Summary
Overview
Work History
Education
Skills
Certification
Languages
Publications
Training
TEACHING EXPERIENCE
Timeline
Generic

Irma Verónica Garcés Fuentes

Quito

Summary

Economist. Master in Finance. Master in Economics. International certificate in risk management.

Risk management professional with solid track record in assessing and mitigating risks for large organizations. Proven ability to create and execute risk management plans that ensure operational stability. Known for fostering collaborative team environment and adapting to changing circumstances. Possesses skills in strategic planning, risk assessment, and regulatory compliance.

Overview

18
18
years of professional experience
1
1
Certification

Work History

Head of Risk Management

Banco Pichincha
08.2024 - Current
  • Implemented the bank’s enterprise-wide risk management framework, defining strategic responses for financial and non-financial risks, with a focus on market risk, liquidity risk, credit risk, and model risk validation.
  • Led balance sheet risk management, including interest rate risk (IRR), non-maturity deposit modeling, credit exposure modeling, liquidity gap analysis, duration and gap metrics, stress testing, and backtesting.
  • Oversaw Treasury operations, including interest rate and FX position management, and monitoring of the proprietary portfolio and derivatives used for hedging.
  • Supported due diligence processes for funding from multilateral institutions, ensuring alignment with international risk standards.
  • Directed credit portfolio management, including performance monitoring and risk-adjusted return analysis.
  • Conducted model risk validation for key models: credit scoring, collections, expected credit loss (ECL), capital models, value-at-risk (VaR), IFRS 9 provisioning, and anti-money laundering (AML).
  • Maintained up-to-date knowledge of regulatory frameworks Basel III, IFRS9, ORX, ISACA, ISO.
  • Collaborated with cross-functional teams to identify emerging risks and implement mitigation strategies, enhancing organizational resilience.
  • Built strong relationships with regulatory authorities, facilitating transparent communication and compliance alignment.
  • Developed and tracked key risk indicators (KRIs) and performance metrics to evaluate the effectiveness of risk strategies and drive continuous improvement.

Senior Operational Risk Officer

OPEC Fund for International Development
11.2022 - 06.2024
  • Implemented the OPEC Fund’s enterprise risk management framework and defined strategic risk responses.
  • Conducted comprehensive performance and risk assessments across key departments:

Public Sector Operations: Evaluated project lifecycle processes (identification, development, appraisal, approval, and implementation).
Finance: Reviewed operations of the Loan Management Unit, Treasury, Financial Analytics, and Accounting.
Corporate Services: Assessed HR, procurement, IT, and administrative services for efficiency and risk exposure.

  • Identified and mitigated threats to brand reputation, financial sustainability, and operational resilience.
  • Designed and implemented key risk indicators (KRIs) across institutional processes to enhance monitoring and decision-making.
  • Led cross-functional initiatives to improve staff engagement and strengthen institutional resilience.
  • Served as Secretary and Technical Committee Member of the Crisis Response Committee, coordinating institutional responses to emerging crises.


Head of Risk Management

Produbanco
12.2017 - 09.2022
  • Oversaw six specialized teams: Financial Risk, Macroeconomic Analysis, Operational Risk, Reputational Risk, Credit Risk & Modeling, ensuring alignment with institutional strategy and regulatory standards.
  • Led Balance Sheet Risk Management, including interest rate risk (IRR), non-maturity deposit modeling, liquidity gap analysis, duration and gap metrics, stress testing, and backtesting.
  • Directed Treasury operations, managing interest rate and FX positions, and controlling derivative exposures for hedging purposes.
  • Supported due diligence processes for multilateral funding partners, ensuring compliance with international standards and transparency.
  • Defined and implemented the institution’s risk appetite, capacity, and tolerance, integrating them into strategic planning and operational execution.
  • Designed and executed the risk policy and regulatory framework based on COSO, ISO 31000, and Basel principles, ensuring consistency across all entities.
  • Provided strategic recommendations to optimize the balance sheet and reduce earnings volatility.
  • Developed and deployed risk systems and reporting tools to monitor exposures and support decision-making.
  • Identified and mitigated threats to brand reputation, financial sustainability, and operational efficiency, fostering a shared understanding of risk across the organization.
  • Participated actively in key governance bodies: ALCO Committee, Operational Risk & Business Continuity Committee, and Risk Committee.
  • Led the development and implementation of quantitative and qualitative models for credit, market, operational, and reputational risk.
  • Led the development and implementation of credit scoring models and collection scoring models for the retail segment, enhancing risk-based decision-making and improving portfolio quality.
  • Maintained strong relationships with funding partners and regulators, including IMF, multilateral development banks (MDBs), and national authorities in Ecuador and Panama.
  • Produced high-impact project proposals, reports, and presentations for internal and external stakeholders, enhancing credit approval processes and supporting Treasury and back-office initiatives.
  • Provided technical leadership to consolidate the risk management strategy across Promerica Group banks, ensuring consistency and resilience.

Head of Banking Operations and Governor Deputy

Central Bank of Ecuador
05.2014 - 11.2015
  • Oversaw three strategic teams: National Bureau of Liquidity Operations, Reserve Management, and the Private Banking Sector Liquidity Fund, managing a staff of 30 professionals.
  • Led the implementation of monetary policy through reserve liquidity operations, ensuring alignment with macroeconomic objectives.
  • Designed and drafted macroprudential regulations for the national financial system, contributing to systemic stability and resilience.
  • Managed investment and operations of the Liquidity Fund, including hedging and position-taking for interest rate risk in accordance with institutional guidelines.
  • Served as delegate to the Monetary and Financial Policy and Regulation Board, representing the Central Bank on matters related to liquidity, macroprudential policy, banking regulation, electronic money, payment systems, and financial inclusion.
  • Directed investment selection and portfolio management, optimizing returns and managing risk across sovereign and institutional portfolios.
  • Established and maintained strategic relationships with key stakeholders: IMF, BIS, Ministry of Finance, Ministry of Economic Policy, and the Monetary and Financial Policy and Regulation Board.
  • Designed and implemented internal controls for Treasury and back-office operations, enhancing transparency and operational efficiency.
  • Produced strategic reporting for ALCO, supporting decision-making on asset-liability management.
  • Led the design and implementation of the gold purchasing and investment program, enhancing reserve diversification and asset quality.
  • Conducted credit analysis and valuation of liquidity lines for domestic investment portfolios.
  • Active member of the Operations Committee, Risk Committee, ALCO, and AML Committee, contributing to institutional governance and risk oversight.
  • Managed currency risk hedging and balance sheet liquidity in alignment with the Bank’s strategic guidelines.
  • Maintained relationships with international financial institutions including BIS, FLAR, BCIE, and global commercial banks, as well as national regulatory bodies.
  • Key achievements:

Established contingency liquidity lines with BIS.
Developed liquidity management rules and procedures for open market operations.
Designed and implemented the gold purchasing and investment program for the Central Bank.

Head of Risk Management

Banco Internacional
11.2012 - 04.2014
  • Oversaw four specialized teams: Risk Methodology, Credit Risk, Liquidity & Market Risk, and AML & Operational Risk, providing methodological support and ensuring effective control and monitoring across all major risk categories.
  • Led the development of risk models and metrics to identify, measure, and mitigate credit, market, liquidity, operational, and AML risks.
  • Designed and implemented risk systems to monitor credit exposures, expected and unexpected losses, provisions, and non-performing loans (NPLs).
  • Conducted credit risk assessments and portfolio analysis to support strategic decision-making and regulatory compliance.
  • Developed and enforced the institution’s risk policy framework and internal control systems, ensuring alignment with regulatory standards and best practices.

Senior Trader, Interest Rate Group

Bank for International Settlements
10.2010 - 10.2012
  • Priced and executed money market transactions in cash and derivatives across multiple currencies: USD, EUR, CHF, CAD, SEK, DKK, NOK, AUD, JPY, NZD, and SDR.
  • Traded a wide range of fixed income instruments, interest rate derivatives, and FX products, ensuring alignment with the Bank’s risk and investment guidelines.
  • Managed interest rate risk hedging and position-taking, contributing to the Bank’s strategic asset-liability management.
  • Reconciled P&L for trading books, ensuring accuracy and transparency in financial reporting.
  • Supported the management of balance sheet liquidity, optimizing short-term funding and investment strategies.
  • Monitored global market movements and produced market intelligence reports to inform internal stakeholders.
  • Built and maintained strong relationships with commercial counterparts, enhancing execution capabilities and market access.
  • Supported client business development and contributed to the design and implementation of new financial products.

Risk Analyst, Risk Methodology

Bank for International Settlements
10.2007 - 10.2010
  • Led the review and validation of complex financial models, including those for market risk, economic capital, credit risk, interest rate modeling, operational risk, and financial product valuation.
  • Assessed methodological alternatives for measuring and managing risk capital and exposures across all risk types, ensuring alignment with regulatory and internal standards.
  • Directed the specification, development, implementation, validation, and calibration of quantitative models for:Product pricing
    Economic capital
    Credit risk modeling
    (including default probability, default correlations, and collateral management)
    Valuation and risk reporting
  • Oversaw the enhancement of existing risk systems and led the development of new IT risk infrastructure, improving automation, accuracy, and scalability.
  • Ensured quality assurance of IT risk systems, validating data integrity, model performance, and system reliability.implementation and netting, and internal credit risk rating
  • Developing policies and processes related to the Bank’s financial risk management and governance.
  • Project management related to risk measurement implementation regarding measuring credit portfolio risk and collateral management
  • Overseeing the selection, implementation, maintenance, and testing of IT solutions.

Education

Master - Finance

Université de Lausanne
01.2007

Master - Economics

Université de Lausanne
01.2005

Bachelor - Economist

Pontificia Universidad Católica del Ecuador
01.2002

Skills

  • Highlights:
  • Analytical reasoning
  • Effective strategic leadership
  • Achievement-driven
  • Strategic decision making
  • Proven ability to inspire teams
  • Versatile in dynamic environments
  • Resilience in challenging situations
  • Effective team contributor
  • Knowledge:
  • Project execution management
  • Business strategy development
  • Understanding financial markets
  • Management of treasury-related risks
  • Asset and Liability Management
  • Balance Sheet Risk
  • Expertise in FX, money market, and interest rate instruments
  • Fixed Income, Currency and Gold Derivatives
  • Software:
  • Bloomberg
  • Reuters
  • Power BI
  • Microsoft
  • Matlab, Stata, E-views
  • Phython
  • Operational risk analysis

Certification

  • 2025 Global Credit Certificate Fitch Rating
  • 2024 Certificado Riesgo de Mercado Prime Consultores
  • 2024 Certificate of Bank Treasury Risk Management (expected) BTRM and University of Applied Sciences and Arts Northwestern Switzerland
  • 2024 Certificate in Operational Risk Management (expected) The Institute of Operational Risk
  • 2019 International Certificate in Financial Services Risk Management Risk Management Institute
  • 2019 Lead Risk Manager ISO 31000 PECB
  • 2015 Expert in Microfinance Frankfurt School of Finance and Management
  • 2010 FRM, Financial Risk Manager Global Association of Risk Professionals

Languages

English: C1
Spanish: Native
German: A2

Publications

  • Corporate Governance Panel, Reputational Risk, Promerica Group, Quito – Ecuador, 2022
  • Asset and Liability Management Conference for Central Banks, Mexico DF – Mexico, 2016
  • Asset and Liability Management Conference for Central Banks, Bogota – Colombia, 2015
  • Currency Conference, Vancouver – Canada, 2015
  • ALBA Conference, Johannesburg – South Africa, 2014

Training

  • Certified in Risk and Information System Control (CRISC), ISACA, Bogotá, October 2020
  • Corporate Government, KPMG, Quito, July 2013
  • Monetary Policy Implementation USA, Federal Reserve New York, May 14th -17th 2012
  • Basel Regulation, Financial Stability Institute, Basel, 2007-2012

TEACHING EXPERIENCE

  • 2018-actual SP Jain School of Global Management, Sydney-Australia Adjunct professor MBA (Fixed Income)
  • 2017-actual Universidad Andina Simón Bolívar Adjunct professor Master in Finance (Fixed Income, Liquidity and Market Risk Management)
  • 2013-actual Universidad de las Américas Adjunct professor MBA (Financial Markets and Risk Management)

Timeline

Head of Risk Management

Banco Pichincha
08.2024 - Current

Senior Operational Risk Officer

OPEC Fund for International Development
11.2022 - 06.2024

Head of Risk Management

Produbanco
12.2017 - 09.2022

Head of Banking Operations and Governor Deputy

Central Bank of Ecuador
05.2014 - 11.2015

Head of Risk Management

Banco Internacional
11.2012 - 04.2014

Senior Trader, Interest Rate Group

Bank for International Settlements
10.2010 - 10.2012

Risk Analyst, Risk Methodology

Bank for International Settlements
10.2007 - 10.2010

Master - Economics

Université de Lausanne

Bachelor - Economist

Pontificia Universidad Católica del Ecuador

Master - Finance

Université de Lausanne
Irma Verónica Garcés Fuentes