| | The Quality Policy is developed in accordance with INTE-ISO 9001:2000, “Quality Management Systems – Requirements” issued by the International Organization for Standardization (ISO), and represents the organization’s overall intentions and direction related to quality as formally expressed by the Senior Management. Statement: To ensure efficiency and excellence in the fulfillment of the BCCR’s objectives for the benefit of the Costa Rican society, through continuous improvement. Core Deliverables: 1. Identification and documentation of the BCCR’s processes, including those necessary for the quality management system and their application throughout the organization, using a “process-based approach” in which interactions among processes, as well as their management and value added, are identified. 2. Definition of the Quality Policy Manual. Establishment of lower-level policies to guide efforts aimed at quality assurance. 3. Establishment of a System for Measurement, Analysis, and Improvement. The system for measurement, analysis, and improvement consists of various mechanisms designed to demonstrate the conformity of the Quality Management System and to continuously enhance its effectiveness. For this purpose, processes such as Management Reviews, Internal Quality Assessments, and Continuous Improvement will be implemented periodically, among others. Formal Adoption: Article 16 of the minutes of Session 5441-2009. Effective as of November 11, 2009. | | | For a central bank, communication is a high-value element that supports the transparency in its operations and enables proper understanding by the public and economic stakeholders of the policies adopted by the Bank, thereby contributing to the strengthening of its image.
Strategic management of communication thus becomes a key factor that contributes to the effectiveness of measures adopted to achieve the assigned objectives. It reinforces public support for the independence and credibility of the monetary authority, highlighting the importance of having a policy that governs the institution’s internal and external communications.
Statement: To ensure that the institution’s external and internal communication supports the achievement of strategic and institutional objectives, upholds the principles of transparency, accuracy, and timeliness, and contributes to strengthening the institution’s image.
The Board of Directors of the Central Bank of Costa Rica appoints the President as the official spokesperson, who holds the highest authority to represent the Bank in matters of governance and in managing its relationships with other international financial institutions and organizations. The President may delegate this responsibility to the Manager or to other officials as deemed appropriate for institutional purposes.
Concerning administrative matters, the spokesperson role rests with Management. Under special circumstances, Management may delegate this responsibility on administrative matters in accordance with the Emergency Management or Business Continuity Management protocols, or as deemed appropriate by the Bank.
Core Deliverables:
1. Specific Communication Policies
A set of regulations that facilitates policy implementation in terms of governance and the management of external and internal communications.
Formal Adoption: Article 4 of the minutes of Session 5878-2019, held on May 29, 2019. Effective upon entry into force.
| | | The Business Continuity Policy is based on ISO/IEC 27001:2005, “Information Technology - Security Techniques - Information Security Management Systems," and on BSI25999, “Business Continuity Management (BCM)," issued by the British Standards Institution. “Business continuity" means the organization's strategic and tactical capability to plan for and respond to incidents and business disruptions, ensuring the continuation of operations at a pre-established acceptable level. Additionally, Business Continuity Management is a holistic management process that identifies potential threats to the organization and the impact that may result if such threats materialize. It further provides a framework that enables the organization to enhance its ability to recover from disruptions, maintain the capacity to achieve its key objectives, and deliver an effective response to safeguard the interests of its key stakeholders, as well as its reputation, brand, and value-adding activities. Statement: To ensure that measures are adopted to establish a Business Continuity Management Model aligned with the characteristics, needs, and services of the Central Bank of Costa Rica. Core Deliverables: 1. Identification of the Institution's Critical Processes. To establish the necessary mechanisms to identify the institution's critical processes that must be subject to the business continuity process. 2. Definition of the Business Continuity Policy Manual. To establish lower-level policies to ensure the continuity of the institution's critical processes and to enhance its “Resilience," understood as the proactive improvement of the organization's capacity to recover from disruptions in areas that are vital to the achievement of its key objectives. 3. Establishment of Related Plans. To establish the plans that comprise the Institutional Continuity Plan, including the following: • Recovery Plans. • Alternate Work Plans
• Comprehensive testing plan to measure response to different events affecting different critical processes defined by the organization. 4. Establishment of a System for Measurement, Analysis, and Improvement. The system for measurement, analysis, and improvement consists of various mechanisms designed to demonstrate the conformity of the Business Continuity Management System and to continuously enhance its effectiveness.
Formal Adoption: Article 16 of the minutes of Session 5441-2009. Effective as of November 11, 2009.
| | | The Central Bank of Costa Rica (BCCR) has established a Compliance Management System to ensure that the implementation of the institution's goals and objectives is carried out in accordance with the applicable regulatory framework. The Compliance Management System must follow the best practices defined in the international standard ISO 37301 and comply with the provisions outlined in Law No. 7786 and its amendments, the “Narcotics, Psychotropic Substances, Drugs of Unauthorized Use and Related Activities, Money Laundering, and Terrorism Financing Law," to establish guidelines that enable proper internal and external regulatory compliance management within the organization, ensuring its correct administration and addressing any gaps that may pose significant risks to the Central Bank of Costa Rica. This policy reflects the Management's will to comply with the applicable regulations governing the Bank, as well as to ensure regulatory compliance and the forward-looking management required to prevent money laundering, terrorism financing, and related offenses, based on a risk-based approach. Statement: The Central Bank of Costa Rica establishes compliance management and commits to:
- Complying with all applicable regulations.
- Adopting all necessary measures and implementing required controls to maintain compliance risks within the approved risk appetite and tolerance levels.
- Ensuring compliance with all measures aimed at preventing money laundering, terrorism financing, and related offenses, in accordance with the legal framework.
The Central Bank of Costa Rica commits to full compliance with the applicable legal framework and will adopt all necessary measures and implement required controls to mitigate the consequences of the materialization of compliance risks. Core Deliverables : a.Compliance Management System: The BCCR shall establish and maintain updated the system to ensure adherence to the principle of legality and its proper application in accordance with the regulatory framework applicable to the institution, thereby ensuring that activities are carried out within the powers expressly granted by law. b. Establishment of the Compliance Office: The BCCR shall maintain a Compliance Office to ensure compliance with Law No. 7786 and its amendments, “Narcotics, Psychotropic Substances, Drugs of Unauthorized Use and Related Activities, Money Laundering, and Terrorism Financing Law," its amendments and related applicable regulations. For compliance purposes, the Office shall: • Operate with a Chief Compliance Officer, a Deputy Compliance Officer, and specifically associated personnel dedicated exclusively to the functions of the Office. These shall be the only individuals with access to monitoring and reporting modules concerning confidential and sensitive information submitted to judicial and administrative authorities in prevention-related matters, in accordance with Law No. 7786 and its amendments, “Narcotics, Psychotropic Substances, Drugs of Unauthorized Use and Related Activities, Money Laundering, and Terrorism Financing Law," and its amendments and related applicable regulations. • Form part of the Compliance Management function of the Central Bank of Costa Rica within the Risk and Compliance Management Department, which depends directly on the Board of Directors. Compliance Office personnel shall be subject to the administrative provisions applicable to other personnel. • Have permanent access to all information necessary to perform its duties. Administrative regulations referred to above shall not adversely affect the activities of the Compliance Office, nor the functional and professional independence of the Chief and Deputy Compliance Officers and associated personnel in matters related to the prevention of money laundering, terrorism financing, and related offenses. The appointment and termination of the Chief and Deputy Compliance Officers must be communicated to the Financial Intelligence Unit of the Costa Rican Drug Institute not later than three business days following the relevant action. c. Chief Compliance Officer: The BCCR shall appoint a Chief Compliance Officer responsible for administering compliance management within the institution, ensuring an adequate regulatory compliance system that prevents significant incidents of non-compliance affecting the BCCR. The Chief Compliance Officer shall also act as the designated authority in matters related to the prevention of money laundering, terrorism financing, and applicable related regulations before national and international judicial and administrative authorities. In this role, the Officer shall have autonomy to proactively promote institutional improvements in the prevention of such offenses. d. Deputy Compliance Officer: The Deputy Compliance Officer shall be appointed exclusively on a full-time basis to perform compliance-related activities concerning money laundering, terrorism financing, and related offenses, and shall actively participate in proposals and improvements aimed at preventing such offenses. The designation of the Chief and Deputy Compliance Officers does not exempt the entity or other officials and employees from the obligation to prevent, detect, and internally report any suspicious, unusual, or illicit activity created under Law No. 7786 and its amendments and related applicable regulations. Failure to comply with this obligation shall be considered a serious offense and shall be sanctioned in accordance with Articles 117 et seq. of the Autonomous Service Regulations of the Central Bank of Costa Rica.
e. Confidentiality: The Central Bank shall guarantee confidentiality in all compliance-related activities, in accordance with the applicable legal framework. Confidentiality is an essential attribute in fulfilling obligations under regulations concerning money laundering and terrorism financing. f. Work Strategy: The Central Bank of Costa Rica guarantees support for the development of functions through the provision of capabilities, skills, training programs, and knowledge for its personnel, as well as appropriate processes, systems, tools, and operational requirements to conduct compliance management. g. Risk Assessment in Compliance Management: The BCCR shall adopt its Comprehensive Risk Management System to assess compliance risks. With respect to risks related to money laundering, terrorism financing, and related offenses, the BCCR shall implement controls aligned with the risk profiles of customers, suppliers, and other participants. h. Know Your Customer Policy: In services related to trading, fund transfers, and “custody of resources" provided by the BCCR to individuals, a Know Your Customer policy shall be implemented to determine the identity of service users, understand their economic activities, and identify their sources of funding and income. The BCCR declares that it will not admit as participants in Central Directo the following: 1) Natural or legal persons who do not meet the regulatory requirements governing this matter and the internal standards issued for these purposes. 2) Natural persons included in official lists related to illicit activities such as drug trafficking, terrorism, money laundering, or related offenses, as issued by competent authorities at the national or international level. Formal Adoption Legal Force. Effective as of October 6, 2011. Amended on February 28, 2024.
| | | The Information and Communication Technologies Management Policy (ICT) at the Central Bank of Costa Rica and its Maximum Decentralization Bodies is issued in response to guidance from the Office of the Comptroller General of the Republic, which recognizes ICT management as a relevant component of institutional management systems within public sector entities and bodies in Costa Rica. These systems are, in turn, organic components of the institutional internal control system. Accordingly, the Comptroller General incorporated this responsibility into the Internal Control Standards for the Public Sector (N-2-2009-CO-DFOE). Statement: To ensure the proper management of information technologies to promote institutional improvement and transformation in fulfilling the objectives and functions of the Central Bank and its Maximum Decentralization Bodies, while duly safeguarding cybersecurity. Core Deliverables: 1. Identification and documentation of the technological profile of the Central Bank of Costa Rica and its Maximum Decentralization Bodies, based on the nature, complexity, size, business model, volume of operations, process criticality, technological dependence, and risks associated with ICT development and management. 2. Definition of the Technology Policy Manual. Establishment of lower-level policies to guide ICT management efforts. Approved in Article 5 of the minutes of Session 6039-2021, held on December 15, 2021.
| | | The Board of Directors approves this policy, composed of the following elements: • Mandate. • Commitment. • Objective. • Basic Principles. • Risk Attitude (Risk Appetite).
• Scope and Relationship with Organizational Objectives and Policies. • Accountability and Responsibilities in Comprehensive Risk Management. • Conflict of Interest. • Comprehensive Risk Management Framework. • External Regulatory Framework. • Resources. Mandate: The Central Bank of Costa Rica establishes a Comprehensive Risk Management system to reasonably ensure the achievement of institutional and strategic objectives, guide its investments, and safeguard its assets. The Comprehensive Risk Management system shall incorporate the requirements of the Institutional Risk Assessment System (SEVRI) as the minimum standard established by the Office of the Comptroller General of the Republic. It shall also enable the identification, analysis, and assessment of institutional risk levels and adopt continuous and systematic methods to manage such risks efficiently, ensuring proper execution of processes while avoiding duplication of functions and unnecessary expenditures. The Compliance Management System shall follow the good practices defined in ISO 37301 to ensure proper external and internal regulatory compliance management within the organization. Commitment: The Central Bank of Costa Rica commits to effective comprehensive risk management through the implementation of a Comprehensive Risk Management system designed to enhance decision-making, accountability, and achievement of its objectives. The Bank recognizes that effective risk management is integral to all activities performed within the Bank and constitutes a core part of the administrative competency. Objective: To ensure implementation of a Comprehensive Risk Management system at the Central Bank of Costa Rica, consistent with internationally accepted standards and aligned with the legal and technical framework applicable to the Central Bank of Costa Rica.
Basic Principles: The Comprehensive Risk Management is based on principles related to: • Protection of organizational assets. • Integration of risk management into institutional operations. • Risk-based decision-making based on the best available information. • The establishment of a comprehensive and systematic approach across the Bank, including risk prioritization and appropriate escalation procedures. • The implementation of a proactive approach aimed at continuously improving the management of the risks faced and at ensuring that the risk policy remains appropriate and relevant. • Dynamic, participatory, and transparent risk management aligned with the Bank's risk profile and contextual and regulatory changes experienced by the Central Bank of Costa Rica. • Confidentiality applicable to all risk management functions. Risk Attitude (Risk Appetite): The Central Bank of Costa Rica is willing to assume a low level of risk in fulfilling its mission, vision, and institutional and strategic objectives. Accordingly, it will adopt all necessary measures and controls to maintain its risk exposure within the aforementioned level. The Board of Directors shall approve tolerance levels for the various types of risks to which the Central Bank of Costa Rica is exposed. Scope and Relationship with Organizational Objectives and Policies: This policy covers the full spectrum of risks faced by the Bank, including risks related to economic policy, reputation, and regulatory non-compliance. Due to its nature, it is not independent or separate from the Central Bank of Costa Rica's core activities and processes. Comprehensive risk management forms part of management responsibilities and all processes, and is intrinsically linked to the objectives and policies.
Accountability and Responsibilities in Comprehensive Risk Management: The Management, as the highest executive authority of the Central Bank of Costa Rica, is responsible for ensuring appropriate risk management. However, daily risk management is delegated to Division Directors within their respective areas. The Risk and Compliance Committee is established as a body reporting to the Board of Directors, responsible for approving specific policies, systems, methodologies, models, and procedures for efficient Comprehensive Management System operation and for proposing exposure limits and improvements to high-level policies. The Risk and Compliance Management Department ensures proper implementation of the Comprehensive Management System policy approved by the Board of Directors, supports the Risk and Compliance Committee in the fulfillment of its responsibilities, and reports results, incidents, and improvements associated with the comprehensive risk management. Risk ownership and accountability remain with the Bank's respective functional groups, divisions, and departments. The Risk and Compliance Management Department supports these units in complying with the specific risk policies approved by the Risk and Compliance Committee, facilitates the use of tools, methodologies, and systems to identify, assess, monitor, and manage their risks, as well as to report incidents and follow up their resolution. With respect to risk and compliance matters, all divisions of the Bank shall provide the Risk and Compliance Management Department with any information requested in terms of content, quality, and timeliness. Furthermore, all personnel of the Central Bank of Costa Rica are required to inform the Risk and Compliance Management Department of any anomalous situation that may jeopardize the achievement of objectives related to the activities in which they directly participate, or any other situation of which they become aware, as well as any instance in which a risk is not being properly addressed, immediately upon becoming aware thereof. Failure to comply with these latter two obligations shall be deemed a serious offense, and the individual(s) shall be subject to sanctions in accordance with Articles 117 et seq. and related provisions of the Autonomous Service Regulations.
Conflict of Interest: In accordance with the provisions set forth in the Code of Ethics, approved by the Board of Directors as recorded in Article 8 of the minutes of Session No. 5477-2010, held on November 3, 2010, the Central Bank of Costa Rica shall adopt measures to identify, prevent, and detect any conflicts of interest involving its employees in the performance of their duties and responsibilities, where personal interests may adversely affect the reputation or assets of the Central Bank of Costa Rica. Compliance with the External Regulatory Framework: The Comprehensive Risk Management system implemented by the Central Bank of Costa Rica complies with the applicable external regulatory framework, which consists primarily of the following provisions: • The General Law on Public Administration, published in the Official Gazette in 1978. • The General Internal Control Law (Law No. 8292), published in the Official Gazette No. 169, dated September 4, 2002. • The General Guidelines for the Establishment and Operation of the Institutional Risk Assessment System (SEVRI), published in the Official Gazette No. 134, dated July 12, 2005. • The Internal Control Standards for the Public Sector, published in the Official Gazette No. 26, dated February 6, 2009. Comprehensive Risk Management Framework: The infrastructure of the Comprehensive Risk Management system of the Central Bank of Costa Rica is consistent with the ISO 31000 standard and encompasses the following components: • Identification and analysis of the relevant risks faced by the Bank. • Assessment of such risks, determining which remain outside the established levels of acceptability, and prioritizing them in order to take action on the most critical risks. • Treatment of non-acceptable risks, either by reducing their likelihood or impact, or by transferring the risk. • Acceptance of residual risk and, where necessary, the establishment of mitigation plans. • Proper documentation of processes and findings. • Monitoring, communication, and review to ensure the continuous improvement of the system. Resources: The Central Bank of Costa Rica ensures the availability of resources, understood as the set of capabilities, skills, and training and knowledge programs for its personnel, as well as the processes, systems, and tools necessary for the efficient management of risk and compliance. Formal Adoption: 1. Amended by resolution of the Board of Directors of the Central Bank of Costa Rica, as recorded in Article 9 of the minutes of Session No. 6046-2022, held on February 2, 2022. 2. Amended by resolution of the Board of Directors of the Central Bank of Costa Rica, as recorded in Article 10 of the minutes of Session No. 6170-2024, held on February 28, 2024.
| | | The Bank's budget incorporates financial revenues and expenditures, the programming of activities and expected targets for the period (strategic and special projects), as well as the human resource requirements necessary to achieve the Bank's institutional and strategic objectives. Budget estimates shall take into consideration the following aspects: 1. Strategic Orientation: The plans incorporate a strategic component that links the actions of the period with the strategic objectives outlined in the current Strategic Plan. Management initiatives and projects proposed within the plans must be aligned with the achievement of institutional objectives, as reflected through the defined indicators. 2. Rationalization: Resource estimation shall observe the principle of expenditure rationalization in order to meet actual needs, as substantiated in the plans of the respective divisions, and support the fulfillment of the strategic objectives approved in the Strategic Plan. Additionally, inputs shall include information generated by the Activity-Based Costing (ABC) system. 3. Accuracy of Estimates: Estimates shall be prepared with precision to minimize, to the extent possible, the need for budget variations. Budget variations shall be implemented in a controlled manner, both in terms of frequency and scope, and shall correspond only to exceptional circumstances or situations of extreme necessity. Statement: To ensure that the budget of the Central Bank of Costa Rica is formulated, executed, and monitored in a timely and efficient manner, to enable the Central Bank of Costa Rica and its Maximum Decentralization Bodies to fulfill their Institutional and Strategic Objectives. Core Deliverables: 1. Definition of the Policy Manual for Budget Management at the Central Bank of Costa Rica. Establishment of the specific policies approved by the Board of Directors, as well as the specific policies issued by Management on this matter. Formal Adoption: Article 17 of the minutes of Session No. 5500-2011. Effective as of June 13, 2011. | | | Corporate governance at the Central Bank of Costa Rica (BCCR) plays a crucial role in maintaining the country's economic and financial stability. As the institution responsible for establishing national economic policy, the BCCR must operate under sound principles of transparency, responsibility, and accountability. Effective corporate governance enables the Central Bank to act efficiently and effectively, fostering public and market confidence in its decisions and operations. This is essential to ensure that the BCCR fulfills its objectives of safeguarding macroeconomic stability, maintaining price stability, and conducting monetary and foreign exchange policy. In this regard, strengthening corporate governance practices at the BCCR not only enhances internal management but also improves decision-making, fostering greater alignment with international best practices. Transparency in processes and clarity in communication with stakeholders enable broader engagement by the public and economic stakeholders, thereby reinforcing confidence in the policies implemented. Accordingly, sound corporate governance contributes to an environment of stability, credibility, and sustainable economic development in Costa Rica. Statement: To ensure the continuous strengthening of the institutional control environment of the Central Bank of Costa Rica, to maintain low and stable inflation, preserve a strong external position, and—through collaboration and coordination with other entities—promote the stability and efficiency of the financial system, thereby contributing to the full utilization of productive resources and the welfare of Costa Rican society. Core Deliverables: 1. Specific Corporate Governance Policies: A set of regulations that enable the implementation of the policy in terms of governance and the implementation of actions that reinforce sound corporate governance practices. 2. Corporate Governance Code for the Central Bank of Costa Rica: The corporate governance code comprises the set of rules, principles, and practices that guide the management, organization, and oversight of the institution, to ensure transparency, accountability, and efficiency, and promote ethical decision-making aligned with the interests of all stakeholders. 3. Corporate Governance Information Repository: A site that gathers information related to the corporate governance of the Central Bank of Costa Rica. Formal Adoption: Article 7 of the minutes of Session No. 6266-2025, held on July 10, 2025. Effective upon entry into force.
| | | Through the Equal Opportunities Policy of the Central Bank of Costa Rica and its Maximum Decentralization Bodies for persons with disabilities, the Bank gives effect to Presidential Directive No. 27, “National Policies on Disability 2000–2010," in accordance with Law No. 7600, “Equal Opportunities for Persons with Disabilities," and its Regulations. Said directive, in Article 1(b), paragraph 1, establishes that all public institutions must define institutional policies regarding disability. The objective of this policy is to lay the foundations for raising awareness and ensuring compliance with the obligations outlined in the applicable legislation, reflecting the Central Bank's commitment to promoting the implementation of permanent, sustainable, and measurable plans and actions on this matter. Statement: To ensure equal opportunities and non-discrimination for persons with disabilities, both in the internal operations and in the services provided by the Central Bank of Costa Rica and its Maximum Decentralization Bodies. Core Deliverables: 1. Integration of equality and non-discrimination requirements into processes. Incorporation, within operational and business processes, of the requirements necessary to ensure equality and non-discrimination toward persons with disabilities, whether as users or providers of services. 2. Definition of the BCCR Equal Opportunities Policy Manual for persons with disabilities. Establishment of lower-level policies to guide institutional efforts aimed at guaranteeing equal opportunities for persons with disabilities within the BCCR. 3. Assessment of Accessibility in Business Areas. Development of an instrument to determine and measure, across Business Areas, the accessibility of services for both internal and external users. 4. Establishment of institutional protocols on this matter. Issuance and maintenance of institutional protocols for handling cases that require the use of assistive devices in matters related to disability, including physical facilities adapted in accordance with applicable legal requirements. 5. Guarantee of compliance with Law 7600. Formal Adoption: Article 5 of the minutes of Session No. 5845-2018. Effective as of September 19, 2018.
| | | The Board of Directors of the Central Bank of Costa Rica, under Article 4 of the minutes of Session No. 5559-2012, held on August 29, 2012, resolved in Section (e) to implement the “Adoption of International Financial Reporting Standards" project. As a result, the Central Bank initiated a process to adopt the International Financial Reporting Standards (IFRS) as the basis for the preparation and presentation of its Financial Statements. This Accounting Policy is grounded in the application of IFRS issued by the International Accounting Standards Board (IASB), as well as the provisions of the Organic Law of the Central Bank, to fairly present the financial position of the institution through the issuance of its financial statements. Finally, the adoption of IFRS is intended to enhance the quality of the information presented in the Financial Statements, increase the comparability of financial information among central banks, and provide users of the Financial Statements with a clearer understanding of the operations of the Central Bank of Costa Rica, the risks to which it is exposed, and how those risks are managed. In this regard, the objective is to ensure that the Financial Statements satisfy the fundamental qualitative characteristics of financial reporting, namely relevance, materiality, faithful representation, comparability, verifiability, timeliness, and understandability. This document contains the high-level policy required under the International Financial Reporting Standards. It is drafted in general terms and expresses “Management's commitment" to the implementation of IFRS within the Bank. The development of specific accounting policies falls under the responsibility of the administration the Central Bank of Costa Rica. Statement: To ensure the quality of the financial information of the Central Bank of Costa Rica through the adoption of International Financial Reporting Standards as the applicable financial reporting framework for the preparation of the Bank's Financial Statements. Core Deliverables: 1. Financial Statements prepared in accordance with IFRS, including the Statement of Financial Position, the Income Statement and other Comprehensive Income Statement, the Statement of Changes in Equity, the Statement of Cash Flows, and the Notes to the Financial Statements. 2. Specific Accounting Policies and Guidelines. Documents that present the operational details for the application of the various IFRS applicable to the Central Bank. Formal Adoption: Article 7 of the minutes of Session No. 5646-2014. Effective as of May 9, 2014.
|
|
