Especialización en Gerencia Financiera
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Item Impacto de las Garantías en la Sostenibilidad Financiera y Social de la Empresa KuikashBeltran Castillo Nicolas; Franco David Jose Edilson; Gomez Moya Nestor; Moreno Pinzon Luis FernandoThis study examines the use of the dematerialized electronic promissory note as a financial risk-mitigation tool within Kuikash and its influence on the company’s overall sustainability. Using a mixed methodological approach, the research integrates legal, operational, and financial analyses, including key indicators, vertical and horizontal evaluations, and linear projections. Findings show that while the electronic promissory note strengthens portfolio recovery, reduces expected loss, and enhances financial inclusion, its effectiveness is limited by the company’s high level of indebtedness and dependence on funding provided by IPS Audiocom. The study proposes strategic recommendations such as incorporating the National Guarantee Fund (FNG), adjusting the minimum credit score requirement, and diversifying funding sources to improve Kuikash financial and operational sustainability. The results indicate that the digital guarantee is an effective mechanism, but its full impact depends on complementary risk policies and a more balanced financial structure. Key words: Digital guarantees; Electronic promissory note; Financial analysis; Financial risk management; Fintech.Item Análisis financiero del proceso de evaluación crediticia para personas naturales y su impacto en el riesgo y la rentabilidad bancaria. Estudio de caso: Banco Serfinanza S.A. Financial analysis of the credit evaluation process for individuals and its impact on bank risk and profitability. Case study: Banco Serfinanza S.A.Sanabria-Serpa, Benazir Cristina Andrea; Benítez-Zuluaga, Diego Fernando; Zamora-Velandia, AlexanderThis study analyzes the relationship between the credit evaluation process for individuals at Banco Serfinanza S.A. and the entity's credit risk and financial profitability indicators during 2024. Using a quantitative approach with complementary documentary analysis and a descriptive-propositive scope, the entity's financial statements, audited by PricewaterhouseCoopers as of December 31, 2024, and reported to the Financial Superintendency of Colombia, were analyzed. The results reveal that Banco Serfinanza closed 2024 with a net profit of COP 2,104 million, a 67.9% decrease compared to the COP 6,546 million of 2023, with a ROA of 0.07% and a ROE of 0.61%, indicators significantly lower than the sector average. The Portfolio Quality Indicator by Maturity (ICV) registered an improvement from 7.5% to 6.6% between December 2023 and December 2024. However, this level exceeds the average for the consumer sector (5.9% according to the SFC). Net loan loss impairment expenses amounted to $361.412 billion, significantly absorbing the generated intermediation margin. The study concludes that strengthening the credit evaluation process—through improved scoring models, stricter repayment capacity criteria, and early monitoring of deterioration signals—is the central strategic lever for reducing the Probability of Default (PD), decreasing provisioning expenses, and restoring the entity's profitability levels. Four specific improvement proposals are formulated, aligned with the SARC framework and industry best practices.Item Análisis del impacto de la gestión de cartera en la desarticulación entre la ejecución presupuestal y la ejecución financiera sobre la liquidez y sostenibilidad financiera de la Subred Integrada de Servicios de Salud Centro Oriente durante la vigencia 2025.Higuera-Vergara, Bibiana; Zamora-Velandia, AlexanderThis study analyzes the impact of portfolio management on the disconnection between budget execution and cash execution of the Centro Oriente Sub-network during the 2025 fiscal year. The central problem identified is the structural gap between high budget compliance (92.8%) and low actual cash execution of transfers (46.0%), which creates an "illusion" of stability based on the principle of accounting causation without sufficient cash backing. Methodologically, the research adopts a descriptive-analytical quantitative approach through documentary review of institutional reports and financial databases. Theoretically, the research is based on the financial management principles of Zutter and Smart (2021), who emphasize the importance of efficient management of cash flow, working capital, and accounts receivable to maintain adequate liquidity levels. The results reveal that the portfolio amounted to $152,581 million, with a growth of 22.7% and a deterioration of 45%, which highlights critical difficulties in converting accounts receivable into liquidity. Factors such as reliance on payments from EPS (especially from the subsidized regime with 38.4%) and deficiencies in audit processes prevent closing the cash cycle. The study concludes that the financial sustainability of the entity depends on aligning expenditure planning with actual collections, recommending the implementation of cash flow indicators and strategic collection management to mitigate the risk of operational illiquidity.Item Análisis y propuesta de mejora del indicador de devoluciones en la radicación de créditos comerciales del segmento Pyme en la zona sur occidental del Banco Caja SocialGomez Gomez Karen DayanaThis study aims to analyze the high percentage of returns in the application for commercial loans to Pyme in five branches in the southwestern region of the bank, in order to identify its main causes and propose improvement strategies. The research was conducted using a mixed-methods approach, employing quantitative data related to the number of applications and returns, as well as qualitative data obtained through interviews with employees involved in the process. The results showed that all the branches analyzed exhibit a high level of returns, with Bosa and Villa del Río standing out with the highest percentages. Among the main causes identified are incomplete documentation, errors in completing forms, lack of prior validation, and lack of awareness of the established requirements. Based on these findings, strategies are proposed to improve the quality of the application process, such as the implementation of checklists, enhanced staff training, standardization of procedures, and monitoring of the returns indicator.Item Modelo de evaluación de proyecto de inversión basado en analítica de datos para determinar la viabilidad del montaje de una sucursal Starbucks en el municipio de Apartadó (Antioquia)Lozano-Durango, Katherin; Zamora-Velandi, AlexanderThis This work develops an investment-project appraisal model that integrates data-analytics tools with classical financial methods such as Net Present Value (NPV), Internal Rate of Return (IRR), payback period, and benefit-cost ratio, in order to assess the feasibility of opening a Starbucks branch in the municipality of Apartadó (Antioquia, Colombia), under the licensing scheme operated by Alsea in Colombia. The methodology combines a market study conducted with the local population, a technical-operational analysis of location and capacity, as well as a legal, tax, and five-year financial analysis. In addition, data-analytics techniques such as a 10,000-iteration Monte Carlo simulation, scenario analysis, and the construction of the Markowitz efficient frontier are incorporated to evaluate risk and profitability behavior. The results show a 58.5 % purchase-intention rate, mainly concentrated in socio-economic strata 3 and 4, together with projected demand growth from 80,482 to 142,952 annual transactions. Financially, the project presents an NPV of COP 702.6 million and an IRR of 61.31 %, based on an initial investment of COP 530 million recoverable in approximately two years. Furthermore, the stochastic simulation indicates a near-zero probability of loss and a Sharpe ratio of 1.86. In conclusion, the project is considered viable and demonstrates that integrating data analytics strengthens decision-making during the pre-investment phase.Item Fortalecimiento del canal digital de PagaTodo como estrategia para fortalecer la competitividadNiño-Benítez, Ruth Efigenia; Gómez-Figueroa, Pablo Andrés; Moreno-Serrano, Edwin; Bermúdez-Infante, Daniela; Zamora-Velandia, AlexanderThis degree work analyzes the slow consolidation of the digital channel of Paga-Todo, part of Group Empresarial S.A. (GELSA), and its impact on business competitiveness within the Colombian transactional sector. In a context marked by digital transformation and the evolution toward Industry 5.0, organizations need to strengthen their technological capabilities to respond to new market dynamics and user expectations.Item Dependencia del Financiamiento Externo como Riesgo para la Operación EmpresarialVarela-Ayala, Ibey Chanel; Velásquez-Medina, Diana Carherine; Aldana-García, Lesly Juranny; Zamonora, AlexanderThis research addresses the financial vulnerability associated with reliance on external financing and supplier credit to sustain business operations. This situation directly impacts liquidity, debt levels, and profitability, increasing financial risk and jeopardizing the organization's sustainability.Item Propuesta optimizacion de recaudo periodo 2024 2025 - Proposal for the optimization of collections for the 2024–2025 periodGonzález-Amaya, Luz Angelica; Lozano-Rodríguez, Neiger Andrés; Zamora-Velandia, AlexanderThis document analyzes the accounts receivable management of Paso Express S.A.S., identifying collection failures, their impact on liquidity, and proposing strategies to optimize cash flow and reduce overdue accounts.Item Propuesta de visualización de Inteligencia de Negocios para la información Financiera en la Congregación de Misioneros Oblatos.Córdoba, Gyna Paola; Ramos, Diana Katerine; Becerra, Astrid Elena; Moreno-Pinzón, Luis FernandoThis study proposes the design and implementation of a financial data visualization model using a Business Intelligence (BI) tool for the analysis of the 2024 financial statements and subsequent periods of the Oblate Missionaries Congregation. Currently, the organization relies on manual and fragmented accounting processes, leading to inefficiencies, inconsistencies in information, limited traceability, and delays in generating financial reports. This hinders effective managerial decision-making and the strengthening of internal controls. To address this problem, the project adopts a mixed-methods approach, combining document analysis with direct observation of accounting and financial processes. The study evaluates various Business Intelligence tools, considering criteria such as cost, technical requirements, scalability, and institutional relevance. It concludes that an internal Self-Service BI solution is the most suitable alternative given the organization's operational context, its moderate volume of information, and its need for autonomy and cost efficiency. The proposal includes a standardized financial data model aligned with International Financial Reporting Standards (IFRS), the automation of financial calculations, and the design of interactive dashboards that present key performance indicators, the income statement, and the balance sheet.Item Viabilidad financiera de las exportadoras de frutas en Colombia: Un analisis sectorial con base en el caso de una empresa exportadora de frutasMendez-Beltran, Jenny Paola; Ibañez-Ducuara, Adelina; Moreno-Pinzón, Luis FernandoThis paper addresses the financial viability and limited competitiveness of fruit exporting companies in Colombia, using a fruit exporting company as a case study for the sector. The study is justified by the sector's economic importance, which faces structural challenges such as high logistics costs, deficiencies in the cold chain, and exchange rate volatility. These factors, combined, erode profit margins and generate financial risk. Through a mixed-methods approach, the 2023-2024 financial analysis reveals a significant deterioration, evidenced by negative equity, a risk of insolvency, a loss of liquidity (current ratio of 0.91 in 2024), and negative net income. These results demonstrate that, despite export growth, the cost structure and management inefficiencies (such as the extended operating cycle) compromise the business's sustainability. The work concludes with a proposal for improvement that includes the implementation of currency hedges, the optimization of working capital, debt restructuring, and the strengthening of logistics and international certifications to mitigate risks and improve the competitive position in global markets.Item Automatización del control financiero de cuentas no conciliadas de la Federación HándicapFerrucho-Pardo, Andrés Eugenio; Sánchez-Penagos, Brigith Giovanna; Zamora-Velandia, Alexander2026 project at Handicap Federation to automate with Copilot the reconciliation of accounts payable and advances, reducing time and errors, clearing balances, and strengthening financial control and decision-making.Item Riesgo crediticio y sostenibilidad financiera del Fondo Nacional de Garantías (FNG)Zapata-Rodríguez, Jenifer Andrea; Rojas-Núñez, Karen Andrea; Peralta-Guzmán, Andrés Camilo; Zamora-Velandia, AlexanderThis study analyzes the impact of increased credit risk on the financial sustainability of the National Guarantee Fund (FNG) in Colombia during the period 2020–2025. A mixed-methods approach, descriptive-explanatory in nature, is adopted for this analysis. This approach combines the analysis of quantitative variables, such as guarantee growth, portfolio value, delinquency, and claims, with a qualitative review of the regulatory, institutional, and macroeconomic context. The results show that the expansion of the FNG, driven largely by financial inclusion policies and government programs, has been accompanied by greater exposure to risk. Added to this are factors such as the lagged effects of the pandemic, the economic downturn observed between 2022 and 2023, and the high participation of users without a credit history. These elements, taken together, have contributed to increased delinquency and lower portfolio turnover. In this scenario, credit risk appears not as a temporary factor, but rather as a structural element inherent to the FNG's business model, given its focus on populations with more vulnerable profiles. Thus, the entity's main challenge is to manage this risk efficiently, without losing sight of its mission of financial inclusion. Finally, some strategies are proposed to strengthen risk management and improve loan recovery processes, seeking to preserve the balance between growth, social impact, and long-term sustainability.Item Política de gestión y control de cuentas por cobrarAlonso-Olaya, Luisa Fernanda; Duarte-Cortes, Sandra Milena; Patiño-Vanegas, Cristhian Alejandro; Villegas-Triana, Verónica IndiraJmv Construktora SAS reflects a statement of accounts receivable with a significant increase; information is taken from different areas to issue a concept and make a recommendation through a Policy