Press Bulletin Nro.30


Enrique Valencia Montoya



Within administrative processes, control is a stage that requires great responsibility and should run from the hand of the planning, organization and running of the companies.

Bogota, D.C., 05 June 2013

The Superintendent Enrique Valencia Montoya, made a positive balance to the first year at the head of the Superintendence of the Solidary Economy.

Increase of the main accounts of the organizations of solidary sector, increasing coverage of monitoring, Development of the Guide to Good Governance, institutional modernization and training to the guarded sector about international standards of financial information and credit risk management system were among others the large fronts of management of the Superintendence of the Solidary Economy in the period may 2011 to may 2013.

"The functions of inspection, monitoring and control exercised by the Superintendence are reflected in the constant growth of cooperatives, funds of employees and mutuals that record nearly 13% average annual growth, higher than the national economic growth. These entities make up to more than six million of members and reaches an estimated 15 million Colombians through financial services, of education, health, recreation and culture, among others, "said Superintendent Enrique Valencia Montoya.

Among other issues the Superintendent stressed the figure Institutes of Rescue, established by the law and standard. Thus, the Superintendence make an preventive work  and accompanying to various organizations in legal, administrative, financial or accounting difficulties which has allowed the protection of savings and contributions from partner of organizations in difficulties. In the last year the Superintendence, has intervened in to manage 23 cooperative, a found of employees, and a mutual association. Of them, he was ordered the liquidation of 9 organizations, 12 in inauguration to administer and 4 in special surveillance. To these, is monitored the recovery plans to ensure a better business management. "The object of the Superintendence is not destroy wealth, but to help build it and I believe that we have been successful with the figure of the Rescue Institute. The intention is to preserve the different jobs and is the partners who manage their own entities under the direction and guidance of the Superintendence. The liquidations have been given because the organizations involved are not viable". Said Valencia Montoya.

In another field, in order to directly feed the information systems of the entity and to ensure transparency and control in the handling of this information, the Superintendence of the Solidary Economy in the hands of the Found of Guarantee of Cooperative Entities (Fogacoop) is developing a system of capture and transmission of financial information, with which the monitored entities must send information derived from the product of their accounting and financial exercise. This initiative, which will begin at the end of 2013, will allow a relationship direct and secure with the entities of solidary sector.

External Circular Forwarding.
In order to protect and make the cooperatives are competitive, were issued the Circular Letters 001 and the 007 2013 on the process of convergence towards the technical regulatory framework for preparers of financial information of the group two in terms of international standards of Financial Information. Likewise, the External Circular 003 witch modifies the Accounting and financial Basic Circular 004 OF 2008 and the 005 on the provision of services of collection among others.

On the structure of the Superintendence
The Superintendence of the Solidary Economy has a qualified and committed team with which we have managed the different purposes and projects that are set out in the Strategic Plan 2011-2014.

However, to strengthen the work supervision, the Superintendence of the Solidary Economy ahead of an administrative reform which aims to provide to the entity, of a plant's personnel according to the needs that currently has. The project will be delivered for approval to the Administrative Department of the Public Function at the end of the first half of 2013.

"Today we're monitoring to nearly 6000 solidarity entities with 90 officials. We believe that the new plant's staff should be to meet with opportunity the duties of the Superintendence of the Solidary Economy identified in law 454/98 and requirements that make us different solidary organizations. This is, in addition to necessary, possible, because from the economic point of view, the Superintendence has the economic resources thanks to contributions that make the different organizations and thus it is not necessary to touch the national budget to meet expenses and the entity's own investment ".Pointed out, the Superintendent.

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