worldbank.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.
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About IFCIFC, 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. For more information, visit www.ifc.org
About GARPThe 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. www.garp.org.
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