Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/rokextender/rokextender.php on line 32

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/rokextender/rokextender.php on line 32

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/mmbackground/mmbackground.php on line 38

Strict Standards: Non-static method JApplication::getCfg() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/plugins/system/mmbackground/mmbackground.php on line 44

Strict Standards: Non-static method JApplication::getCfg() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/plugins/system/mmbackground/mmbackground.php on line 47

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/mmbackground/mmbackground.php on line 53

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/rokbox/rokbox.php on line 51

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/rokbox/rokbox.php on line 116

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/plugins/system/mmbackground/mmbackground.php on line 98

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/gantry.php on line 421

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Declaration of LikeWhereClause::testRow() should be compatible with WhereClause::testRow($row, $rowSchema = NULL) in /home/rccom/public_html/libraries/gantry/core/gantryflatfile.class.php on line 662

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/gantry.php on line 188

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/gantry.php on line 189

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/gantry.php on line 246

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 205

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Non-static method JSite::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 1080

Strict Standards: Non-static method JApplication::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/includes/application.php on line 539

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 1080

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Declaration of GantryParamProcessorAlias::postLoad() should be compatible with GantryParamProcessor::postLoad(&$gantry, $param_name, &$param_element, &$data, $value) in /home/rccom/public_html/libraries/gantry/core/params/processors/alias.php on line 17

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/utilities/gantrycache.class.php on line 70

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 321

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 324

Strict Standards: Non-static method JSite::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 337

Strict Standards: Non-static method JApplication::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/includes/application.php on line 539

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 337

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantrySessionParamOverride::populate() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 1234

Strict Standards: Non-static method GantryCookieParamOverride::populate() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 1235

Strict Standards: Non-static method GantryMenuItemParamOverride::populate() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 1238

Strict Standards: Non-static method GantryMenuItemParamOverride::_populateSingleItem() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/params/overrides/gantrymenuitemparamoverride.class.php on line 36

Strict Standards: Non-static method JSite::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/params/overrides/gantrymenuitemparamoverride.class.php on line 54

Strict Standards: Non-static method JApplication::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/includes/application.php on line 539

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/params/overrides/gantrymenuitemparamoverride.class.php on line 54

Strict Standards: Non-static method GantryUrlParamOverride::populate() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 1241

Strict Standards: Non-static method JSite::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/features/inactive.php on line 31

Strict Standards: Non-static method JApplication::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/includes/application.php on line 539

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/features/inactive.php on line 31

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/templates/futureprospects/index.php on line 21
Administración de riesgos financieros: hacia un sistema integral | RC CONSULTING SAS

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryModulesRenderer::display() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 678

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be passed by reference in /home/rccom/public_html/libraries/gantry/core/renderers/gantrymodulesrenderer.class.php on line 81

Strict Standards: Only variables should be passed by reference in /home/rccom/public_html/libraries/gantry/core/renderers/gantrymodulesrenderer.class.php on line 82

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_ajaxsearch/mod_ajaxsearch.php on line 32

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Non-static method GantryLoader::import() should not be called statically in /home/rccom/public_html/libraries/gantry/gantry.php on line 40

Strict Standards: Non-static method GantryModulesRenderer::display() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 678

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/libraries/gantry/core/gantry.class.php on line 487

Strict Standards: Only variables should be passed by reference in /home/rccom/public_html/libraries/gantry/core/renderers/gantrymodulesrenderer.class.php on line 81

Strict Standards: Only variables should be passed by reference in /home/rccom/public_html/libraries/gantry/core/renderers/gantrymodulesrenderer.class.php on line 82

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/providers/RokMenuProviderJoomla16.php on line 23

Strict Standards: Non-static method JSite::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/modules/mod_roknavmenu/lib/providers/RokMenuProviderJoomla16.php on line 57

Strict Standards: Non-static method JApplication::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/includes/application.php on line 539

Strict Standards: Non-static method JSite::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/modules/mod_roknavmenu/lib/providers/RokMenuProviderJoomla16.php on line 38

Strict Standards: Non-static method JApplication::getMenu() should not be called statically, assuming $this from incompatible context in /home/rccom/public_html/includes/application.php on line 539

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

Strict Standards: Only variables should be assigned by reference in /home/rccom/public_html/modules/mod_roknavmenu/lib/AbstractJoomlaRokMenuFormatter.php on line 14

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Administración de riesgos financieros: hacia un sistema integral

A diferencia de otras ocasiones en el pasado, la economía colombiana ha venido enfrentando airosamente el gran reto que significó la crisis financiera internacional que se desató en 2008, al haber sido capaz de preservar la estabilidad del mercado, al tiempo que los países más ricos del mundo se tambaleaban.

 

Noticias recurrentes en los últimos cuatro años, como las relativas a la crisis de deuda pública en los mercados europeos y el anuncio de la expansión monetaria de Japón, parecen no haber tenido efectos importantes sobre el comportamiento del mercado local. De hecho, el buen momento que vive Colombia se refleja en los indicadores de riesgo del país en los mercados internacionales. Tras el logro del grado de inversión hacia inicios de 2011, hace pocos días Standard and Poor’s, por segunda ocasión, aumentó la calificación de la deuda soberana del país hasta ubicarla en triple B. Asimismo, el CDS a 10 años y el Embi Colombia, que hasta hace cuatro años estaban en 295 y 361 puntos básicos, respectivamente, cayeron a 147 y 136 puntos básicos, ubicándose en valores históricamente bajos e inferiores a los de la mayoría de países de la región.

En 2012, el sector público no financiero fue superavitario en 0,45% del PIB, situación que no se registraba desde 1994. A esta mejoría ha contribuido de manera significativa la mayor carga tributaria impuesta al sector privado en las últimas reformas tributarias, lo que ha permitido reducir los costos del endeudamiento interno, el cual ha disminuido, a su vez, por cuenta de un menor spread entre los títulos de deuda colocados en el mercado local y en el exterior, el cual cayó de 194 a 113 puntos básicos en los seis últimos meses. En este marco, resulta de particular interés evaluar la situación del sector bancario y su capacidad de promover el desarrollo a través del crédito.

En términos generales, un establecimiento de crédito puede ser descrito como una entidad especializada en la gestión de riesgo. Aunque esto puede decirse de cualquier empresa, en la que el éxito económico es entendido como la recompensa que los emprendedores perciben por aceptar riesgos, esa aseveración es especialmente cierta en el caso de las entidades financieras, cuyo negocio es asumir no solo el riesgo propio sino también compartir el de terceros. Es por ello que en el caso de los establecimientos de crédito el manejo del riesgo se ha venido sofisticando, de la mano de la regulación y la supervisión, de suerte que en la actualidad es imprescindible que dispongan de sistemas de manejo de riesgo de diversos tipos: el de crédito, el de liquidez, el de mercado y el operativo. Si bien la tradición ha sido que se adopte un sistema de administración y manejo para cada uno de ellos, la tendencia hacia adelante es hacia el logro de un sistema de manejo integral de todos los riesgos.

Al respecto, la industria ve con buenos ojos la iniciativa planteada por la Superintendencia Financiera de implementar un Sistema de Administración de Riesgos Financieros (Sarf), el cual puede constituirse en una herramienta valiosa para avanzar en el proceso de la gestión integral de todos los riesgos. De acuerdo con lo anunciado por el Supervisor en foros recientes, este sistema propenderá por eliminar arbitrajes regulatorios; identificar la interacción existente entre los cuatro riesgos; reconocer sus nuevas fuentes y ofrecer una mayor flexibilidad que facilite su ajuste a la evolución de los mercados y a la aparición de nuevos productos.

Ahora bien, el reto de manejar el riesgo de forma integral no solo comprende las interacciones que existen entre los cuatro tipos de riesgo hoy estudiados, sino también las interacciones que existen entre la gestión del riesgo y la gestión comercial de las entidades.

Lo anterior, implica al interior de cada institución un compromiso profundo de toda la organización con la identificación, gestión y mitigación del riesgo, y, desde el punto de vista de la regulación y la supervisión, una coordinación más efectiva y una concepción menos conservadora, que pase de la prohibición o minimización del riesgo al estímulo de su adecuada gestión. El progreso financiero consiste en que las entidades puedan definir más libremente su apetito de riesgo, y encuentren mecanismos idóneos para gestionarlo de manera adecuada, de acuerdo con sus fortalezas competitivas.

Daniel Castellanos

Vicepresidente económico de Asobancaria


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