{"id":2374,"date":"2021-03-30T09:48:46","date_gmt":"2021-03-30T09:48:46","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=2374"},"modified":"2026-10-03T19:30:01","modified_gmt":"2026-10-03T23:30:01","slug":"el-capital-economico","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/el-capital-economico\/","title":{"rendered":"On price risk and economic capital"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container hundred-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:0px;--awb-padding-left-small:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-justify-content-center fusion-flex-content-wrap\" style=\"width:104% !important;max-width:104% !important;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\/capital-economico-lingotes-oro.jpg\")!important;background-size:cover!important;background-position:50% 50%!important;}<\/style><div class=\"fusion-text fusion-text-1\" style=\"--awb-margin-right:10px;--awb-margin-left:10px;\"><p align=\"justify\">Economic capital is defined as the level of capital required to support risk-taking activity, in order to maintain solvency and ensure continuity of operations. Commonly, economic capital is a realistic measure of the contingencies the institution could face from market, credit, operational and legal risks. It serves to absorb unexpected losses at a given degree of statistical confidence. And it is usually applied in companies that are part of the financial system\/capital market.<\/p>\n<p align=\"justify\">Economic capital should not be confused with regulatory capital, whose sole purpose is to ensure the existence of critical capital in the system. It is a quasi-static measure focused on the present, while the former is a dynamic, forward-looking measure that incorporates expectations.<\/p>\n<p align=\"justify\">Determining economic capital is a strategic decision that affects the risk\/return relationship across business lines. And, therefore, it allows institutions to measure risks continuously and accurately, allocating monetary resources efficiently to cover the economic effects of the activities they carry out. It has two forms of use: 1) at the business line level and 2) at the integrated level (<i>Enterprise<\/i>). In case 1, it is used to manage the credit portfolio, risk-based\u00a0<i>pricing<\/i>\u00a0of assets, customer profitability analysis and, lately, to set management incentives. At the integrated level, it is used to evaluate business performance, prepare capital usage budgets and strategic planning, analyze acquisitions and sales of assets, and determine the adequacy of corporate capital levels.<\/p>\n<h3 align=\"justify\">Economic capital and risks &#8211; conclusions<\/h3>\n<p align=\"justify\">Based on the above, we can conclude that managing economic capital is a key element in running successful companies. The model will be only as good as our ability to identify, measure and budget the inherent risks of the business. Because in the financial market it will be essential to measure credit, operational and market risks in order to estimate potential contingencies and define the adequate capital <i>buffer<\/i>\u00a0. Regulated players must always keep in mind that regulation in the financial sphere is inherently reactive, so they must go considerably beyond what their respective regulations indicate in managing capital.<\/p>\n<p align=\"justify\"><strong>\u201cRegulated players must always keep in mind that regulation in the financial sphere is inherently reactive. They must therefore go considerably beyond what their respective regulations indicate in managing capital.\u201d<\/strong><\/p>\n<p align=\"justify\">Given the growing importance of income from the securities market, a good starting point might be to ask, \u201cgiven what level of decline and volatility in the value of my investment portfolio, will economic capital remain positive?\u201d. A prudent <i>approach<\/i> would use the answer to that question to build the risk appetite framework, set the limits, and from that point define the corresponding strategic planning according to the risk-adjusted profitability desired. Setting goals without being clear about what we can risk, and how we will respond to changes in the market (plan B), is very fragile preparation. Dear reader and investor, what level of losses are you willing to tolerate?<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"wp-image-2375 alignleft\" src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=113%2C113&#038;ssl=1\" alt=\"Del riesgo de precios y el capital econ\u00f3mico\" width=\"113\" height=\"113\" srcset=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=66%2C66&amp;ssl=1 66w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=200%2C200&amp;ssl=1 200w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=400%2C400&amp;ssl=1 400w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=500%2C500&amp;ssl=1 500w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=600%2C600&amp;ssl=1 600w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=700%2C700&amp;ssl=1 700w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?resize=768%2C768&amp;ssl=1 768w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/03\/1615583448868.jpeg?w=800&amp;ssl=1 800w\" sizes=\"(max-width: 113px) 100vw, 113px\" \/><\/p>\n<p>Author: Stefan Bolta<br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/stefan-bolta-46200219\/\" target=\"_blank\" rel=\"noopener\">Linkedin<\/a><\/p>\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=\"Del riesgo de precios y el capital econ\u00f3mico\" data-description=\"El capital econ\u00f3mico se define como el nivel de capital requerido, para soportar la actividad de toma de riesgos. Con el fin de mantener la solvencia asegurando la continuidad de operaci\u00f3n. Com\u00fanmente, el capital econ\u00f3mico constituye una medici\u00f3n realista de las contingencias. Que podr\u00eda enfrentar la entidad por conceptos de riesgos de mercado, cr\u00e9dito,\" data-link=\"https:\/\/gestionderiesgo.org\/en\/el-capital-economico\/\"><h4 class=\"tagline\" style=\"color:#333333;\">Share this post<\/h4><div class=\"fusion-social-networks sharingbox-shortcode-icon-wrapper sharingbox-shortcode-icon-wrapper-1\"><span><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fgestionderiesgo.org%2Fen%2Fel-capital-economico%2F&amp;t=Del%20riesgo%20de%20precios%20y%20el%20capital%20econ%C3%B3mico\" target=\"_blank\" rel=\"noreferrer\" title=\"Facebook\" aria-label=\"Facebook\" data-placement=\"top\" data-toggle=\"tooltip\" data-title=\"Facebook\" data-><i class=\"fusion-social-network-icon fusion-tooltip fusion-facebook awb-icon-facebook\" style=\"color:#bebdbd;\" aria-hidden=\"true\"><\/i><\/a><\/span><span><a 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(max-width:640px){#cgr-foot{margin-top:64px}#cgr-foot .cgf-main{grid-template-columns:1fr 1fr;gap:30px 20px;padding:34px 0}#cgr-foot .cgf-brand{display:block}#cgr-foot .cgf-brand p{margin-top:14px}#cgr-foot .cgf-soc{margin-top:16px}#cgr-foot .cgf-ct{grid-column:1\/-1}\n  #cgr-foot .cgf-ask .cgf-btn{width:100%;justify-content:center}#cgr-foot .cgf-bar{flex-direction:column;align-items:flex-start}}\n<\/style>\n\n<div class=\"cgf-ask\">\n  <div>\n    <h2>Looking for an event on a specific topic?<\/h2>\n    <p>Tell us which topics you would like to see at our upcoming events.<\/p>\n  <\/div>\n  <a class=\"cgf-btn\" href=\"mailto:info@gestionderiesgo.org\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg>Write to us<\/a>\n<\/div>\n\n<div class=\"cgf-main\">\n  <div class=\"cgf-brand\">\n    <img data-recalc-dims=\"1\" decoding=\"async\" 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. Av. Tiradentes at the corner of Presidente Gonz\u00e1lez, Ensanche Naco, Santo Domingo<\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M5 4h4l2 5-2.5 1.5a11 11 0 0 0 5 5L15 13l5 2v4a2 2 0 0 1-2 2A16 16 0 0 1 3 6a2 2 0 0 1 2-2\"\/><\/svg><span><a href=\"tel:+18092942166\">809-294-2166<\/a><br><a href=\"tel:+18097453289\">809-745-3289<\/a><\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><a href=\"mailto:info@gestionderiesgo.org\">info@gestionderiesgo.org<\/a><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 7v5l3 2\"\/><\/svg><span>Monday to Thursday, 8:30 a.m. to 5:30 p.m.<br>Friday, 8:30 a.m. to 5:00 p.m.<\/span><\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<div class=\"cgf-bar\">\n  <div class=\"cgf-legal\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"cgf-pay\" src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2023\/01\/Verified.png?resize=101%2C34&#038;ssl=1\" alt=\"Verified by Visa y Mastercard ID Check\" width=\"101\" height=\"34\" loading=\"lazy\"><p>\u00a9 2026 Gesti\u00f3n de Riesgo RD, SRL. All rights reserved.<\/p><\/div>\n  <nav class=\"cgf-pol\" aria-label=\"Policies\">\n    <a href=\"\/en\/politicasdeprivacidad\/\">Privacy<\/a><a href=\"\/en\/terminos-y-condiciones-2\/\">Terms and conditions<\/a><a href=\"\/en\/politicas-de-entrega\/\">Delivery<\/a><a href=\"\/en\/politicas-de-cancelacion\/\">Cancellation<\/a><a href=\"\/en\/politicas-de-devolucion\/\">Returns<\/a><a href=\"\/en\/politicas-de-reembolso\/\">Refunds<\/a><a href=\"\/en\/politicas-de-seguridad\/\">Security<\/a><a href=\"\/en\/preguntas-frecuentes\/\">Frequently asked questions<\/a>\n  <\/nav>\n<\/div>\n<\/footer>\n<\/div><\/div><\/div><\/div><\/p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2374","post","type-post","status-publish","format-standard","hentry","category-mercado"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/2374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/comments?post=2374"}],"version-history":[{"count":7,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/2374\/revisions"}],"predecessor-version":[{"id":24817,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/2374\/revisions\/24817"}],"wp:attachment":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media?parent=2374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/categories?post=2374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/tags?post=2374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}