Bishkek, Kyrgyz Republic, October 20,
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 October 17-19 in Bishkek. The three-day
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.
Over 20 participants from the National
Bank of the Kyrgyz Republic, commercial banks, and microfinance organizations
joined the classes, as well as local training partners who 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,
will be provided in Tajikistan in late October, and in Uzbekistan in November.
“One of the key pitfalls to banking
and microfinance is financial risk,” said Bektash Uzenov, Head of the
Risk Management Department at UniCredit Bank. ”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 and understanding 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
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. For more information, visit www.ifc.org
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. www.garp.org