The internal control environment of Depósito Central de Valores achieved a high level of compliance. This evaluation is aimed at verifying and evaluating the various business support services, processes and systems.

As usual, at the Depositors Meeting held at the beginning of the year, DCV’s Surveillance Committee, chosen by the Depositors themselves, delivers its management report and accounts for the principal activities entrusted to the Committee, including one that the law delegates to it: verifying that custody, clearance, settlement and transfer operations are fulfilled in completely and in a timely manner.

The firm PwC evaluated the internal control environment, by means of a thorough audit of the corporate governance, risk and compliance areas during 2017. 370 controls were evaluated. The conclusion was that Depósito Central de Valores is 99.7% effective in mitigating risk.

Additionally, “upon evaluating the design of its management, risk and internal control models, we can conclude that DCV has optimized results, operating under a formal and operational framework, based on the best practices in the field, and the information technology controls operate according to their design and documentation”, stated Oscar Mehech, vice president of the Committee and the person in charge of delivering the results of the study to the Meeting.

DCV: Information security and business continuity

Another area of relevance was reported on by Américo Becerra, member of the Surveillance Committee, who accounted for the work performed to evaluate the security of the information assets that support the critical services of the company. The review took into account aspects such as service interruptions arising from hardware, software, contingency equipment, licenses, databases, among others, and concluded that DCV has “a robust and constantly tested model, with risk under reasonable control”.

This review was carried out by the specialized company ITSec S.A., following the critical security control model of CIS, related to a set of recommended cyber defense measures, with specific recommendations and specific actions to detect today’s most persistent and dangerous attacks. In this review, the company highlighted the levels of security in email and browsing protection, limitation and control of network ports, protocols and services, perimeter defense, control and monitoring of access accounts, incident response and management, and governance structure for information security and business continuity.

Finally, the Meeting of DCV’s members approved the management report of the Surveillance Committee and approved the budget and the activities proposed for the next period, as well as the amount of the guarantees or insurance in 1/1000 of the total number of securities held in custody.

In that same Meeting, the members of the committee were re-elected for the following period: Hugo de la Carrera (President), Óscar Mehech (Vice President), Américo Becerra (Secretary), Jaime Escárate and Pedro Bolados.

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