Brazil : Risk-based Supervision of Brazilian Closed Pension Funds
This report provides a comprehensive description of the full process for supporting the new supervisory authority for closed pension funds in Brazil, The National Superintendence for Pension Funds, supervisor of the closed pension fund system in Br...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/06/17456818/brazil-risk-based-supervision-rbs-brazilian-closed-pension-funds http://hdl.handle.net/10986/13221 |
| id |
okr-10986-13221 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACTUARIAL ASSUMPTIONS ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITY ASSET CLASSES ASSET LIABILITY MATCHING AUCTIONS BENEFICIARIES BOND RETURNS BUFFERS CAPACITY DEVELOPMENT CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CHECKS CLEARING HOUSES COMPETITIVE MARKET CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSOLIDATION CREDIT RISK CURRENCY DEBT DEFAULTS DEFICITS DIRECT INVESTMENT DISCOUNT RATE DISCOUNT RATES DISTORTIONS ECONOMIC GROWTH EMERGING ECONOMIES ENFORCEABILITY ENFORCEMENT POWERS EQUITIES EXCHANGE RATE FIDUCIARY FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL SYSTEMS FIXED RATE FIXED RATES FOREIGN INVESTMENT FUND DATA FUND MANAGEMENT FUND MANAGERS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOOD GOVERNANCE GOVERNANCE ISSUE GOVERNMENT BOND GOVERNMENT BONDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS INCOME INFLATION INFLATION INDEX INFORMATION FLOWS INFORMED DECISIONS INSPECTIONS INSURANCE INSURANCE INDUSTRY INSURANCE REGULATION INSURER INSURERS INTEGRITY INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL CONTROLS INVESTING INVESTMENT CHOICE INVESTMENT GOVERNANCE INVESTMENT INSTRUMENTS INVESTMENT MANAGERS INVESTMENT MARKET INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT PORTFOLIOS INVESTMENT PROCESS INVESTMENT PRODUCTS INVESTMENT REGULATION INVESTMENT RESTRICTIONS INVESTMENT RISK INVESTMENT RISKS INVESTMENT STRATEGIES INVESTMENT STRATEGY JURISDICTIONS KEY RISK KEY RISKS LACK OF TRANSPARENCY LEGAL RISK LEVEL OF RISK LIABILITY LIABILITY SIDE LIQUID ASSETS LIQUIDITY LIQUIDITY RISK LONG-TERM INVESTMENT LOW INFLATION MARKET CONDITIONS MARKET PRICES MARKET RATE MARKET RISK MARKET RISKS MATURITY MISALIGNMENT MONETARY FUND NON-BANK OPERATIONAL RISK OPERATIONAL RISKS OUTPUTS PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND MANAGEMENT PENSION FUNDS PENSION LIABILITIES PENSION PLANS PENSION SUPERVISION PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIO CHOICE PORTFOLIOS PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROFIT MARGINS PROFITABILITY PRUDENTIAL SUPERVISION RATES OF RETURN RE-INVESTMENT REAL ESTATE REAL INTEREST REAL INTEREST RATES REGULATOR REGULATORS REGULATORY AUTHORITY REGULATORY REGIMES RELATIVELY LOW INFLATION REMOTE LOCATIONS REPUTATION RESERVE RESERVES RETURN RETURN ON ASSETS RETURNS RISK ANALYSIS RISK ASSESSMENT RISK ASSESSMENTS RISK EXPOSURE RISK FACTORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SOLVENCY SUPERVISORY AUTHORITY SURPLUS SURPLUSES SUSTAINABILITY SWAP SWAP CURVE SYSTEMIC RISK TAX TECHNICAL ASSISTANCE TRADES TREASURY TREASURY BOND TRUSTEES UNCERTAINTIES VALUATION VALUATIONS VOLATILITY WITHDRAWAL |
| spellingShingle |
ACCOUNTING ACTUARIAL ASSUMPTIONS ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITY ASSET CLASSES ASSET LIABILITY MATCHING AUCTIONS BENEFICIARIES BOND RETURNS BUFFERS CAPACITY DEVELOPMENT CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CHECKS CLEARING HOUSES COMPETITIVE MARKET CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSOLIDATION CREDIT RISK CURRENCY DEBT DEFAULTS DEFICITS DIRECT INVESTMENT DISCOUNT RATE DISCOUNT RATES DISTORTIONS ECONOMIC GROWTH EMERGING ECONOMIES ENFORCEABILITY ENFORCEMENT POWERS EQUITIES EXCHANGE RATE FIDUCIARY FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL SYSTEMS FIXED RATE FIXED RATES FOREIGN INVESTMENT FUND DATA FUND MANAGEMENT FUND MANAGERS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOOD GOVERNANCE GOVERNANCE ISSUE GOVERNMENT BOND GOVERNMENT BONDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS INCOME INFLATION INFLATION INDEX INFORMATION FLOWS INFORMED DECISIONS INSPECTIONS INSURANCE INSURANCE INDUSTRY INSURANCE REGULATION INSURER INSURERS INTEGRITY INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL CONTROLS INVESTING INVESTMENT CHOICE INVESTMENT GOVERNANCE INVESTMENT INSTRUMENTS INVESTMENT MANAGERS INVESTMENT MARKET INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT PORTFOLIOS INVESTMENT PROCESS INVESTMENT PRODUCTS INVESTMENT REGULATION INVESTMENT RESTRICTIONS INVESTMENT RISK INVESTMENT RISKS INVESTMENT STRATEGIES INVESTMENT STRATEGY JURISDICTIONS KEY RISK KEY RISKS LACK OF TRANSPARENCY LEGAL RISK LEVEL OF RISK LIABILITY LIABILITY SIDE LIQUID ASSETS LIQUIDITY LIQUIDITY RISK LONG-TERM INVESTMENT LOW INFLATION MARKET CONDITIONS MARKET PRICES MARKET RATE MARKET RISK MARKET RISKS MATURITY MISALIGNMENT MONETARY FUND NON-BANK OPERATIONAL RISK OPERATIONAL RISKS OUTPUTS PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND MANAGEMENT PENSION FUNDS PENSION LIABILITIES PENSION PLANS PENSION SUPERVISION PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIO CHOICE PORTFOLIOS PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROFIT MARGINS PROFITABILITY PRUDENTIAL SUPERVISION RATES OF RETURN RE-INVESTMENT REAL ESTATE REAL INTEREST REAL INTEREST RATES REGULATOR REGULATORS REGULATORY AUTHORITY REGULATORY REGIMES RELATIVELY LOW INFLATION REMOTE LOCATIONS REPUTATION RESERVE RESERVES RETURN RETURN ON ASSETS RETURNS RISK ANALYSIS RISK ASSESSMENT RISK ASSESSMENTS RISK EXPOSURE RISK FACTORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SOLVENCY SUPERVISORY AUTHORITY SURPLUS SURPLUSES SUSTAINABILITY SWAP SWAP CURVE SYSTEMIC RISK TAX TECHNICAL ASSISTANCE TRADES TREASURY TREASURY BOND TRUSTEES UNCERTAINTIES VALUATION VALUATIONS VOLATILITY WITHDRAWAL World Bank Brazil : Risk-based Supervision of Brazilian Closed Pension Funds |
| geographic_facet |
Latin America & Caribbean Brazil |
| description |
This report provides a comprehensive
description of the full process for supporting the new
supervisory authority for closed pension funds in Brazil,
The National Superintendence for Pension Funds, supervisor
of the closed pension fund system in Brazil, or PREVIC, in
particular through the development of a revised approach to
the risk-based supervision of closed pension funds. This
report documents the first-funded World Bank project which,
in conjunction with PREVIC, the supervisor of the closed
pension fund system in Brazil (established in January 2010),
has sought to provide guidance to implement a risk based
supervision (RBS) appropriate to Brazilian environment,
drawing on international experience. The project ran from
January 2010 to March 2012. The key outputs of the project
were specified as: i) an assessment of the strengths and
weaknesses of the current supervisory benchmarking against
best practices in RBS around the world; ii) a roadmap for
the implementation of RBS under the circumstances prevailing
in the industry; iii) proposals for regulations on selected
critical elements for the implementation of RBS framework;
and iv) training to supervisors and senior executives of
closed pension funds about the main challenges of
introducing RBS. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Brazil : Risk-based Supervision of Brazilian Closed Pension Funds |
| title_short |
Brazil : Risk-based Supervision of Brazilian Closed Pension Funds |
| title_full |
Brazil : Risk-based Supervision of Brazilian Closed Pension Funds |
| title_fullStr |
Brazil : Risk-based Supervision of Brazilian Closed Pension Funds |
| title_full_unstemmed |
Brazil : Risk-based Supervision of Brazilian Closed Pension Funds |
| title_sort |
brazil : risk-based supervision of brazilian closed pension funds |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/06/17456818/brazil-risk-based-supervision-rbs-brazilian-closed-pension-funds http://hdl.handle.net/10986/13221 |
| _version_ |
1764422661984747520 |
| spelling |
okr-10986-132212021-04-23T14:03:07Z Brazil : Risk-based Supervision of Brazilian Closed Pension Funds World Bank ACCOUNTING ACTUARIAL ASSUMPTIONS ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITY ASSET CLASSES ASSET LIABILITY MATCHING AUCTIONS BENEFICIARIES BOND RETURNS BUFFERS CAPACITY DEVELOPMENT CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CHECKS CLEARING HOUSES COMPETITIVE MARKET CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSOLIDATION CREDIT RISK CURRENCY DEBT DEFAULTS DEFICITS DIRECT INVESTMENT DISCOUNT RATE DISCOUNT RATES DISTORTIONS ECONOMIC GROWTH EMERGING ECONOMIES ENFORCEABILITY ENFORCEMENT POWERS EQUITIES EXCHANGE RATE FIDUCIARY FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL SYSTEMS FIXED RATE FIXED RATES FOREIGN INVESTMENT FUND DATA FUND MANAGEMENT FUND MANAGERS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOOD GOVERNANCE GOVERNANCE ISSUE GOVERNMENT BOND GOVERNMENT BONDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS INCOME INFLATION INFLATION INDEX INFORMATION FLOWS INFORMED DECISIONS INSPECTIONS INSURANCE INSURANCE INDUSTRY INSURANCE REGULATION INSURER INSURERS INTEGRITY INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL CONTROLS INVESTING INVESTMENT CHOICE INVESTMENT GOVERNANCE INVESTMENT INSTRUMENTS INVESTMENT MANAGERS INVESTMENT MARKET INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT PORTFOLIOS INVESTMENT PROCESS INVESTMENT PRODUCTS INVESTMENT REGULATION INVESTMENT RESTRICTIONS INVESTMENT RISK INVESTMENT RISKS INVESTMENT STRATEGIES INVESTMENT STRATEGY JURISDICTIONS KEY RISK KEY RISKS LACK OF TRANSPARENCY LEGAL RISK LEVEL OF RISK LIABILITY LIABILITY SIDE LIQUID ASSETS LIQUIDITY LIQUIDITY RISK LONG-TERM INVESTMENT LOW INFLATION MARKET CONDITIONS MARKET PRICES MARKET RATE MARKET RISK MARKET RISKS MATURITY MISALIGNMENT MONETARY FUND NON-BANK OPERATIONAL RISK OPERATIONAL RISKS OUTPUTS PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND MANAGEMENT PENSION FUNDS PENSION LIABILITIES PENSION PLANS PENSION SUPERVISION PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIO CHOICE PORTFOLIOS PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROFIT MARGINS PROFITABILITY PRUDENTIAL SUPERVISION RATES OF RETURN RE-INVESTMENT REAL ESTATE REAL INTEREST REAL INTEREST RATES REGULATOR REGULATORS REGULATORY AUTHORITY REGULATORY REGIMES RELATIVELY LOW INFLATION REMOTE LOCATIONS REPUTATION RESERVE RESERVES RETURN RETURN ON ASSETS RETURNS RISK ANALYSIS RISK ASSESSMENT RISK ASSESSMENTS RISK EXPOSURE RISK FACTORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SOLVENCY SUPERVISORY AUTHORITY SURPLUS SURPLUSES SUSTAINABILITY SWAP SWAP CURVE SYSTEMIC RISK TAX TECHNICAL ASSISTANCE TRADES TREASURY TREASURY BOND TRUSTEES UNCERTAINTIES VALUATION VALUATIONS VOLATILITY WITHDRAWAL This report provides a comprehensive description of the full process for supporting the new supervisory authority for closed pension funds in Brazil, The National Superintendence for Pension Funds, supervisor of the closed pension fund system in Brazil, or PREVIC, in particular through the development of a revised approach to the risk-based supervision of closed pension funds. This report documents the first-funded World Bank project which, in conjunction with PREVIC, the supervisor of the closed pension fund system in Brazil (established in January 2010), has sought to provide guidance to implement a risk based supervision (RBS) appropriate to Brazilian environment, drawing on international experience. The project ran from January 2010 to March 2012. The key outputs of the project were specified as: i) an assessment of the strengths and weaknesses of the current supervisory benchmarking against best practices in RBS around the world; ii) a roadmap for the implementation of RBS under the circumstances prevailing in the industry; iii) proposals for regulations on selected critical elements for the implementation of RBS framework; and iv) training to supervisors and senior executives of closed pension funds about the main challenges of introducing RBS. 2013-04-22T16:11:58Z 2013-04-22T16:11:58Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/17456818/brazil-risk-based-supervision-rbs-brazilian-closed-pension-funds http://hdl.handle.net/10986/13221 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Latin America & Caribbean Brazil |