Tashkent, Uzbekistan, November 25, 2011 — IFC, a member of the World Bank Group, is providing financial risk-management training to institutions in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan, helping them reduce their risk of losses.
As part of the first round of the Risk Certification Program implementation, IFC conducted review classes on the fundamentals of financial risk on November 17-24 in Tashkent. The review classes focus on risk-management methodologies, governance structures for the management of risk in financial institutions, and an overview of globally accepted standards and concepts in these areas.
The program is organized in partnership with the Global Association of Risk Professionals, a globally recognized leader in financial-risk testing and certification programs, and educational and training activities.
Representatives of the Central Bank of the Republic of Uzbekistan and local training partners (Regional Baking Training Center and Federation of Accountants, Auditors and Consultants of Uzbekistan) joined the classes and passed GARP’s certification exam in Tashkent. Local training partners will further train staff of local banks and financial institutions during the second phase of the program. The review classes were held in Azerbaijan in September and in the Kyrgyz Republic and Tajikistan in October.
“Risk management is important aspect of stability of the banking system”, said Jahongir Abdurasulov, Deputy Director of Department of licensing and coordination of credit organizations’ activity at the Central Bank of the Republic of Uzbekistan. “The banks are looking for good risk-management practices and are trying to test various methods. IFC’s Risk Certification Program, the first in the region, provides a unique opportunity to improve my knowledge of risk management from an international perspective.”
This training initiative is part of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, and the IFC Financial Markets Crisis Management Project, which are funded by Austria, Finland, the Netherlands, and Switzerland.
“IFC’s Risk Certification Program provides local banks and microfinance institutions access to globally acknowledged financial risk-management concepts and standards,” said Rolf Behrndt, IFC Regional Business Line Manager. “We hope as many bank and microfinance organization employees as possible will take these opportunities to expand their knowledge of financial risk management and earn certificates from the Global Association of Risk Professionals.”
IFC aims to strengthen financial markets in the region by strengthening credit information systems and risk-management practices and education, as well as by facilitating the resolution of distressed loans.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion.
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.