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Gestão de riscos em fundos de pensões: evolução e desafios para as entidades fechadas de previdência complementar no Brasil
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Embora o tema gestão de riscos tenha surgido de maneira discreta desde 2004 na regulação
brasileira para as entidades fechadas de previdência complementar, existem poucos trabalhos
documentando o assunto. E isso é especialmente verdadeiro no que se refere a estudos quanto à
evolução, aos desafios enfrentados pelos profissionais da área para colocar em prática as diretrizes
da Resolução Nº 4.661/2018 do Banco Central do Brasil e aos possíveis aperfeiçoamentos nos
requisitos exigidos para aprimorar a gestão de riscos do setor. Procura-se na presente dissertação,
proporcionar uma reflexão através de um estudo descritivo exploratório a partir da perspectiva de
seis responsáveis pela gestão de riscos no setor. Esses profissionais representam diferentes fundos
de pensões que estão entre os treze maiores do Brasil. Na pesquisa, foram feitos questionamentos
sobre mudanças processuais, de governança, investimentos necessários para implementar a gestão
de riscos, as dificuldades enfrentadas tanto por questões relacionadas ao ambiente interno quanto
externo e sugestões de melhorias para a evolução normativa da gestão de riscos do setor. Como
metodologia, foi realizada uma pesquisa qualitativa com estratégia de levantamento de informações
via questionário on line. Para a análise das respostas foi utilizada a técnica de análise de conteúdo
composta pelas seguintes fases: organização do material e leitura flutuante das respostas;
exploração do material e definição das três categorias-sínteses; e finalmente, tratamento dos
resultados via inferência e interpretação. Com este trabalho de pesquisa, conclui-se que o processo
de institucionalização da gestão integrada de riscos ainda não é unanimidade no setor, apesar da
cultura de riscos estar disseminada. E sob a ótica dos especialistas, a celeridade da revisão da norma
de modo a atender a evolução do mercado e conseqüentemente das transformações necessárias nas
práticas de gestão de riscos foi proposta, pois nove anos se passaram entre a Resolução anterior e a
vigente.
Although the topic of risk management was discretely introduced in 2004 in the Brazilian regulation for closed private pension entities, there are few studies documenting the subject. And that is especially true concerning evolution, the challenges faced by the professionals in the field to put into practice the guidelines of Resolution Nº 4.661/2018 of the Central Bank of Brazil and possible improvements in the requirements needed to upgrade risk management in the industry. The objective of this dissertation is to provide a reflection through an exploratory descriptive study from the perspective of six specialists responsible for risk management in the sector. They represent different pension funds which are among the thirteen largest in Brazil. In the research, they were asked questions concerning procedural changes, governance, investments necessary to implement risk management, the difficulties faced either by issues related to the internal or external environment, and suggestions for improvements to the normative evolution for the risk management sector. As a methodology, a qualitative research was carried out with an information gathering strategy via an online questionnaire. For the analysis of the answers, it was used the content analysis technique composed by the following phases: Organization of the material and floating reading of the answers; exploration of the material and definition of the three summary categories and finally, the evaluation of results through inference and interpretation. Through this research, it has been concluded that the process of institutionalization of integrated risk management is not yet unanimous in the sector, despite the risk culture being well spread throughout the industry. And from the perspective of the specialists, the frequency for revising the standard in order to meet the evolution of the market and consequently the necessary changes in risk management practices was proposed by them, for there were a nine-year span between the previous and the current Resolution.
Although the topic of risk management was discretely introduced in 2004 in the Brazilian regulation for closed private pension entities, there are few studies documenting the subject. And that is especially true concerning evolution, the challenges faced by the professionals in the field to put into practice the guidelines of Resolution Nº 4.661/2018 of the Central Bank of Brazil and possible improvements in the requirements needed to upgrade risk management in the industry. The objective of this dissertation is to provide a reflection through an exploratory descriptive study from the perspective of six specialists responsible for risk management in the sector. They represent different pension funds which are among the thirteen largest in Brazil. In the research, they were asked questions concerning procedural changes, governance, investments necessary to implement risk management, the difficulties faced either by issues related to the internal or external environment, and suggestions for improvements to the normative evolution for the risk management sector. As a methodology, a qualitative research was carried out with an information gathering strategy via an online questionnaire. For the analysis of the answers, it was used the content analysis technique composed by the following phases: Organization of the material and floating reading of the answers; exploration of the material and definition of the three summary categories and finally, the evaluation of results through inference and interpretation. Through this research, it has been concluded that the process of institutionalization of integrated risk management is not yet unanimous in the sector, despite the risk culture being well spread throughout the industry. And from the perspective of the specialists, the frequency for revising the standard in order to meet the evolution of the market and consequently the necessary changes in risk management practices was proposed by them, for there were a nine-year span between the previous and the current Resolution.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
Palavras-chave
Fundos de Pensões de Reforma Entidades Fechadas de Previdência Complementar Gestão de Riscos Pension Funds Closed Private Pension Entities Risk Management