At Credicorp, we know that the only way that we can make our mark and stand the test of time is by operating in harmony with our environment, generating positive impacts through everything we do.
Purpose
Contribute to improving lives, accelerating the changes that our countries need.
Our vision of leadership as
an Agent of Change
To strengthen our performance competitiveness in the long-term, we have placed sustainability at the core of our strategic management plans at our businesses.
We firmly believe that we have a responsibility and opportunity to generate a positive multiplying effect through all our businesses and actions, thus acting as an agent of change in the countries in which we operate.
Why we do it
Purpose
Contribute to improving lives, accelerating the changes that our countries need.
What we do
Vision
To be a sustainable leader in financial services in Latin America, guided by a larger purpose, focused on the future and intent on creating superior value for our employees, clients, shareholders and countries in which we operate.
How we do it
Values
To be a sustainable leader in financial services in Latin America, guided by a larger purpose, focused on the future and intent on creating superior value for our employees, clients, shareholders and countries in which we operate.
Respect
We have an open-door culture that respects and values people, their beliefs and decisions; we always promote a participative, collaborative and horizontal work environment.
We have an open-door culture that respects and values people, their beliefs and decisions; we always promote a participative, collaborative and horizontal work environment.
Equity
We act fairly and equitably in how we recognize and treat people. We strive to ensure equal rights, responsibilities and opportunities for all.
We act fairly and equitably in how we recognize and treat people. We strive to ensure equal rights, responsibilities and opportunities for all.
Honesty
At Credicorp, we strive to be transparent and seek to ensure that our actions are aligned with our beliefs and what we profess; we know that this is the only way to generate trust-based relations.
At Credicorp, we strive to be transparent and seek to ensure that our actions are aligned with our beliefs and what we profess; we know that this is the only way to generate trust-based relations.
Sustainability
Because people are at the center of everything we do, we carefully attend to their needs, striving to ensure their social, economic and environmental wellbeing both today and tomorrow.
Because people are at the center of everything we do, we carefully attend to their needs, striving to ensure their social, economic and environmental wellbeing both today and tomorrow.
Guided by this Purpose and Vision, our Sustainability Strategy has three fundamental pillars and twelve ambitions that guide our actions. Additionally, our strategy is aligned with seven of the 17 SDG of the United Nations, which are aligned with the areas in which we can generate the most direct impact.
Our Strategic Pillars
Create a more
sustainable and inclusive economy
sustainable and inclusive economy
Improve the financial health
of our citizens
of our citizens
Empower our people
to prosper
to prosper
Our Ambitions
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- Increase financial inclusion.
- Contribute to the transition to a more formal economy.
- Support the transition to a more environmentally
sustainable economy, including the effects of climate change. - Helping small and medium businesses grow,
including our ecosystem of suppliers.
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- Become #1 in client experience in the most efficient way possible.
- Build trust-based and long-term relations through simplicity and transparency.
- Help people improve their skills and financial knowledge so that they can make
better financial decisions. - Accelerate the pace of innovation to anticipate our client’s future needs.
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- Defend diversity, inclusion and gender equality.
- Model the development of the workforce of the future by supporting people in their quest to increase their effectiveness, skills and impact.
- Improve our governance structures and encourage people to do the right thing.
- Develop creative solutions and alliances to resolve important social issues.
- Defend diversity, inclusion and gender equality.
Priority SDGs
We are transforming our business model
We understand the catalyzing role of the financial system in the transition to a more sustainable and inclusive world. Accordingly, we are committed to integrating ESG factors into the management of our businesses and weigh the positive and negative impacts that our decisions and operations have on the environment and society.
The process to implement our strategy entails integrating sustainability in our business model (products, services, channels, among others) and in our operating model. In the case of our business model, we work through various platforms that are aligned with the ambitions in our strategic pillars. Our platforms act like multi-company round tables and represent clusters of business opportunities and initiatives that have been identified at the corporate level and by the Group’s subsidiaries.
1.
Financial Inclusion
We develop, offer and distribute solutions that help reduce barriers to enter the financial system, contributing to the economic growth, prosperity and financial resilience of the societies in which we operate.
We work to increase access to and responsible use of financial services. This inclusion is complemented by financial education programs and initiatives to improve the simplicity and transparency of our products and services. By taking a comprehensive approach, we can accelerate efforts that generate wellbeing for the financially included.
Main initiatives
Financial Inclusion Index
As part of our commitment to increase Financial Inclusion in the region, we conducted this study to help identify gaps, monitor progress and raise the visibility of barriers. The study evaluates the level of financial inclusion in 8 countries in three dimensions: access, use and quality perceived.
Yape
As a means of reaching the 46.4% of Peruvians who are bancarized in Peru, BCP developed Yape, a mobile wallet that allows users to make low-ticket payments quickly and intuitively with only a mobile phone number or QR code. In just a short time, this platform has become one of the most popular mobile payment methods in Peru. It is a key enabler of financial inclusion for groups that have traditionally been excluded from the financial system and has contributed to the growth of thousands of MYPEs.
Bancarization through Microfinances
Mibanco offers different products to facilitate financial inclusion of more people and entrepreneurs. This includes offering microloans to strengthen their development, including Crediagua and Crédito Mujer. The objective of Crediagua is to create awareness and sensitivity in lower-income populations about the fact that sanitary improvements are key to ensuring wellbeing and family health. Through this program, Mibanco provides access to an essential service; contributes to creating awareness of good sanitary practices; and provides clients opportunities to achieve financial inclusion. Crédito Mujer, in turn, provides loans to women for up to 12 months for working capital, fixed assets, housing or personal consumption. For more information on Crédito Mujer, review the section on Opportunities and Products for Women.
Microseguros
Pacífico offers different accessible insurance services for microentrepreneurs and individuals from low-income segments, including Business Protection Insurance for SME-Pymes and compensatory oncological insurance. The company also uses the application Mi Espacio Pacífico to facilitate client management and recently, has expanded its product offering on e-commerce platforms directed at microbusinesses through Mibanco’s mobile app. The objective is to promote inclusion in the insurance system.
Financial inclusion through savings for the future
This is an account for voluntary pension savings that Prima AFP promotes to encourage savings through voluntary contributions and alliances; this effort is aligned with the Financial Inclusion platform and includes products such as AhorroYa!, Pamayo and Cuenta Metas. Through this initiative, Prima aims to reduce inequalities by promoting financial inclusion for all.
2.
Financial Education
A solid financial culture helps people develop a healthy and sustainable relationship with the financial system throughout their lives.
Our programs seek to increase the financial knowledge of individuals and businesses to help them make better financial decisions and improve their use of products and services. Our programs contribute to bolstering financial resilience; increasing trust in the financial system; and heightening society’s wellbeing.
Main initiatives
Los ABCs
BCP, Pacífico Seguros and Prima AFP have developed financial education programs (El ABC del BCP, El ABC del Seguro and ABC del Ahorro Provisional), which offer training and practical advice on Financial Education to clients and non-clients on asynchronized digital platforms to help people make better decisions about their money and strengthen their resilience and financial health.
Academy for BCP Bolivia’s clients
Digital financial inclusion that is designed to help clients acquire the knowledge and skills to conduct transactions through digital channels, such as Soli, mobile banking and internet banking.
Mi Consultor
Advisory service program at Mibanco that facilitates knowledge and lesson exchanges between owners of microbusinesses and students in the final semesters of business studies
El Depa
Educational Web Series that began in 2017 to present concepts of the Private Pension System in an entertaining and humorous way.
Protege 365
This program provides services for accident prevention for business clients that have complementary high-risk insurance (SCTR), property protection and transportation products. The main objective is to advise clients on how to strengthen their systems to prevent accidents; reduce incidents and unnecessary costs; and strengthen the safety culture. Protege 365 offers a variety of services, including seminars, training, advisory services and inspections, and also provides materials to support client management systems.
3.
Helping small businesses grow
We promote the growth, maturity and financial resilience of micro, small and medium-size businesses in the countries in which we operate, with a specific focus on the smallest businesses.
We are consistently attuned to the needs of our entrepreneurs to develop financial services that help them grow. This allows us to financially include the smallest businesses, promote their digitalization, and safely and strategically connect them to other allies and potential clients.
Main initiatives
Yevo
Mibanco has developed YEVO a digital platform ally for microbusiness clients. The objective is to help them take advantage of their potential for growth by using the platform’s digital functions, which include simple and accessible tools such as a store catalogue, an on-line store and digital advice for microentrepreneurs.
Contigo Emprendedor
A financial education program at BCP that is designed to drive growth at micro and small businesses based on two fundamental pillars. This initiative takes advantage of the talent of volunteers at Credicorp, who provide training in finance, digitalization, security and leadership. Additionally, the program uses technological instruments, such as a course on WhatsApp and the Online Campus, to reach a larger number of entrepreneurs. Contigo Emprendedor has trained thousands of micro and small business owners, including entrepreneurs participating in Premio Contigo Emprendedor BCP, agentes BCP and female entrepreneurs.
Basic Program for Financial and Digital Advisory Services
Mibanco launched this training and advisory program for clients to accompany them as they develop their businesses and manage their finances. Through the network of branches and Relationship Managers, this program provides training on different topics related to financial and business management through webinars or monthly online courses. The objective is to use financial education to empower clients and strengthen relationships by promoting sustainable practices to ensure momentum in the spiral of progress.
Juniy
This is Mibanco’s business model, whose objective is to bolster the financial sustainability of the micro segment (loans under S/ 5,000) through remote and digital channels. This service model does not require a branch or physical documents, which makes processes more agile and lends security to the loan issuance process. Other benefits include advice on digital matters, financial education, automated experiences for clients, among other aspects.
Beyond Banking
This is a legal service at BCP that helps businesses formalize and improve their management, which makes them more efficient. This platform connects SMEs with more than 20 allies that provide solutions for the different stages in the business cycle, including payment runways, logistical operations, e-commerce, and guides to help businesses continue growing. Beyond Banking includes an Electronic Invoice System, which is a simple and safe platform that lightens the operating burden of small businesses while helping them assess credit viability and identify potential clients.
4.
Opportunities and Products for Women
We are working to strengthen women’s participation in the financial system with products and services that respond to their needs. The objective is to contribute to closing the gender gap in financial inclusion.
Credicorp carefully considers the needs and challenges that women experience when it develops products, services, and client journeys and keeps these points in mind when choosing points of contact and communicating.
Main initiatives
Crédito Mujer
This product, which was created by Mibanco in 2017 to respond to its clients’ financing needs, was strengthened in 2022 following a comprehensive review of client journeys. Loans provide up to 12 months of working capital to women or financing for fixed assets, homes or personal consumption. By targeting women for loans, Mibanco bolsters their financial independence an economic growth.
Yape provides financial education for women
YAPE focuses on providing financial education for women that lead community kitchens in Lima and the provinces and in alliance with institutions such as Alicorp and Jugete Pendiente, provides workshops on running soup kitchens in different regions of the country. Yape also provides financial training to Yanbal’s beauty consultants and to young girls who participate in projects led by Care Perú.
Mujeres Pa’Lante
Mibanco’s credit product seeks to promote financial inclusion and the progress of female microentrepreneurs and their families (with recurring and non-recurring activities) by providing financing for working capital and fixed assets. The main objective is to drive gender inclusion and reduce women’s barriers of access to the financial system.
Female Centric Approach
This gender-based approach, which was developed with internal analysis and external consultancy, targets female clients in the wealth management business at Credicorp Capital to ensure that we develop a satisfactory, long-term relationship with our clients.
Equity Round Table
This BCP initiative gathers information through recurring focus groups with female participants who indicate that felt financially excluded. The objective is to understand their problems and fine-tune the solutions offered by our businesses. The initiative began with exploration and research and has since progressed to the ideation of initiatives and products.
5.
Finance and Sustainable Investments
We offer financial solutions to support and motivate our clients, mainly in corporate banking, to adopt increasingly sustainable practices.
We are constantly strengthening our internal capacities to provide clients with solutions, knowledge and advisory services to issue instruments and financing options that reduce negative environmental and social impacts; cut exposure to climate change risks; and maximizes positive impact. Credicorp aspires to promote a more sustainable environmental and social economy.
Main initiatives
6.
Other platforms
Credicorp believes its role is to achieve positive change in the countries in which it operates.
The Group’s subsidiaries are constantly innovating to manage changing business environments; monitoring social investment in the community; and determining how corporate volunteers can generate positive impacts.
Main initiatives
Pro bono advisory services
Through this program, Credicorp Capital helps NGOs and other organizations that generate high social impact by providing pro bono financial advisory services, which are conducted by professionals from different areas of the company and supervised by the corporate social responsibility committee.
Corporate Volunteers
Our volunteers at BCP, BCP Bolivia, Credicorp Capital, Mibanco, Pacífico and Prima AFP participate in programs that generate high impact for society by educating business owners; improving the quality of life of vulnerable people; and promoting financial inclusion and education. Volunteers have become agents of social change, who tirelessly dedicate their time, knowledge and resources to serve the community and build a sustainable future.
Investing in futures
Credicorp Capital shares its talent and experience through this program to provide financial advisory to high-impact endeavors.
Strong as Steel
Pacífico’s program to prevent and reduce childhood anemia seeks to create awareness of the problem; educate the population; and diagnose and monitor children between the ages of 2 -5
We Transform our Operating Model
Sustainability is integrated in Credicorp’s model through key functions such as Finance, Risk, Human Management and Development, Corporate Governance, Compliance and Ethics, among others.
1.
Finance
Integrating sustainability within the Finance front drives long-term value creation at Credicorp, its subsidiaries and society as a whole.
We include sustainability issues in the strategic planning process and define corporate metrics to follow up on the ambitions that have been prioritized in our strategy.
Follow-up on the sustainability program and its progress indicators is conducted by the corporate office and specialized teams at the subsidiaries in the respective areas of corporate governance. Efforts are approved and monitored by Corporate Sustainability Steering Committee.
Additionally, we include ESG factors in the process to formulate each subsidiary’s strategic objectives and have introduced a Sustainability indicator for each performance evaluation of General Managers and management committees. Performance evaluation scores are directly linked to variable compensation.
2.
Risks
ESG risk management is a fundamental axis of comprehensive assessment of the exposure of our portfolios.
We have an Environmental Loan Policy at BCP to manage environmental risk in financing for more than US$ 10 million for the economic sectors of mining, oil and gas, electricity and fishing.
We also have a Social and Environmental Policy for Project Financing, which is aligned with SBS Ruling No 1928-2015 on the Rules for Social and Environmental Risk Management for projects in excess of US$ 10 million. These policies seek to ensure that clients comply with regulatory standards and promote good practices to mitigate negative impacts that their operations may have on the environment or society.
In our wholesale lending business, ESG risk management focuses on managing transition rather than merely identifying exclusions.
This effort is developed through work plans with 6 axes.
Axis
Taxonomy
Appetite
Organization and Governance
Identification, evaluation and treatment
Monitoring
Report
Today we have:
BCP’s Environmental Taxonomy for 12 economic sectors (27 activities) and 3 transversal sectors: Energy Efficiency, Circular Economy and Water and Sanitation Management
List of exclusions with a qualitative ESG
Approximation to encourage loans with positive environmental impact in prioritized sectors
ESG governance in current forums (loan and risk committees) for decision making.
Multi-disciplinary treatment and consultation with leading banks in the sector. We work with external and internal sources through current environmental questionnaires. Dialogue is sustained with the most relevant clients in each sector to prioritize the ESG risks that will be managed.
Monthly reports before an operating forum led by the corporate CRO (Chief Risk Officer) and a representative of the aforementioned divisions and areas; also equipped with a periodic monitoring system.
Progress is reported annually in the Sustainability Report and through diverse questionnaires (i.e. rating agencies, indexes, among others).
Through BCP, we are signatories to the Equator Principles (EPs), which function as a risk management framework that helps us identify, evaluate and monitor environmental and social risks of the projects contemplated under these principles.
Through BCP, we are signatories to the Equator Principles (EPs), which function as a risk management framework that helps us identify, evaluate and monitor environmental and social risks of the projects contemplated under these principles.
To date, we have: (list is not exhaustive)
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- Alignment to Credicorp’s corporate exclusions.
- ESG governance for decision making at the investment committee level.
- Responsible Investment Policy at Credicorp Capital, Prima AFP and Pacífico Seguros.
- Methodologies to include ESG factors in issuer analysis and decision making.
- On-going ESG training with directors, executive management and employees from the financing and investment areas and the risk and business teams.
We align our cybersecurity management with best international practices to ensure compliance with the regulatory framework by leveraging both innovation and technology.
We have policies to manage cybersecurity and information security risks; design and implement strategies to monitor and control the same; and permanently evaluate the efficacy of systems and processes.
The cybersecurity area uses the most sophisticated indicators available to monitor cybersecurity systems to verify the efficacy of the controls implemented and mitigate risks. We constantly educate our employees and clients about the risks to which we are all exposed. Given the sophistication of cyber-attacks, we periodically identify and analyze a series of threats to generate a list of the technologies we need to address them.
Recently, we have directed our efforts to adapting existing controls and setting up new ones to cover remote work. We have applied preventive measures to help ensure the security of employees, operations and client data and have set a series of priorities to ensure alignment and strengthen cybersecurity capacities at all the Group’s subsidiaries.
3.
Corporate Governance and Compliance and Ethics
We seek to ensure on-going improvement and align our corporate governance practices with international standards.
In 2020, we increased the size of the Board (from 8 to 9 members)
and formalized the mandate that at least 3 directors (and ideally the majority) should be independent, which aligns with best international practices.
and formalized the mandate that at least 3 directors (and ideally the majority) should be independent, which aligns with best international practices.
We simplified the structure of the Board committees to ensure more diverse representation and increase Independence, reducing the number of committees from 7 to 4: Auditing, Sustainability, Risks and Nominations & Compensation.
As believe that diversity in different ambits is fundamental to making better decisions. The Diversity Guidelines for the Board indicate that the goal is to have at least two female directors on the Boards of Credicorp and the main subsidiaries and at least one woman on each Committee at the holding level. Additionally, the members of our Board, who are from differing nationalities, have expertise in varied areas to ensure that corporate decisions are based on plurality.
Additionally, we are equipped with Corporate Governance Guidelines, which are implemented in the framework of our sustainability strategy. These guidelines structure relations with our subsidiaries to ensure that our actions are coherent and efficacious. The underlying proposal is based on the following core principles: transparency, strategic and cultural alignment, responsibility and receptiveness, and accountability and control.
We are listed on the New York Stock Exchange and fulfill all aspects of the Sarbanes-Oxley Law, which has been in effect in the United States since July 2002.
Compliance and Ethics
To live our purpose, transparency and ethics must be at the center of our decisions. This focus is reflected in our commitment to:
(i) Promote ethics and integrity , which are fundamental aspects of our organizational culture.
(ii) Ensure regulatory compliance and prevent financial crimes.
(iii) Protect Human Rights.
Our policies and guidelines govern our compliance with the requirements set forth in our Code of Ethics, which is aligned with the highest international standards of conduct. This document guides all our actions and interactions at the employee, client, supplier, regulatory and societal levels.
Credicorp avails of a series of instruments, including risk assessments, communications actions, education and culture, controls, monitoring, investigation processes and governance structures.
Together, these mechanisms help us correctly manage and fully comply with the guidelines set forth in the following Policies: Prevention of Money Laundering and Financing of Terrorism (PLAFT), Control of International Lists, Fiscal Transparency, Ethics and Conduct, Anti-corruption, Regulatory Compliance, Prevention and Detection of Market Abuse, Financial Stability, Personal Data Protection, Occupational Health and Safety, Market Conduct and Free Competition.
Our system of Compliance and Ethics is a key enabler in our sustainability framework, which aims to create long-term value and satisfy the needs of our businesses and stakeholders.
4.
Other Key Enablers
On the people front, we cover three aspects:
(i) Modeling the workforce of the future
(ii) Diversity, inclusion and gender equity
(iii) Management of cultural change as we move towards sustainability
Modeling the development of the workforce of the future
We are conscious that tomorrow’s workforce will require critical skills that entail in-depth knowledge of digital topics and data management, agility and an intense focus on stakeholders, all under the optic of a long-term vision. On the corporate front, HR works to ensure that beginning with on-boarding, all employees at each subsidiary can fine-tune these abilities in a structured, stages and organized manner.
The aforementioned skills are developed through a sustainable and scalable model that focuses on upskilling and reskilling employees based on best practices and market trends. The objective is to close gaps, prepare employees to meet future demands, and help them develop the skills needed to accompany Credicorp in its digital transformation.
We offer a hybrid work model (which combines on-site work with remote work depending on the nature of each position) to offer our employees better experiences.
In terms of skills relative to sustainability, we conduct training on sustainability for new employees during the onboarding processes and provide specific technical training to existing employees by segments and according to their responsibilities, needs and level of leadership.
Diversity, inclusion and gender equity
We promote equal opportunities for the professional trajectory of all members of our Group regardless of gender, origin, sexual orientation, socio-economic condition, religion, or any other circumstance.
We have built a Corporate Gender Equity Program, which focuses on improving the gender balance, eliminating salary gaps, combatting sexual harassment in the workplace, and promoting a culture that generates a work-life balance. The governance system for this program reports directly to a committee presided by the Credicorp’s CEO and is closely followed by both Credicorp’s Board and executive committees at the subsidiary level. This program is executed by the Talent and Human and Development Management teams with the accompaniment of the corporate Sustainability team.
At Credicorp, we prioritize building an increasingly inclusive culture among our workforce and at our businesses. Our efforts to date include initiatives to include vulnerable sectors through our education products and programs. We also provide training and education on inclusive design criteria and cover other topics that are relevant to diversity-based inclusion. This learning process helps us build a platform for comprehensive and strategic planning for the present and down the line.
Cultural Change Management
At the leadership level, we drive efforts to integrate sustainability in the management of our businesses as well as change in our organizational culture to ensure that it promotes and gives life to sustainability.
Our Change Management Program, which has been articulated at the corporate level and covers all our subsidiaries, addresses aspects such as our employees’ understanding of and conviction to implement sustainability; reinforcement mechanisms; knowledge development; and the skills necessary to “live” cultural change. It also includes a focus on role modeling, which begins with our leaders. Every year, we set specific and measurable objectives and prioritize initiatives to achieve them. This plan is led by the Sustainability Office in conjunction with the Human Management and Development team.
Sustainable management of the value chain is an important aspect of our management.
We have a Policy for Corporate Procurement and Supplier Management (together with due internal processes for Procurement and Purchasing processes) and have centralized management of key suppliers.
We have updated our Code of Conduct for Suppliers and Third Parties and have included an ESG assessment in the process to approve suppliers.
To align this front with the Group’s sustainability strategy, in 2022 we conducted, with the assistance of an external ally, a diagnostic of current corporate supplier management to understand gaps relative to best practices and our stakeholders’ expectations. This laid the foundation to define a work strategy and plan to ensure sustainable management of suppliers in the short and medium terms.
Affiliations and adhesions
UN Global Compact
Perú Sostenible
Nexos +1
