COSTA RICA REQUIRES MORE THAN BASIC BASEL PRINCIPLESLack of awareness of responsibility for proper training in governingbodies and lack of effective supervisión
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Abstract
Costa Rica today has a notable strengthening of procedures with best practices and risk-based supervision. However, this does not appear to be enough to stop the por decisions and administrations that have taken place in recent years. Financial supervision in Costa Rica appears to have questionable effectiveness. Clear rules appear to exist, but they are scarce to prevent acts of collusion, corruption, or por decisions due to a lack of proper corporate governance, weak controls, and permissive or negligent supervision. Although it is also mentioned that there are "horrible cases," every person who assumes a role on a Board of Directors or in Management should be aware of their responsibilities. However, some prefer to ignore them due to their ambition for power, "good intentions," or, worse, a salary that fills their pockets, but they do not bother to ensure proper knowledge.
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