A Word with Osmin Rivera

Osmin, as you are from Honduras, what does that mean to you in terms of the work we're doing to uplift young people living in poverty in Latin America? 

Growing up in Honduras and having the privilege to travel to Latin America often as part of my current role at Goldman Sachs has given me a unique perspective into the lack of opportunities that affects many individuals and communities, often because of circumstances that are 100% outside their control. It has also shed light on the fact that where a person is born, the birth lottery, we might say, can transform into a negative cycle and feedback loop that is often very hard to escape. But if you manage to break that cycle, it can have exponential impact across many generations. 

So often, small deeds and contributions of not only money but time and attention can go a very long way in these communities. I have seen that young people growing up in Honduras often have the willingness, ability, and a deep desire to change their lives and their futures, but they just need a little bit of guidance and support in starting that journey. 

I think that's something that EMpower does very well because it links up with very impactful partners in these places - South America, Europe, Africa, Asia (and potentially Central America) and paves the way for them to change the lives of young people.  While coming to the United States has given me a world of opportunity, I know that not everyone is as fortunate to have that kickstart to unleash their potential. It's important that we empower and break that poverty cycle for all these young people, which would be influential to their children and the generations to come. 

Absolutely. In recent years I have been struck by the statistics I hear from Daniel (Programme Director, Latin America, EMpower), which show that many indicators in Latin America have gone backwards. That’s not widely known and points to so much work for us to do with the young people in the region.

There's a lot of difficulty even within what are considered the developed markets within emerging markets. I was in Brazil and Mexico not long ago, and even in these bigger economies, the need is very palpable; seeing these statistics in real life is heartbreaking. I am about taking that feeling and transforming it into action, and one of the things that EMpower has done for me is give me the leverage I need to try to have a larger impact. 

On that note, as you know, EMpower sits at a sweet spot between finance, our historical roots and still main stakeholder base, and philanthropy. I'm curious about how you perceive that synergy. 

I would say that one of the best things about my job in finance is that I work with smart and creative people, and for the most part, people that are good at heart. While a lot of these people have the willingness, the ability, and the desire to help some of these communities in need, I've noticed they often need a bit of help putting structure around these heartfelt desires. I think that is where EMpower comes in. 

EMpower has such a long and successful track record of changing people's lives and communities throughout emerging markets, that it makes it easier for someone like me to connect in a way that creates an impact. I want to give back, but I don’t always find the time or entry points, and that's where EMpower gives me a significant amount of leverage. I would say it’s probably similar for many of the people that are very involved with EMpower alongside me. 

The other benefit of working with smart and creative people who think outside the box is that they can find ways to maximise the impact of every resource available to them. As we discuss what and where we want to invest in, creative ideas often emerge to maximise our scarce resources - time and money. Because of all of that, EMpower and finance have come together extremely well, as there is a shared desire to give back to these communities and maximise our collective impact within emerging markets where, unfortunately, most of the need is. 

You’re so right about that! I’d love to get your thoughts on AI, as it's such a dynamic, evolving space. 

Generative AI has the potential to be a truly transformational technology with the ability to increase the productivity of people and communities and, through that, accelerate economic growth and foster inclusiveness, all of which should be impactful to the communities we work in. There is a potential for underserved communities to exponentially benefit from it once the technology reaches scale in the coming years, so that is something to be hopeful for as its use becomes more widespread and evolves. 

I would love to have this conversation with you again in five years—it would be a leap from where we are now! 

It is.  Goldman Sachs is spending a lot of time and resources identifying use cases in which AI would be most impactful so that we can leverage it and become more efficient as a company. I do think it's going to be transformational, and I’m sure a conversation in five years will still be extremely topical and revealing. 

I couldn't agree more.  Thank you, Osmin!