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New requirements are increasingly raising the standards of risk management in the financial market, and DCV joins this global trend by enhancing management and best practices.
As of February 1, 2025, the new standards 509 and 510 of the Financial Market Commission (CMF) came into force, which seek to strengthen comprehensive risk management and corporate governance in various entities of the financial sector.
DCV has worked actively to guarantee an early and efficient implementation of these regulations, ensuring compliance with the new standards and strengthening trust in the market.
Main Changes and Challenges
Standard 509 emphasizes a greater involvement of the Board of Directors in risk management, establishing a list of minimum policies and a clear structure of three lines of defense. The first line is process and service owners, the second line is risk management, and the third line is internal audits.
On the other hand, Standard 510 focuses on information security, cybersecurity, and operational incident management, incorporating strong practices, such as the NIST Cybersecurity Framework.
Both regulations broaden the scope of risk management and emphasize topics such as operational risk in corporate governance, outsourced services, and operational incident reporting. In addition, they establish roles that have to be confirmed by the Board of Directors as a counterpart with the CMF for the notification and communication of incidents.
DCV's Commitment
Since the publication of the standards, DCV has led a process of adaptation that includes review and update of internal policies in line with the new requirements, the definition of a risk framework, with key metrics for constant monitoring and approval of these changes by the Board of Directors, thus ensuring its commitment to management.
In this regard, Claudio Herrera, Risk and Compliance Manager, pointed out that "these new regulations strengthen the transparency and security of the financial market by promoting best practices, which can only lead to positive results. The fact that there are higher requirements standardizes risk management upwards and adds trust in the market".
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Likewise, DCV has participated in the public consultation process of the FMC, contributing with observations and proposals for the improvement of the regulation.
This implies a more active role for DCV in risk supervision and alignment with international best practices. With this approach, DCV reaffirms its commitment to the safety, soundness, and modernization of the financial system, positioning itself as a robust player in the evolution of the market.
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