This report provides a comprehensivedescription of the full process for supporting the newsupervisory authority for closed pension funds in Brazil,The National Superintendence for Pension Funds, supervisorof the closed pension fund system in Brazil, or PREVIC, inparticular through the development of a revised approach tothe risk-based supervision of closed pension funds. Thisreport documents the first-funded World Bank project which,in conjunction with PREVIC, the supervisor of the closedpension fund system in Brazil (established in January 2010),has sought to provide guidance to implement a risk basedsupervision (RBS) appropriate to Brazilian environment,drawing on international experience. The project ran fromJanuary 2010 to March 2012. The key outputs of the projectwere specified as: i) an assessment of the strengths andweaknesses of the current supervisory benchmarking againstbest practices in RBS around the world; ii) a roadmap forthe implementation of RBS under the circumstances prevailingin the industry; iii) proposals for regulations on selectedcritical elements for the implementation of RBS framework;and iv) training to supervisors and senior executives ofclosed pension funds about the main challenges ofintroducing RBS.
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