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The XXVII Annual Meeting took
place remotely through Click&Vote,
The 27th DCV Depositors' Meeting was held on Thursday, March 10. The Surveillance Committee presented a detailed report on the 2021 operational period on that day. In addition, General Manager Rodrigo Roblero provided information on the DCV Evolution transformation project's progress.
The Head of the Committee, Hugo de la Carrera, pointed out that thanks to the efforts made during this year, such as the financial instruments' cash counts under custody; assessments, studies, and reviews conducted to the internal control procedures, etc. the Committee can inform that, despite some pending issues, which are currently being addressed, the risk of errors or irregularities of significant impact to depositors is under reasonable control.
In addition, de la Carrera, on behalf of the members of the Committee, thanked Depositors for the trust placed during this year and DCV for their support and professionalism in the tasks assigned, concluding that the objectives set in the activities plan were met successfully.
Summary of the work for 2021
1. - DCV Internal Control Environment Assessment
Its purpose is to analyze the internal control environment to verify and assess the controls of the different processes and support systems to the DCV business from July 2020 to June 2021.
The documentation received was reviewed, and 12 processes were identified, including 31 subprocesses and 198 key controls that mitigate the risks defined by the Surveillance Committee. Next, tests were conducted to verify those controls' design, implementation, and operational effectiveness.
According to work conducted by the external auditors for each one of the areas assessed, they concluded that the control environment is sufficient and adequate to mitigate the relevant risks for the DCV Surveillance Committee, based on the controls assessment indicated in the scope (organizational, operational, and technological).
2.- Certificates confirmation and cash count process
The objective is to conduct quarterly cash counts according to the procedures previously established by the Surveillance Committee, to meet the requirements of article 35 of law 18876, which consists of verifying the accuracy and matching depositor's accounts, and also verifying and assessing the certificate's cash count process safe kept by Depósito Central de Valores S.A.
As a result of the cash counts completed, there were not any observations to report, except for three depositors that disagreed with some fixed income Instruments and some differences in corporate bonds, with a cutoff date of September 24, 2021, which will be verified in the cash count cutoff at December 2021. In the follow-up meeting held on February 2022 with the auditors, they indicated that these situations were clarified in the process of December that has not concluded yet.
3.- Analysis and surveying of inherent risks of the processes in the new DCV computer platform
The objective was to validate the identification and description of the processes associated with the new Core Platform, verify the identification of risks and their classification, assess the methodology applied to the preparation, design, and development of risk matrices, and assess the design of controls.
As a result of the review, analysis, and survey of the inherent risks of the new DCV Evolution Platform processes, we can conclude that those risks defined according to the scope have been surveyed correctly, are consistent, and match DCV's risk methodology.
According to the consultants, the inherent risks surveyed have been evaluated correctly. DCV has a robust risk management model and methodology based on an integrated vision and a strategy to monitor the operation's evolution based on the organization's risk criteria and strategic objectives.
During the session, the assembly ratified the positions of the members of the Committee as follows:
- Hugo de la Carrera P. (presidente),
- Oscar Mehech C. (vicepresidente),
- Juan Vásquez L. (secretario),
- Américo Becerra M.,
- Jaime Escárate F.
- Pedro Bolados M.
For the March 2022 - March 2023 period.
To conclude, Guillermo Tagle, Head of the Board DCV, highlighted the importance of the DCV Evolution project and all depositors' support and joint work.
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