Family E · Cross-cutting disciplines · In development
ESG for Afores Certification
The regime already demands ESG criteria; the local competence is not yet certified.
Notice
This certification is not currently endorsed by any regulatory body in Mexico. It certifies knowledge and competence; it does not replace any certification required by CONSAR. It is in development and not open to enrollment; domains, weights and exam format come from the syllabus submitted in January 2024 and may be adjusted before the opening.
ESG-AFORES
01 — ABSTRACTESG for Afores Certification
Mexico's retirement savings regime requires Afores to integrate environmental, social and governance criteria into their investment decisions and, since September 2022, provides for a certification of officers in ESG criteria. When RiskMathics applied to certify that function, in January 2024, the regime recognized only international certifications, which test the global frameworks but not the Mexican investment regime, its vehicles or its committees. ESG for Afores Certification exists to close that distance.
The credential attests that a fund manager, a risk analyst or a compliance officer at an Afore commands ESG criteria in the setting where they apply: fiduciary duty over workers' savings, the responsibilities of the committees, the assessment of FIBRAs, CKDs and CERPIs, AMAFORE's standardized ESG questionnaire, and a critical reading of ESG data and ratings. The body of knowledge draws on the seven-unit syllabus RiskMathics submitted to CONSAR, prepared by a technical committee approved by its Certification Council.
The certification is in development and not open to enrollment. The RiskMathics Certificate Institute is building the certification guide, the domain weights and the item bank with the same methodology it uses for the derivatives and structured-instruments certifications recognized by CONSAR. RiskMathics Financial Institute will deliver the preparation program; the exam can be taken with or without it. This certification is not endorsed by any Mexican regulator today and does not replace any certification required by CONSAR.
ESG-AFORES
02 — INDUSTRYWhat is happening in the industry
Retirement savings are the world's largest pool of long-term capital: pension assets across the 22 major markets reached USD 68.3 trillion in 2025, 9.6% more than the year before. In Mexico, the Afore system manages USD 488 billion across 69.4 million accounts, and the generational SIEFOREs reported MXN 8.973 trillion in net assets as of May 2026. How that capital is allocated decides which economy gets financed.
Regulation moved before human capital did. CONSAR amended the Circular Única Financiera in September 2019 to require Afores to integrate ESG factors into their investment methodologies, with full compliance from 2022; the minimum fine for non-compliance starts at MXN 87,000 per portfolio, and each Afore manages ten. In September 2022 the regime added a certification of officers in ESG criteria and mandatory continuous training. The market responded: Afores invested MXN 110.4 billion in ESG bonds in 2022, one hundred times the 2021 figure.
The gap is local accreditation. In January 2024 the provision recognized only international certifications, and none examines the Afore investment regime or the role of its Financial Risk Committee, which must define and approve ESG methodologies of its own. The demands keep growing: CNBV made IFRS S1 and S2 mandatory for non-financial listed companies from fiscal year 2025, Mexico published its Sustainable Taxonomy in March 2023, and the CUF amendments expected in 2026 bring ESG risk policies into the selection questionnaires for CKDs, CERPIs and FIBRAs. Whoever manages pension savings needs to read that information with independent judgment.
ESG-AFORES
03 — WHYWhy this certification
An international ESG certification shows that its holder knows the global frameworks. It does not show that they can apply them to an Afore's investment regime, to the limits of the Circular Única Financiera, to the assessment of a CKD or a FIBRA, or to accountability before a Financial Risk Committee that must approve and promote ESG methodologies of its own. That second layer is what the regulator demands and what no international credential accredits.
The institute holds one thesis: certifying those who decide over other people's money is a preventive prudential control, not a diploma. ESG for Afores Certification is therefore built with the methodology CONSAR has already accepted from RiskMathics for derivatives and structured instruments: independent collegiate bodies, a public guide with bibliography, annual updates, separation between those who prepare and those who examine, controlled testing environments and published results statistics. The certifier's independence is part of the product.
- Body of knowledge anchored in the seven-unit syllabus submitted to CONSAR in January 2024, set in the context of the SAR regime.
- Connects the three criteria to the investment decision: metrics, valuation, strategic allocation and asset-class analysis, FIBRAs included.
- Covers fiduciary duty and stewardship: active ownership, proxy voting, engagement strategies and how to measure them.
- Inherits RiskMathics' track record: since 2016 its structured-instruments certification has embedded responsible-investment and corporate-governance principles.
- Exam independent of the program: no one is required to study with the group in order to certify.
- Explicit disclaimer: it certifies knowledge and competence; it does not replace any certification required by CONSAR.
ESG-AFORES
04 — OUTCOMESWhat it prepares for
- 01
Explain the link between fiduciary duty and the integration of ESG criteria into an Afore's strategy, structures and policies.
- 02
Distinguish financial materiality from double materiality and apply both to asset selection for a pension fund.
- 03
Place CONSAR's ESG mandate, AMAFORE's standardized questionnaire and Mexico's Sustainable Taxonomy within the international regulatory map: ISSB, TCFD, TNFD, GRI, SASB and PCAF.
- 04
Assess the quality of an issuer's or a vehicle's corporate governance: board, committees, independence, executive pay and conflicts of interest.
- 05
Identify physical and transition risks of climate change, and read a scenario analysis or a climate stress test.
- 06
Recognize material social risks in human capital, human rights, supply chains and products.
- 07
Incorporate quantitative and qualitative ESG metrics into valuation, strategic allocation and portfolio construction, by asset class: equities, credit, sovereign debt and FIBRAs.
- 08
Design and measure an engagement strategy with issuers and managers: policy, plan, indicators and value creation.
ESG-AFORES
05 — INSTITUTIONSThe cut-off line
When an Afore requires this certification of its investment desk, its risk unit or its compliance function, the interview question changes. It is no longer whether the candidate knows the acronyms, but whether they can defend an in-house ESG methodology before the Financial Risk Committee, hold it against an external rating that contradicts it, and document it for the regulator.
For the external manager, adviser or structurer seeking to raise capital from an Afore, the credential works in reverse: it shows they understand what will be asked of them, by what criteria they will be judged and what information they will have to deliver. Hiring at that cut-off line lowers the cost of in-house training and the risk of a sanction for cosmetic ESG integration.
- A shared language across investments, risk and compliance about what is material and what is not.
- Demonstrated ability to assess CKDs, CERPIs and FIBRAs on ESG criteria rather than on labels.
- Less reliance on divergent external ratings; documentable in-house judgment.
- Objective evidence of competence under a regime that sanctions portfolio by portfolio.
ESG-AFORES
06 — PROFILEWho it is for
Who it is for
- Fund managers, portfolio managers and investment analysts at Afores and SIEFOREs.
- Financial risk management teams that must define, approve and monitor ESG methodologies.
- Compliance officers and regulatory control functions responsible for documenting ESG integration before CONSAR.
- Structured and alternative investment analysts who assess CKDs, CERPIs and FIBRAs for an Afore.
- Managers, consultants and advisers who run or raise capital from the pension system and must answer its ESG questionnaires.
Who it is not for
- Anyone who needs to meet a CONSAR-required certification today: this certification does not replace it.
- Anyone who needs to quantify climate risk with stress models and Climate VaR: that scope belongs to ESG, Climate Risk & Sustainable Finance Certification.
- Anyone working outside the pension ecosystem who does not need the context of the SAR regime.
ESG-AFORES
07 — KNOWLEDGEBody of knowledge
Seven domains, taken from the syllabus RiskMathics submitted to CONSAR in January 2024 and prepared by a technical committee approved by its Certification Council. Domain weights, learning objectives and exam structure are set in the certification guide, now under construction.
01Foundations of responsible investment and ESG criteriaTo be confirmed
- History of responsible investment and fiduciary duty
- Definition and terminology of ESG criteria
- From financial materiality to double materiality: the pension-fund case
- Challenges and benefits of ESG integration: risk, resilience and value creation
- Embedding ESG in an Afore's strategy, structures, roles and policies
- Socially responsible, green, impact and best-in-class investing
02Regulatory landscape, international initiatives and disclosure standardsTo be confirmed
- International developments: CSRD and the EU Taxonomy, the SEC climate proposal, Colombia, Brazil and Chile
- Mexico: General Law on Climate Change, Sustainable Finance Committee, sustainable taxonomy and sovereign sustainable debt
- Sector background: CONSAR's ESG guidelines and AMAFORE's standardized ESG questionnaire
- Global initiatives: UN Global Compact, PRI, SDGs, Paris Agreement, ICGN and GIIN
- Measurement and disclosure standards: ISSB, TCFD, TNFD, GFANZ, GRI, SASB, CDP, SBTi and PCAF
03Governance criteriaTo be confirmed
- Evolution of corporate governance in Mexico and reference standards: OECD, ICGN and the CCE Code
- Shareholders' meeting and minority protection
- Board of directors: responsibilities, composition, diversity, independence and ESG mandate
- Corporate practices committee and audit and risk committee
- Executive leadership, ESG-linked executive pay and performance metrics
- Transparency, disclosure, audit practices, conflicts of interest and related parties
04Environmental criteriaTo be confirmed
- Economic activity, natural resources and the environment; offsetting and regeneration
- Climate change: TCFD recommendations and categories of risk and opportunity
- Climate risk analysis and stress testing
- Mitigation, adaptation and net-zero transition plans: GFANZ and NGFS
- Biodiversity and TNFD recommendations; depletion of natural resources
- Circular economy and waste management: principles, cases and corporate strategies
05Social criteriaTo be confirmed
- Conventions and standards: UN Guiding Principles and ILO labor standards
- Human capital and labor standards: health and safety, retention, modern slavery and social mobility
- Diversity, equity and inclusion
- Human rights, community relations and the social license to operate
- Value chain and sustainable supplier development
- Products: quality standards, consumer protection and social risks
06Integrating ESG criteria into investment analysis and decisionsTo be confirmed
- ESG criteria, the risk-return trade-off and fiduciary duty
- Quantitative and qualitative metrics in financial modeling
- ESG tools, databases and the role of rating agencies
- Integration stages: research, valuation, strategic allocation and portfolio management
- Integration by asset class: equities, corporate debt, sovereign debt and FIBRAs
- Barriers: materiality, lack of standardized metrics and data quality
- Case study for Afores
07Fiduciary duty, stewardship and engagement strategiesTo be confirmed
- Active ownership, proxy voting and activist investors
- Engagement strategies: top-down and bottom-up, individual and collective, engagement versus divestment
- Engagement with asset managers and other parts of the investment value chain
- Engagement policy and plan: material topics, objectives, indicators, channels and capacity building
- Measuring engagement success and value creation
ESG-AFORES
08 — TWO PRODUCTSPreparation program · Certification exam
Preparation program
Preparation program
Program delivered by RiskMathics Financial Institute
Delivered by RiskMathics Financial Institute, the group's school since 2005; the RiskMathics Certificate Institute certifies. The program dedicated to this certification is in design: it will cover the seven syllabus units and include mock exams built on the exam blueprint. Until it is published, the school runs the ESG Climate Risk & Sustainable Finance Executive Program (114 h, 58 classes), which covers the global core of ESG criteria but not the SAR regime component; it does not replace the dedicated program.
ESG for Afores Preparation Program (name to be confirmed)
To be confirmedIn design. Works through the seven units of the body of knowledge in the Afore's context: investment regime, committees, structured vehicles and ESG questionnaires. Closes with mock exams and feedback by domain.
- Coverage of the seven units of the syllabus submitted to CONSAR
- Case study of an Afore: ESG integration in its investment process
- Mock exams with Bloom level 1, 2 and 3 items and results by domain
- Reference reading: PRI Academy, ICGN, OECD, TCFD, TNFD and the CCE Code
Program in design. The first exam sitting has no date; the program calendar and fee will be published ahead of it, with enough lead time to cover the full syllabus.
Certification exam
Certification exam
Built, audited and administered by the RiskMathics Certificate Institute, independently of the school that prepares candidates. It can be taken with or without the program: certification is never conditional on taking a course with the group. The syllabus proposes a single certification, without levels; the first sitting is to be confirmed.
If the candidate does not pass
The Certification Board is defining the failure and retake policy: how many attempts each window allows, the minimum wait between them and the fee for sitting the exam again. It is published here as soon as it is approved; in the meantime, the figures may be requested at growth@riskmathics.com. Exam governance →
Items are written at levels 1, 2 and 3 of Bloom's taxonomy: remember, understand and apply. Each item maps to a learning objective in the certification guide and is reviewed by the technical committee before entering the bank. Bloom's Taxonomy →
ESG-AFORES
09 — MOCK EXAMSMock exams
The preparation program includes mock exams built on the exam blueprint itself: the same domains, the same mix of Bloom levels and the same item types. They are not review quizzes; they are calibrated simulations that reproduce the format, pace and demand of the real sitting.
Each mock exam returns a result by domain and by cognitive level, so candidates know whether their gap lies in recalling a standard, understanding a governance mechanism or applying an ESG metric to an asset valuation. The vignettes start from the syllabus case study for Afores: for instance, an infrastructure CKD, a FIBRA or an issuer with a social controversy.
- Level 1, remember: frameworks, acronyms, definitions and the regime's obligations.
- Level 2, understand: why a factor is material, how it transmits risk and what a standard requires.
- Level 3, apply: bring a metric into an analysis, assess a vehicle or design an engagement plan.
ESG-AFORES
10 — PATHLearning path
- Phase 1
Foundations and regulatory landscapeUnits 1 and 2 · to be confirmed
Responsible investment, fiduciary duty, materiality and double materiality; the international and Mexican regulatory map, the sector background from CONSAR and AMAFORE, and the disclosure standards.
- Phase 2
The three criteriaUnits 3, 4 and 5 · to be confirmed
Governance: bodies, independence and pay. Environmental: climate, TCFD, scenarios, biodiversity and circular economy. Social: human capital, human rights, value chain and products.
- Phase 3
Integration into the investment decisionUnit 6 · to be confirmed
Quantitative and qualitative metrics, tools and rating agencies, valuation, strategic allocation and portfolio construction by asset class. Case study of an Afore.
- Phase 4
Stewardship and fiduciary dutyUnit 7 · to be confirmed
Active ownership, proxy voting, engagement strategies with issuers and managers, design of an engagement policy and plan, and measurement of its success.
- Phase 5
Mock exams and the examTo be confirmed
Mock exams calibrated to the blueprint, feedback by domain and Bloom level, and the certification exam in a controlled environment.
Investment
11Program and exam, priced separately
Fees in US dollars plus the tax applicable in the country of billing. Program and exam are contracted separately; neither figure includes the other.
ESG-AFORES
12 — FAQFrequently asked questions
Is this certification recognized by CONSAR?
Not at present. In September 2022 the SAR regime introduced a certification of officers in ESG criteria; when RiskMathics formally applied to be designated an independent third party for that function, in January 2024, the regime recognized only international certifications. No such designation exists to date. ESG for Afores Certification certifies knowledge and competence; it does not replace any certification required by CONSAR.
How does it relate to the derivatives and structured-instruments certifications?
They are different products. The derivatives and structured-instruments certifications for Afores are recognized by CONSAR and have open exams; ESG for Afores Certification is in development and carries no regulatory recognition. They share the institute's methodology: collegiate bodies, a public guide, annual updates and separation between preparation and assessment. Since 2016, moreover, RiskMathics' structured-instruments certification has embedded responsible-investment and corporate-governance principles.
Is the preparation program required to sit the exam?
No. Certification is never conditional on taking a course with the group. The RiskMathics Financial Institute program covers the entire body of knowledge and includes mock exams; the RiskMathics Certificate Institute builds and administers the exam independently. Two products, two fees.
How does it differ from ESG, Climate Risk & Sustainable Finance Certification?
In scope and audience. The global ESG certification covers ESG integration, climate risk quantification and sustainable finance instruments for any financial institution. ESG for Afores Certification concentrates on what the SAR regime demands of those who manage pension savings: fiduciary duty, committees, ESG assessment of structured vehicles and stewardship, with the Mexican regulatory context at the center.
When is the first exam and what does it cost?
The date is to be confirmed. The exam fee is USD 1,000 plus VAT; the preparation program fee will be published with its calendar. Anyone who wishes to be notified when registration opens can request information at growth@riskmathics.com.
How are the items built?
At levels 1, 2 and 3 of Bloom's taxonomy: remember, understand and apply. Each item maps to a learning objective in the certification guide, is reviewed by the technical committee and enters a version-controlled bank. The syllabus case study for Afores is carried into vignettes whose items are answered independently.
ESG for Afores Certification
The regime already demands ESG criteria; the local competence is not yet certified.