- The Director of Finance, Marco Aurelio Ramírez Corzo, pointed out that among the main objectives of this collegiate body will be to institutionalize the management of investment risks of reserves, as well as actuarial risks linked to events that could harm the financial situation of insurance administered by the IMSS.
- He pointed out that this strengthens the corporate governance of the Institute and favors the implementation of best practices in risk management.
The H. Technical Council of the Mexican Social Security Institute (IMSS) approved the creation of the Financial and Actuarial Risks Commission, in order to identify, measure, monitor, limit, control and reveal the risks to which the company is exposed. institution in the exercise of its financial functions.
On the instructions of the General Director of Social Security, Maestro Zoé Robledo, the Director of Finance, Marco Aurelio Ramírez Corzo, proposed the creation of the Financial and Actuarial Risks Commission to the Technical Council.
The Finance Director explained that this Commission will report directly to the Technical Council and will provide the elements so that effective means of financial risk control exist, thereby strengthening the Institute’s corporate governance.
He pointed out that according to the Social Security Law, the Institute has the power to grant medical and economic benefits for the social security of its beneficiaries, for which an efficient administration of financial resources is essential.
He explained that the objectives of the Commission are to manage the financial risks of IMSS investments, identify events that could harm the financial situation of the insurance managed by the Institute, and detect contingencies related to the protection of the Institute’s assets that can be mitigated by contracting of insurance policies.
Also, he indicated, it will be the object of this Commission to authorize methodologies related to the institutional costing of the substantive services of the IMSS, as well as the evaluation of the economic and financial scope of health supplies that are proposed.
Marco Aurelio Ramírez stressed that it is very important for the Institute to have an adequate management of its investment risks, since financial reserves represent 48 percent of its total assets. In this sense, this body will give its opinion for the consideration of the H. Technical Council on the exposure limits proposed to the investment risk metrics, the methodologies for risk management and investment operations, as well as on the investment regime.
In addition, the Technical Council will be informed on a quarterly basis of the exposure to risk and the consumption of limits, and the excess of the risk limits and the corrective actions implemented will be notified, if applicable.
The Finance Director pointed out that this Commission will authorize methodologies, assumptions and sensitivity scenarios for the preparation of financial and actuarial studies of the insurance administered by the Institute, of the pension plan, of subaccount 2 of the Fund for the fulfillment of Labor Obligations. , among others.
He said that it is relevant to manage the IMSS’s own income, of which 93 percent are made up of worker-employer quotas plus the contribution of the federal government. On the other hand, 72 percent of the Institute’s own annual expenses are assigned directly to services that carry actuarial risks.
Ramirez Corzo added that in order to strengthen analysis and decision-making, the Commission will have the participation of two independent experts, one in investment risks and the other in actuarial risks.
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