{"id":20228,"date":"2025-12-10T12:43:33","date_gmt":"2025-12-10T16:43:33","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=20228"},"modified":"2026-10-03T19:29:44","modified_gmt":"2026-10-03T23:29:44","slug":"disenando-el-futuro-financiero","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/disenando-el-futuro-financiero\/","title":{"rendered":"Designing the Financial Future \u2013 Beyond One Size Fits All: Tailored Suits"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-right:60px;--awb-padding-bottom:80px;--awb-padding-left:60px;--awb-padding-right-medium:60px;--awb-padding-left-medium:60px;--awb-padding-right-small:14px;--awb-padding-left-small:12px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-right:10px;--awb-padding-left:10px;--awb-padding-right-small:0px;--awb-padding-left-small:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:40px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:0%;--awb-spacing-left-small:0%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><style>.fusion-page-title-bar{background-image:linear-gradient(rgba(0,0,0,.45),rgba(0,0,0,.45)),url(\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/trajes-a-la-medida-sastreria.jpg\")!important;background-size:cover!important;background-position:68% 50%!important;}<\/style><div class=\"fusion-text fusion-text-1\" style=\"--awb-content-alignment:justify;\"><h4><span style=\"color: rgb(116, 116, 116); font-family: 'Open Sans'; font-size: 16px; background-color: rgba(0, 0, 0, 0);\">An analysis of the modernization of prudential frameworks in the Dominican financial system and the need for differentiated regulation according to each institution\u2019s business model.<\/span><\/h4>\n<p><i>\u201cJust as a doctor would not apply the same protocol to treat heart, neurological and digestive problems, the Dominican financial system requires prudential frameworks designed specifically for each type of institution.\u201d<\/i><\/p>\n<p>The strategic potential of the Dominican Republic calls for a joint and deliberate effort to harness it sustainably. While this is a comprehensive commitment of all industries, the development and growth of the financial sector, especially the capital market, is recognized by the World Bank as a driver of economic development.<\/p>\n<p>We have witnessed milestones that show this trend of development and confidence in the Dominican financial sector, including the opening of digital banks, the first share issuances, and bond issuances with exposure to international markets. Continuing that growth is a shared will of the private sector, regulators and investors.<\/p>\n<p>The path toward strengthening the financial market is a tangible one and will inevitably guide part of the country\u2019s strategic development and use of its potential. Like a doctor safeguarding the health of a patient, the International Monetary Fund (IMF) viewed positively initiatives such as implementing mark-to-market in the banking sector in 2026 and the future adoption of Basel II and III standards for capital requirements, capital buffers and liquidity.<\/p>\n<p>The imminent modernization of prudential frameworks is not something isolated to banking; the Securities Market Superintendency has also taken important and calculated steps with a view to sustaining the sustainability of growth.<\/p>\n<p><b>How far can it be harmonized?<\/b><\/p>\n<p>There is a positive opportunity in that the prudential frameworks of the different financial players are being evaluated at the same time, which allows synergies and lessons to be leveraged.<\/p>\n<p>However, the crucial question is: to what extent should institutions\u2019 prudential or regulatory frameworks be harmonized?<\/p>\n<p>Based on international understanding and experience, modernizing prudential frameworks should not aim to regulate more, but to regulate better. Protect depositors, investors and members, maintain the stability of the financial system, and allow each type of institution to operate under rules that recognize its real risks.<\/p>\n<p>That means moving from static ratios to countercyclical requirements, capital buffers that vary according to risk exposures, forward-looking provisions and more sophisticated liquidity requirements.<\/p>\n<p><b>Common factors: Building trust<\/b><\/p>\n<p>While full harmonization would be ineffective &#8211; like using the same medical protocol to treat a heart, neurological and digestive problem \u2013 there are factors that can and should be common to the entire system:<\/p>\n<ul>\n<li>Corporate governance: Independent boards, risk\/audit committees.<\/li>\n<li>Risk management: Identification, measurement, control, monitoring.<\/li>\n<li>Transparency: Regular reporting to supervisors and the public.<\/li>\n<li>Customer\/member protection: Clear information, prohibition of abusive practices.<\/li>\n<li>Conflicts of interest: Mandatory identification and management.<\/li>\n<li>External audit: Annual, by qualified firms.<\/li>\n<li>Cybersecurity: Robust protocols against digital threats.<\/li>\n<\/ul>\n<p><b>Recognizing Structural differences<\/b><\/p>\n<p>Modernization must recognize the structural differences between business models. This includes how institutions create value, how they generate revenue, and the nature of their assets and funding sources.<\/p>\n<p><b>Comparison of Functions and Revenue Sources of Key Financial Institutions<\/b><\/p>\n<\/div>\n<div class=\"table-1\" style=\"--awb-margin-top:-30px;\">\n<p>&nbsp;<\/p>\n<table style=\"height: 72px; width: 100%;\" width=\"100%\">\n<thead>\n<tr style=\"height: 24px;\">\n<th style=\"height: 24px; width: 17.5217%;\" align=\"left\">\n<h2><strong>Category<\/strong><\/h2>\n<\/th>\n<th style=\"height: 24px; width: 22.3665%;\" align=\"left\">\n<h2><strong>Commercial Banks<\/strong><\/h2>\n<\/th>\n<th style=\"height: 24px; width: 33.1088%;\" align=\"left\">\n<h2><strong>Securities Intermediaries<\/strong><\/h2>\n<\/th>\n<th style=\"height: 24px; width: 24.7103%;\" align=\"left\">\n<h2><strong>Pension Fund Administrators<\/strong><\/h2>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"height: 24px; width: 17.5217%;\" align=\"left\">Value Creation<\/td>\n<td style=\"height: 24px; width: 22.3665%;\" align=\"left\"><span class=\"s9\"><strong>Maturity Transformation<\/strong>:<\/span><span class=\"s11\"> Taking short-term deposits to finance medium- and long-term loans.<\/span><\/td>\n<td style=\"height: 24px; width: 33.1088%;\" align=\"left\">\n<p><strong><span class=\"s9\">Proprietary <\/span><span class=\"s9\">Trading<\/span><span class=\"s9\">address<\/span><span class=\"s9\">:<\/span><\/strong><span class=\"s11\"> Generating profits through <\/span><em><span class=\"s12\">trading<\/span><\/em><span class=\"s11\"> with own positions in the market. <\/span><\/p>\n<p><strong><span class=\"s9\">Intermediation and Advisory:<\/span><\/strong><span class=\"s11\"> Executing transactions and providing advisory services to clients.<\/span><\/p>\n<\/td>\n<td style=\"height: 24px; width: 24.7103%;\" align=\"left\"><strong><span class=\"s9\">Pension Administration:<\/span><\/strong><span class=\"s11\"> Managing pension savings to ensure the funding of future pensions.<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"height: 24px; width: 17.5217%;\" align=\"left\">Revenue Source<\/td>\n<td style=\"height: 24px; width: 22.3665%;\" align=\"left\"><span class=\"s9\"><strong>Net Interest Margin<\/strong>: <\/span><span class=\"s11\">Difference between lending and deposit rates.<\/span><\/td>\n<td style=\"height: 24px; width: 33.1088%;\" align=\"left\">\n<p><strong><span class=\"s9\">Trading Gains:<\/span><\/strong><span class=\"s11\"> Profits derived from market movements, arbitrage and <\/span><em><span class=\"s12\">spreads<\/span><span class=\"s11\">. <\/span><\/em><\/p>\n<p><strong><span class=\"s9\">Operational Fees: <\/span><\/strong><span class=\"s11\">Fees for executing transactions and related services.<\/span><\/p>\n<\/td>\n<td style=\"height: 24px; width: 24.7103%;\" align=\"left\"><strong><span class=\"s9\">Management Fees:<\/span><\/strong><span class=\"s11\"> Recurring charge for managing pension funds.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"fusion-text fusion-text-2\" style=\"--awb-content-alignment:justify;\"><p><span style=\"background-color: rgba(0, 0, 0, 0);\"><br \/><\/span><\/p>\n<p><span style=\"background-color: rgba(0, 0, 0, 0);\">These fundamental differences in business models have direct implications for appropriate regulatory design.<\/span><\/p>\n<p><u>1. The case of the AFPs: Operational Risk, not solvency<\/u><\/p>\n<p>For Pension Fund Administrators (AFPs) and SAFIs, a fiduciary framework that recognizes these characteristics is required:<\/p>\n<ul>\n<li>They have no leverage.<\/li>\n<li>They do not own the assets they manage.<\/li>\n<li>Their risk is operational and conduct-related, not solvency.<\/li>\n<li>Their systemic impact comes from poor management of future pensions and\/or assets under management.<\/li>\n<\/ul>\n<p><u>2. Banks: Maturity Transformers and Credit Risk<\/u><\/p>\n<p>The main objective of a commercial bank revolves around taking deposits and lending. They act as intermediaries by transforming short-term deposits into longer-term loans.<\/p>\n<ul>\n<li>The main source of income is the Net Income from the difference in rates.<\/li>\n<li>Their balance sheet structure and funding sources are characterized by large loan portfolios on the asset side with a stable and diversified deposit base that they use as their main source of funding.<\/li>\n<li>The use of instruments such as Repos is usually tied to short-term liquidity management, funding specific assets or acting as a market maker in Repos themselves as cash providers.<\/li>\n<li>The use of instruments such as Securities Lending is usually tied to balance sheet optimization through generating income from the institution\u2019s investment portfolio.<\/li>\n<li>Credit risk focuses on comprehensive credit assessment processes for borrowers, sound loan underwriting standards, portfolio diversification, provisions for bad debts and stress testing. In addition, counterparty credit risk management for financial market activities. This is critically important given that the business focuses on lending.<\/li>\n<li>Their regulatory frameworks depend largely on capital adequacy, liquidity requirements, consumer protection and systemic risk. A Leverage Ratio is used with the aim of absorbing losses from lending activities, market movements and operational failures, protecting depositors and ensuring continued financial intermediation.<\/li>\n<\/ul>\n<p><u>3. Securities Intermediaries: Trading and Market Risk<\/u><\/p>\n<p>In the Dominican Republic, the operating structure and business model of Securities Intermediaries can be classified into two large groups:<\/p>\n<ol><\/ol>\n<p style=\"padding-left: 40px;\">a. <b>Proprietary trading intermediaries:<\/b> These intermediaries actively trade securities for their own account, taking market positions to generate profits. Their business model depends heavily on market timing, sophisticated trading strategies and the risk management of their own capital. These are the ones that could have dedicated units for quantitative analysis, algorithmic trading and portfolio management.<\/p>\n<p style=\"padding-left: 40px;\">b. <b>Client facilitation intermediaries:<\/b> While they may take part in some principal transactions, their main focus is executing transactions for clients, providing research and offering advisory services. Their participation in funding transactions such as repos and securities lending is often driven by clients (for example, helping clients borrow securities to sell short or lend out their long positions) or by managing their own balance sheet for liquidity and funding purposes related to client activities.<\/p>\n<p>To carry out the exercise of comparing against the same criteria as for banks, if we use the <b>Securities Intermediaries that rely on proprietary trading<\/b> we observe that they hold a base of self-owned securities trading that generates profits from market movements, arbitrage and related activities.<\/p>\n<ul>\n<li>The main source of income being trading gains and fees from related services.<\/li>\n<li>Their balance sheet structure and funding sources are characterized by having a large proportion of their portfolio in tradable assets and instruments. They depend heavily on the financial market, in particular on short-term secured or unsecured funding, Repos, SBBs, uncommitted credit lines and, at times, long-term debt. This suggests that they do not have a stable deposit base.<\/li>\n<li>The use of instruments such as Repos is usually related to funding their long positions or lending cash to create a synthetic short position. It is a critical part of managing their leveraged trading books and optimizing funding costs.<\/li>\n<li>The use of instruments such as Securities Lending is usually used to generate incremental yield on own instruments held for long periods or to obtain specific instruments for short positions or hedging positions.<\/li>\n<li>Credit risk focuses on assessing counterparty credit risk, collateral management and the legal enforceability of netting agreements. Since it is not a lending-focused business model, it is less important than in the banking sector, where exposure is concentrated in trading counterparties.<\/li>\n<li>Their regulatory frameworks usually revolve around market conduct, capital adequacy for trading risks, investor protection and systemic risk. Risk-based capital (e.g. IFR in Europe). The purpose is to ensure that the institution has enough capital to manage losses from trading, operating costs and to meet its commitments to clients.<\/li>\n<\/ul>\n<p><b>Prudential Framework Approaches<\/b><\/p>\n<p>For <b>Banks<\/b> a Basel-type approach is appropriate because they lend money and transform maturities. This framework answers the question \u201cHow much direct credit risk do you have?\u201d or \u201cHow much capital do I need to absorb loan defaults?\u201d under the oversimplified logic that these illiquid assets require a large buffer in order to keep operating.<\/p>\n<p>For <b>Brokerage Firms<\/b> an approach is needed that answers the question \u201cWhat risks does your business model generate?\u201d or \u201cHow much capital do I need to wind down in an orderly way without harming clients?\u201d, given that brokerage firms do not lend massively and the logic that illiquid assets plus a proportion of fixed expenses must be quantified to allow an orderly closure.<\/p>\n<p>A similar analysis to the above led to the proposal of the Investment Firms Regulation (IFR) (Regulation (EU) 2019\/2033) and the Directive (IFD) (Directive (EU) 2019\/2034) in the European Union. This prudential framework is tailored to investment firms, with a risk-adjusted classification system that distinguishes three classes of institutions:<\/p>\n<\/div>\n<div class=\"table-1\">\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" width=\"100%\">\n<thead>\n<tr>\n<th style=\"width: 11.4107%;\" align=\"left\">\n<h2>Class<\/h2>\n<\/th>\n<th style=\"width: 35.6846%;\" align=\"left\">\n<h2>Description<\/h2>\n<\/th>\n<th style=\"width: 18.8797%;\" align=\"left\">\n<h2>Applicable Framework<\/h2>\n<\/th>\n<th style=\"width: 31.7428%;\" align=\"left\">\n<h2>Rationale<\/h2>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"width: 11.4107%;\" align=\"left\">Class 3<\/td>\n<td style=\"width: 35.6846%;\" align=\"left\">Large, trades for own account, underwrites issues, places on a firm-commitment basis<\/td>\n<td style=\"width: 18.8797%;\" align=\"left\">Basel (CRR\/CRD)<\/td>\n<td style=\"width: 31.7428%;\" align=\"left\">They behave like investment banks and deserve banking requirements<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 11.4107%;\" align=\"left\">Class 2<\/td>\n<td style=\"width: 35.6846%;\" align=\"left\">Facilitation, execution, asset management, moderate trading<\/td>\n<td style=\"width: 18.8797%;\" align=\"left\">IFR (K-Factors)<\/td>\n<td style=\"width: 31.7428%;\" align=\"left\">Business model different from banks, they need a tailored framework<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 11.4107%;\" align=\"left\">Class 1<\/td>\n<td style=\"width: 35.6846%;\" align=\"left\">Small, not interconnected, limited services<\/td>\n<td style=\"width: 18.8797%;\" align=\"left\">Simplified IFR<\/td>\n<td style=\"width: 31.7428%;\" align=\"left\">Minimal regulatory burden, no systemic risk<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"fusion-text fusion-text-3\" style=\"--awb-content-alignment:justify;\"><p><span style=\"background-color: rgba(0, 0, 0, 0);\"><b><br \/><\/b><\/span><\/p>\n<p><span style=\"background-color: rgba(0, 0, 0, 0);\"><b>\u201cTailored Suits\u201d: a bet on maintaining a solid future<\/b><\/span><\/p>\n<p>It is clear that a modernization of prudential frameworks in the Dominican financial system must have common concepts that leverage shared synergies and lessons.<\/p>\n<p>But it must also consider the structural differences that the different business models create and their material risks.<\/p>\n<p>This modernization is not a race to be run separately, much less one size fits all. It is the construction of tailored suits between the market and the monetary and financial regulators, who recognize the similarities and differences that allow our financial sector to grow in a solid, stable and specialized way in step with the country\u2019s potential.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignleft wp-image-20230\" src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=200%2C200&#038;ssl=1\" alt=\"\" width=\"200\" height=\"200\" srcset=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=66%2C66&amp;ssl=1 66w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=200%2C200&amp;ssl=1 200w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=400%2C400&amp;ssl=1 400w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=500%2C500&amp;ssl=1 500w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=600%2C600&amp;ssl=1 600w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=700%2C700&amp;ssl=1 700w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=768%2C768&amp;ssl=1 768w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?resize=800%2C800&amp;ssl=1 800w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/12\/Sin-tituloyhj.jpg?w=1024&amp;ssl=1 1024w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><strong style=\"background-color: rgba(0, 0, 0, 0); text-align: left;\">Author: <\/strong><span style=\"background-color: rgba(0, 0, 0, 0);\"><b>Priscilla Morales<\/b><\/span><\/p>\n<p><a style=\"background-color: rgba(0, 0, 0, 0); color: #0000ff;\" href=\"https:\/\/www.linkedin.com\/in\/priscillamrls\/\" target=\"_blank\" rel=\"noopener\">Linkedin<\/a><\/p>\n<p style=\"text-align: left;\">Member of the Market and Liquidity Risk Committee of the Dominican Republic Risk Management Club (CGRRD).<\/p>\n<p style=\"text-align: justify;\">Risk specialist with broad experience and a track record in the Capital Markets and Banking industries. With skills in Financial Risk, Risk Management, Corporate Finance, Financial Regulation, Prudential Standards, Corporate Governance and Risk-Based Supervision.<\/p>\n<ul>\n<\/ul>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:30px;margin-bottom:-10px;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:2px;\"><\/div><\/div><div class=\"fusion-sharing-box fusion-sharing-box-1 has-taglines layout-floated layout-medium-floated layout-small-stacked\" style=\"background-color:#f6f6f6;--awb-separator-border-sizes:0px;--awb-layout:row;--awb-alignment-small:space-between;--awb-stacked-align-small:center;\" data-title=\"Dise\u00f1ando el Futuro Financiero \u2013 M\u00e1s all\u00e1 de una talla \u00fanica: trajes a la medida\" data-description=\"Un an\u00e1lisis sobre la modernizaci\u00f3n de marcos 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src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/10\/LOGO-TRABAJO.png?resize=178%2C108&#038;ssl=1\" alt=\"Club de Gesti\u00f3n de Riesgos de la Rep\u00fablica Dominicana\" width=\"178\" height=\"108\" loading=\"lazy\">\n    <p>A non-profit association that promotes risk culture and best practices in the Dominican financial system.<\/p>\n    <div class=\"cgf-soc\">\n      <a href=\"https:\/\/www.linkedin.com\/company\/club-de-gesti%C3%B3n-de-riesgos-rd\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"LinkedIn\"><svg viewbox=\"0 0 24 24\"><path d=\"M5.2 8.6H8.5V19H5.2zM6.9 3.5a1.9 1.9 0 1 1 0 3.8 1.9 1.9 0 0 1 0-3.8ZM10.6 8.6h3.1V10c.5-.9 1.6-1.7 3.3-1.7 3.5 0 4.1 2.2 4.1 5.1V19h-3.3v-5c0-1.2 0-2.7-1.7-2.7s-1.9 1.3-1.9 2.6V19h-3.3z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.youtube.com\/channel\/UCgyWVnQOIYTYnBP25t3wikA\" target=\"_blank\" rel=\"noopener\" aria-label=\"YouTube\"><svg viewbox=\"0 0 24 24\"><path d=\"M21.6 7.2a2.7 2.7 0 0 0-1.9-1.9C18 4.8 12 4.8 12 4.8s-6 0-7.7.5a2.7 2.7 0 0 0-1.9 1.9C2 8.9 2 12 2 12s0 3.1.4 4.8a2.7 2.7 0 0 0 1.9 1.9c1.7.5 7.7.5 7.7.5s6 0 7.7-.5a2.7 2.7 0 0 0 1.9-1.9c.4-1.7.4-4.8.4-4.8s0-3.1-.4-4.8ZM10 15V9l5.2 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.instagram.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Instagram\"><svg viewbox=\"0 0 24 24\"><path d=\"M12 7.3a4.7 4.7 0 1 0 0 9.4 4.7 4.7 0 0 0 0-9.4Zm0 7.7a3 3 0 1 1 0-6 3 3 0 0 1 0 6Zm6-7.9a1.1 1.1 0 1 1-2.2 0 1.1 1.1 0 0 1 2.2 0ZM12 4.6c2.4 0 2.7 0 3.6.1 2.4.1 3.6 1.3 3.7 3.7.1.9.1 1.2.1 3.6s0 2.7-.1 3.6c-.1 2.4-1.3 3.6-3.7 3.7-.9.1-1.2.1-3.6.1s-2.7 0-3.6-.1c-2.4-.1-3.6-1.3-3.7-3.7-.1-.9-.1-1.2-.1-3.6s0-2.7.1-3.6c.1-2.4 1.3-3.6 3.7-3.7.9-.1 1.2-.1 3.6-.1ZM12 3c-2.4 0-2.8 0-3.7.1-3.3.2-5 1.9-5.2 5.2C3 9.2 3 9.6 3 12s0 2.8.1 3.7c.2 3.3 1.9 5 5.2 5.2.9.1 1.3.1 3.7.1s2.8 0 3.7-.1c3.3-.2 5-1.9 5.2-5.2.1-.9.1-1.3.1-3.7s0-2.8-.1-3.7c-.2-3.3-1.9-5-5.2-5.2C14.8 3 14.4 3 12 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.facebook.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Facebook\"><svg viewbox=\"0 0 24 24\"><path d=\"M13.5 21v-7.5H16l.4-3h-2.9V8.6c0-.9.3-1.5 1.5-1.5h1.5V4.4c-.3 0-1.2-.1-2.2-.1-2.2 0-3.7 1.3-3.7 3.8v2.4H8.1v3h2.5V21z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/twitter.com\/gestionriesgodr\" target=\"_blank\" rel=\"noopener\" aria-label=\"X (Twitter)\"><svg viewbox=\"0 0 24 24\"><path d=\"M17.5 3.5h3l-6.6 7.5 7.8 9.5h-6.1l-4.8-5.9-5.5 5.9h-3l7.1-8L2.7 3.5H9l4.3 5.4Zm-1 15.3h1.7L7.6 5.1H5.8Z\"\/><\/svg><\/a>\n    <\/div>\n  <\/div>\n  <nav class=\"cgf-col\" aria-label=\"The Club\">\n    <h3>The Club<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-somos\/\">Who we are<\/a><\/li>\n      <li><a href=\"\/en\/miembros-fundadores-y-directores\/\">Founders and directors<\/a><\/li>\n      <li><a href=\"\/en\/comisiones-de-trabajo\/\">Working committees<\/a><\/li>\n      <li><a href=\"\/en\/organigrama\/\">Organization Chart<\/a><\/li>\n      <li><a href=\"\/en\/estatutos\/\">Bylaws<\/a><\/li>\n      <li><a href=\"\/en\/reglamento-interno\/\">Internal regulations<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Membership and training\">\n    <h3>Membership<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-pueden-ser-miembros\/\">Who can become a member?<\/a><\/li>\n      <li><a href=\"\/en\/socios-protectores\/\">Sponsor members<\/a><\/li>\n      <li><a href=\"\/en\/formulario-de-inscripcion\/\">Apply for membership<\/a><\/li>\n      <li><a href=\"\/en\/capacitaciones-nemesis\/\">International Certification<\/a><\/li>\n      <li><a href=\"\/en\/otras-certificaciones\/\">Other certifications<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Activities\">\n    <h3>Activities<\/h3>\n    <ul>\n      <li><a href=\"\/en\/proximos-eventos\/\">Upcoming events<\/a><\/li>\n      <li><a href=\"\/en\/webinars-celebrados\/\">Past Webinars<\/a><\/li>\n      <li><a href=\"\/en\/blog\/\">CGR Blog<\/a><\/li>\n      <li><a href=\"\/en\/noticias\/\">News<\/a><\/li>\n      <li><a href=\"\/en\/publicaciones-y-o-comunicaciones\/\">Documents of interest<\/a><\/li>\n      <li><a href=\"\/en\/forum\/\">Forum<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <div class=\"cgf-col cgf-ct\">\n    <h3>Contact<\/h3>\n    <ul>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M12 21s-6.5-5.6-6.5-11a6.5 6.5 0 0 1 13 0c0 5.4-6.5 11-6.5 11Z\"\/><circle cx=\"12\" cy=\"10\" r=\"2.3\"\/><\/svg><span>La Isla Building, office 206. 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