Tbilisi, Georgia, June 15, 2011—IFC,
a member of the World Bank Group, is helping strengthen the financial sector
in Georgia by launching a formal risk management education and certification
program to enable financial sector employees to enhance their risk management
Today IFC signed a cooperation agreement with Georgian Banking Training
Center to jointly implement the Risk Management Certification Program in
Georgia. The program focuses on training financial sector employees in
risk management methodology, governance structure for management of risks
in banks, and providing an overview of globally accepted standards and
concepts in these areas to help them identify and mitigate financial risks.
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.
“This is the first risk management program in Georgia developed in partnership
with the Global Association of Risk Professionals, a globally recognized
membership association for risk managers,” said Thomas Lubeck, IFC Regional
Head for the Caucasus. “We welcome our local partner in Georgia and hope
that our cooperation will strengthen the capacity of local banks and financial
institutions in order to reduce their vulnerability to future financial
The program will start by training the local partners. Equipped with relevant
skills and knowledge, the local partners will then be able to train staff
of local banks and financial institutions during the second phase of the
The training is organized in the scope of IFC’s Financial Crisis Response
Program in Europe and Central Asia, which was launched in 2009 in partnership
with the Development Bank of Austria.
IFC’s cumulative investments in Georgia since 1995 total nearly $500 million
in 36 projects across a variety of sectors. Through its Advisory Services,
IFC is working towards reform of Georgia’s tax system to benefit small
businesses, and is also helping raise food safety standards. Georgia has
been a member of IFC since 1995.
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. For more information, visit www.ifc.org.
For more information about GARP, visit:
For more information about the Development Bank of Austria, visit:
For more information about the Georgian Banking Training Center, visit: