ELUS - Spotlight on Latin America
Chile shows great strength and resilience
From 14-16 June 2010, the Latin America SWIFT User community gathered in Santiago de Chile for their annual regional event (ELUS). The conference brought together over 160 individuals and held great significance for the Chilean financial community which, despite the region having suffered a major earthquake earlier this year, demonstrated strong commitment and resilience by organising and hosting on a truly successful event.
Alejandro Alarcón, Managing Director for the Chilean Banking Association and the SWIFT User Group President of Chile, welcomed the attendees to the event stating, “There were several concerns from the SWIFT User Group across the region due to the impact of the earthquake. However, Chile’s desire and commitment to make ELUS a success is a testament to our effort to come together in a time of struggle and lead by action.”
Words of SWIFT: Vision to the Future
Presentations from key stakeholders for SWIFT including Lynn Mathews, SWIFT Board Member, Australia; Chris Church, Chief Executive Americas, SWIFT; and Jairo Namur, Director Latin America, SWIFT. Mr. Mathews started, first, by reflecting on what he shared with the attendees of the same conference last year indicating “I stand here one year later mindful that there has been a more active role played in certain SWIFT advisory and working groups, particularly by representatives from Mexico and Brazil. However there is still much more to be done within the Latin-American community to engage with SWIFT and play a larger part with colleagues across other regions within and amongst the community.” Chris Church complemented this by talking through SWIFT’s 2015 strategy as well as the Americas operating priorities. Jairo Namur further built on this with his presentation of the Latin-American strategy which, amongst other things, includes an increased focus on collaboration and discussions with market infrastructures and securities players.
How to face a Catastrophe? Resiliency and Continuity of Business: The Chilean Case
The opening plenary brought together leaders of Chile’s Central Bank, Superintendent of Banks and Financial Institutions, the Central Depository and ComBanc. The panelists shared their experience on resiliency and business continuity leading up to and following the recent 8.8 earthquake which impacted their country. Following the four presentations it was clear that ensuring business continuity during a catastrophe is based on a few key factors. Detailed planning and preparedness is required and must include business continuity exercises and simulations in advance to identify shortfalls and improve coordination and communication amongst the key stakeholders in the financial community. Mr. Felipe Ledermann, Gerente General, ComBanc specifically noted another key factor, “Do not underestimate the importance of the ‘human factor.’ Being aware of this and acting on it will help institutions achieve, as far as is humanly possible, the ‘emotional tranquillity’ needed for their personnel to continue to work in a calm environment.”."
Alongside the excitement of day two where Brazil played in and won its first World Cup game, there was also enthusiasm about the Chilean Market Infrastructures plenary as the participants shared the challenges that they face today. Representatives from the Central Bank of Chile, ComBanc, Central Depository of Chile as well as CLS gave their perspectives on each. Gonzalo Diethelm, Gerente de Desarrollos de Sistemas, DCV, Chile captured it quite simply; “One of the remaining challenges we face is finding better ways to integrate”. He noted that while the Chilean market infrastructure is quite mature there is always room to grow. Three ways specifically: the format in which we communicate, the way in which we transport that communication and the business process that enrich these two. In conclusion Mr. Diethelm noted, “Utilising a network such as SWIFT does seem feasible and recommendable given our challenges.” "
The event also featured a series of work sessions with SWIFT and its Regional Partners covering standards, Alliance Access 7.0, SWIFT’s Consulting Services, Alliance Integrator, Innovation and the Securities roadmap. All of these were received positively by the community.
The final day got off to a delayed start due to the Chile versus Honduras World Cup game. Jairo Namur shared SWIFT’s Corporate Social Responsibility activity for the local community including SWIFT’s donation of US$5,000 to World Vision, a charity which helps families still recovering from the earthquake in Cobquecura and surrounding areas including Santiago de Chile. Frank A. Montano, Assistant Operations Manager & User Group Chairperson for Dominican Republic shared a video of what the Dominican Republic has to offer ELUS attendees in 2011 stating,“With everyone’s effort and collaboration, ELUS 2011 is sure to be a great success with tangible results and benefits for all. This can only be made possible through the same commitment and excitement that has been demonstrated by Chilean colleagues this year. We look forward to seeing you next year in the Dominican Republic!”!"