorate Risk Management (D-RM), a post he has held since 2016. In this position, he also deputized for the director and chaired the Risk Management Committee. Prior to that he was adviser in the same division having held a number of other positions in Risk Management from 2007 onwards. Earlier in his career he worked in the Market Operations Department at Banco de España. Mr. Monar Lora holds a Bachelor’s degree in Economics from the University of the Balearic Islands, a Master’s degree in Business Administration from the EUDE Business School in Madrid and is a Chartered Financial Analyst (CFA Institute).

Isabela Ribeiro Damaso Maia
Head of Department - Corporate Risk and Benchmarks, Banco Central do Brasil (BCB)

Isabela joined the Central Bank of Brazil (BCB) in 1995 at the International Reserves Department’s front office. In 1997, she moved to the middle office to establish the financial risk management area and was responsible for the design and implementation of the international reserves risk framework that is still in place. Since 2000, the strategic asset allocation of the Brazilian international reserves runs under her coordination and leadership. As head of the corporate risk department, she has implemented the enterprise risk management approach (ERM) at BCB, a process that supports the decision-making with risk information. The development and implementation of an institutional framework for compliance and internal controls functions also became part of her tasks in 2018. With more than 20 years of experience in asset and risk management, Isabela had technical articles published along this time in technical books and journals. She holds a BA in statistics and an MBA in finance.

Odean White
Chief Risk Officer, Bank of Jamaica (BOJ)

Mr. Odean White is a banking and finance professional with almost 20 years’ experience in the Jamaican financial sector. Currently, he is the Chief Risk Officer at Bank of Jamaica (BOJ) where he is responsible for designing and implementing the central bank's risk management framework. Prior to this second stint at BOJ, Mr. White spent close to a decade in the private sector where he assumed various management and senior management roles at financial institutions with local and regional footprints. The foundation of his successful career to date was built during his first stint at BOJ, as an Economist in the Research & Economic Programming Division. Mr. White is a graduate of the University of the West Indies, Mona campus where he attained a B.Sc. (Hons) in Actuarial Science and an M.Sc. in Economics.

Julio Alberto Pecero Mariscurrena
Financial Risk Analysis and Compliance Manager, Banco de México

Julio is originally from Mexico City. He is the Manager of Financial Risk Analysis and Compliance within the Risk Management Department of Banco de Mexico. He has collaborated in different areas of the Bank for more than 8 years in the design of methodologies with a quantitative approach for risk management and compliance verification. He holds a Bachelor's degree in Economics from the Universidad Nacional Autónoma de México and a Master's degree in Business Administration from the Asia School of Business in collaboration with the MIT Sloan School of Management.

Christian Ferrada Krause
Strategic Risk and Financial Compliance Coordinator, Banco Central de Chile Banco Central de Chile

He is the strategic risk and financial compliance coordinator for the Central Bank of Chile. His areas of interest are macroeconomics, finance and econometrics. He has worked as a part-time professor at the Faculty of Economics and Business at the Universidad de Chile; he has also participated as a consultant with the World Bank and the International Labor Office. He has a PhD in Economics from the University of Chicago and a Master's Degree in Applied Economics from the Universidad de Chile.

Adriana Corrales Rojas
Risk Management and Compliance Advisor, Banco Central de Costa Rica

Adriana is a Lawyer and has a degree in Public Administration. Since 2013 she has been working for the Central Bank of Costa Rica as Risk and Compliance Advisor. Previously she worked as Internal Auditor and in procurement and administrative contracting.

María Nalda
Senior Expert, Financial Risk Department, Bank of Spain

María Nalda is a specialist in financial risk at the Bank of Spain. Specifically, she works in the Policy Unit of the Financial Risk Department, where she coordinates the preparation of the sustainability dossiers discussed at the Eurosystem Risk Committee. In addition, she actively contributes to different initiatives related to sustainability and financial risks, both at the Bank of Spain and in Eurosystem working groups, co-authoring several reports. All this allows her to have a deep knowledge of the implications of ESG risks in the financial risk management of the Eurosystem and the Bank of Spain itself.

Patricia Moles Fanjul
Researcher - Advisory Team, Bank of Mexico

Specialist in sustainable finance, with extensive experience in the development of businesses with positive impacts in the environmental and social areas, mainly in Latin America. Since 2020 she acts as a researcher in the advisory team of the Governor of Banco de México, promoting the agenda of the Network of Central Banks for Greening the Financial System (NGFS) of which Banco de México is a founding member, and acting as Alternate Secretary in the Sustainable Finance Committee of the Financial System Stability Board. Patricia holds a degree in economics from ITAM, a Masters in International Management from ESADE, Barcelona, and a Masters in Development Studies from the London School of Economics in London.

Ana Mónica Gamboa Chaves
Reserves Management Analyst, Banco Central de Costa Rica

Ana Mónica is graduated from the Universidad de Costa Rica with a degree in Economics and a capital markets specialization. She works at the Banco Central de Costa Rica (BCCR) since 2000 and now an analyst for the Reserves Management Department (front office) where have been participated in different projects. Since the end of 2019, she has been part of the team that work on green investment for the BCCR.



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