Fosters a culture of innovation in risk management and, together with the Executive Directorate, coordinates research and new models for identification, measurement and control.
Objective and functions
Foster a culture of innovation in the management of the different risks, to transform the current ecosystem, and coordinate with the Executive Directorate the research and development work on new models for identification, measurement and control. Its role is technical: it documents and presents results objectively so that the governing body uses innovative and reliable information when setting strategic objectives.
- 01Coordinate with the Executive Directorate the research and development work on new models for risk identification, measurement and control.
- 02Prepare databases, statistical models and recurring reports that form the Club’s documentary framework.
- 03Document and present results objectively so that the governing body uses innovative and reliable information.
- 04Cover all types of risk of financial interest, in communication with the main committee for each topic.
What innovation in risk management is
Innovation
A new or changed entity that realizes or redistributes value. It can be a product, service, process, model or method. Novelty and value are determined by the perception of the organization and its stakeholders.
SourceISO 56000:2020, Innovation management: fundamentals and vocabulary (opens in a new tab)
Innovation and risk
It is not a type of risk but a supporting topic: it applies data models, analytics and new technologies to the identification, measurement and control of risks, and assesses the risks that those same innovations introduce, such as model, data and third-party risks.
How it is measured and quantified
What is measured is the progress of the initiatives and the improvement they bring, together with the risks of the innovations themselves.
Portfolio of initiatives
Number of ideas, proofs of concept, pilots and implementations, and the proportion that moves from one stage to the next.
Cycle time
Time from idea to pilot and to go-live.
Value generated
Measurable improvement over the previous method: model accuracy, reduction in losses or times, cost savings.
Model performance
Predictive power, stability and backtesting of new models before and after implementation.
Innovation risk
Assessment of the model, data, security and third-party risks of each initiative before scaling it.
How it is managed
Coordination
Those who lead the committee. The coordination and co-coordination roles rotate once a year.
Coordination
Bismark Rodríguez
PwC
Co-coordination
To be appointed
This position is assigned by annual rotation.
Regulations and recommended readings
Standards and documents that the committee uses as the basis of its work.
Sign up for this committee
Members who wish to take part notify the Club’s Executive Committee, and this form is the channel. Regular members and representatives of sponsor members may take part. Not a member yet? Find out how to become one.
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