Tashkent, Uzbekistan, April 5, 2011—IFC,
a member of the World Bank Group, is partnering with the Global Association
of Risk Professionals (GARP) to help local banks and microfinance
institutions become more sustainable and offer greater financial products
and services by strengthening their risk management capacity and practices.
IFC and GARP signed an agreement to
develop a formal risk management education and certification program to
be implemented for the first time in 9 countries including Armenia, Azerbaijan,
Georgia, Kyrgyz Republic, Moldova, Russia, Tajikistan, Ukraine and Uzbekistan.
The training program will train employees from local financial institutions,
which will help to reduce vulnerabilities of local institutions to future
financial shocks. For the first time in the region, the training and certification
will be conducted in Russian, enabling many more individuals and local
firms to participate. IFC will select and engage partner-organizations
in each country to provide on-site trainings and review classes. IFC
risk experts will help participants to identify and mitigate financial
risks such as credit, market, and operational risks.
“IFC is working to build the capacity
of financial intermediaries in Europe and Central Asia to better manage
risk” said Patrick Luternauer, Business Line Leader Access to Finance
Advisory Services. “The collaboration between IFC, GARP and local
training partners in bringing this Risk Certification Program to the region
will provide risk managers and other financial professionals with an opportunity
to prepare and take exams under the auspices of an internationally recognized
certification program in their own countries. This should further strengthen
the financial risk management culture and climate in the region."
This initiative is part of the IFC Azerbaijan-Central
Asia Financial Markets Infrastructure Advisory Services Project and the
IFC Financial Markets Crisis Management Project, funded by the governments
of Austria, Switzerland, Finland and the Netherlands. These Projects aim
to strengthen financial markets in the region through strengthening credit
information systems, risk management practices and education as well as
facilitating the distressed loan resolution.
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
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. For more information about SECO, please
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.
For more information, please visit: http://english.bmf.gv.at.
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. For more information, please
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. For more information, please visit www.evd.nl.
GARP is a not-for-profit organization
and is the only globally recognized membership association for risk managers.
GARP's goal is to help create a culture of risk awareness within organizations,
from entry level to board level. GARP provides risk education to professionals
of all levels, through on-site and online workshops, and skills-based training.
For more information about GARP, please visit http://www.garp.org.