BBVA in 2012

Approval of new Businesses, products and services

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In 2012, the Corporate Operational Risk Management (Gestión Corporativa de Riesgo Operacional, GCRO) function prepared a new procedure for approval of new businesses, products and services as part of its work focused on the continuous improvement of the operational risk admission phase. It will be fully implemented in 2013. The new procedure allows BBVA to integrate operational risk management more fully into the Group’s day-to-day business and adopt best practices and recommendations made recently by European organizations and regulators. The improvements introduced into the approval of businesses, products and services are as follows:

  • A clearer distinction between business and product and/or service.
  • Simpler governance through committees with a greater level of representation, which unifies the global overview of businesses and products in the business and geographical areas.
  • A definition of the stages and tasks that the approval processes must achieve, as well as the people responsible for them.
  • Enhanced monitoring of new businesses and products after their approval.
  • A leading role for the operational risk function as a coordinator and guarantor of the application of criteria and processes, and the involvement of different specialists who make decisions within their fields of expertise.