The need for application of common regulations at an international level in order to control credit risk has resulted in substantial changes in the financial sector: new legal provisions regarding instruments, responsibility and approaches to valuation.

The Operational & Credit Risk Control unit is in charge of two different areas:

  • "Credit Risk Management" Area, whose main activities are:
    • "Counterparty and Credit Risk Control" Area, which prepares the preliminary assessments of new counterparties, oversees maintenance of the register of authorised counterparties and related credit lines, using suitable credit risk management tools and methods. This department also constantly monitors compliance with the credit limits assigned to each counterparty.
    • "Fund and Security Due Diligence", in charge of assessing portfolio composition in order to identify and analyse significant, specific or critical positions. This department also performs due diligence on specific securities and complex securities, identified according to the regulations of the Investment Process (ex-ante), and on third party funds by analyzing the offer documentation and meeting with the companies (both ex-ante and ex-post).

  • "Operational Risk Management" Area, which determines the range of tools and methods for operational risk identification, measurement and valuation, and performs risk assessments to identify, assess and classify operational risks. It also carries out the checks on operational risk management defined through the risk assessment which are necessary to ensure that the operations of the individual business areas are in line with the risk-return objectives assigned to each area.

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