IFC Develops Risk Management in Uzbekistan to Boost Economic Growth and Performance

April 15, 2011

Tashkent, Uzbekistan, April 15, 2011— IFC, a member of the World Bank Group, organized a seminar in Tashkent to introduce local educational organizations to a formal risk management education and certification program, training that enhances companies’ ability to achieve goals and mitigate risks. Improved risk management in the private sector contributes to better economic growth and performance.

The seminar drew more than 20 representatives from training centers, educational organizations and other interested parties. In March, IFC and Global Association of Risk Professionals (GARP) concluded an agreement to develop a formal risk management education and certification program to be implemented in nine countries of the Commonwealth of Independent States: Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, Russia, Tajikistan, Ukraine and Uzbekistan. GARP’s Foundations of Banking Risk course is being used in this program.

The program will bring fundamental understanding of risks and the mechanism of its management, and is implemented by the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI) and the IFC Financial Markets Crisis Management Project, funded by the governments of Switzerland, Austria, Finland and the Netherlands.

“The need of formal risk management education and certification program is great, and this is a first of its kind solution”, said Arif Nasibov, ACAFI Project Officer in Uzbekistan.

The program applies to employees in accounting, auditing, IT departments and other specialists of finance organizations. It will help them to better define and mitigate financial risks in the banking and microfinance sectors of Uzbekistan.

The program will be realized in two rounds. During the first round, IFC will select and conclude cooperation agreements with several organizations of Uzbekistan. Based on these agreements, trainers from selected organizations will receive professional knowledge on formal risk management education and certification program. In the framework of the second round, certified trainers will provide then risk management education and certification on Foundations of Banking Risk program to other specialists of finance organizations.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010.

About SECO
The State Secretariat for Economic Affairs is the Swiss Confederation's competence center for all the core issues related to economic policy. Its aim is to create basic regulatory and economic policy conditions to enable business to flourish and benefit all. SECO also represents Switzerland in large multilateral trade organizations and international negotiations, and is involved in efforts to reduce poverty and help developing countries with transition economies build sustainable democratic societies and viable market economies. Each year, Switzerland spends about 1.9 billion Swiss francs on development cooperation and transition assistance to countries. 

About Austrian Ministry of Finance (MOF), External Economic Program
MOF's external economic program supports the development and transition process in Southeast and East Europe. The program aims at promoting sustainable investments to support economic growth, create jobs and improve the business environment. Supporting local and foreign investments helps to improve the livelihood of people and progress towards a stable and prospering region. Our goal is to contribute to private sector growth through capacity building, SME support, facilitation of investments, and building business partnerships between Austrian and local investors.

Ministry for Foreign Affairs of Finland
The Ministry for Foreign Affairs concentrates on foreign and security policy, trade policy and development policy as well as on significant foreign policy issues and international relations in general. The Ministry also assists other branches of government in the coordination of international affairs.

About the Agency for International Business and Cooperation
The Agency for International Business and Cooperation is part of the Dutch Ministry of Economic Affairs. Its mission is to promote and encourage international business and international cooperation. As a government agency and a partner to private and public sector organizations, it aims to help them achieve success in their international operations.

About GARP
The Global Association of Risk Professionals (GARP) is a not-for-profit global membership organization dedicated to preparing professionals and organizations to make better informed risk decisions. Membership represents nearly 150,000 risk management practitioners and researchers from banks, investment management firms, government agencies, academic institutions, and corporations from more than 195 countries. GARP administers the Financial Risk Manager (FRM®) and the Energy Risk Professional (ERP®) exams; certifications recognized by risk professionals worldwide. GARP also helps advance the role of risk management via comprehensive professional education and training for professionals of all levels.

Media Contacts
In Tashkent
Tatyana Kraynova
Tel : +998 71 238-5925
In Moscow
Ilya Sverdlov
Tel : 7 (495) 411-7555