Riyadh, Saudi Arabia, April 10, 2010─IFC,a
member of the World Bank Group, is training bank executives in Saudi
Arabia to manage risk effectively, helping them navigate uncertainty
in global financial markets, identify sustainable investments, and build
a stronger banking sector in the country.
IFC, in cooperation with the Saudi Arabian Institute of Banking, is hosting
a three-day workshop from April 10-12 in Riyadh for senior bank executives
and other bank staff working in risk management. The workshop will cover
topics including writing and documenting a bank risk strategy, creating
bank governance structures, and identifying and mitigating risk.
This training builds on past efforts
to raise awareness in Saudi Arabia about the importance of creating sustainable
risk management practices within banks. Last year, IFC and the Institute
of Banking held a conference on managing risk during the financial crisis,
which has underlined the importance of risk management and sustainable
Walid Almurshed, IFC Senior Country
Officer for Saudi Arabia, said, “One of the lessons learned from this
crisis is the importance of having in place strong banking practices and
structures. Implementing strong risk management systems will enable banks
to grow and be better prepared to withstand changing economic conditions."
IFC works closely with banks across the Middle East and North Africa to
help structure robust risk management systems and train bank staff on risk
management. IFC has supported risk management conferences in other regional
countries including Afghanistan, Egypt, Saudi Arabia, and Yemen, helping
strengthen banking practices in these markets.
IFC is the largest international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently
seeking a capital increase to strengthen its ability to create opportunity
for the poor in developing countries—including by supporting stronger
banking systems in the Middle East and North Africa.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.