Saint Philip, Antigua and
Barbuda, July 5, 2012—IFC, a member of the World Bank Group, is training
financial institutions in the Organization for Eastern Caribbean States
(OECS) to strengthen risk management and corporate governance practices,
essential to recovering from the recent economic crisis.
In collaboration with the Eastern Caribbean
Central Bank, IFC is hosting the training program in Saint Philip parish
on Antigua and Barbuda today and tomorrow. The training, which is supported
by the Canadian International Development Agency, is bringing together
thirteen financial institutions from six of the OECS member states and
is focusing on risk management as an enabler of long-term growth and profitability.
The global financial crisis continues
to severely impact Caribbean economies, increasing the vulnerability of
financial institutions in the region. IFC’s training is helping these
institutions develop the means to identify, assess, mitigate, and monitor
such risks in a systematic and integrated manner. Such improved risk management
practices will enable financial institutions to grow more sustainably and
expand lending to small and medium-size enterprises (SMEs), key drivers
of economic growth and job creation.
“Our work to improve risk management
and corporate governance practices is aligned with IFC’s strategy in the
region to support access to finance for under-served segments of the population,”
said Ghada Teima, Access to Finance Manager, IFC Advisory Services in Latin
America and the Caribbean. “We have been working with our partners to
build institutional capacity and resilience to the financial crisis by
mitigating risks and managing healthy growth."
The training is part of a program developed
by the Global Risk Management and Corporate Governance department within
IFC’s Advisory Services to help financial institutions in emerging markets
improve their internal policies and procedures related to risk and governance.
Since early 2009, 118 risk management trainings and conferences have been
held in 36 countries across all IFC regions.
The program offers instruction in a
comprehensive set of risk management practice areas, including risk governance,
market risk, liquidity risk, credit risk, operational risk, asset liability
management, and capital adequacy. This draws on lessons from the 2008 global
financial crisis that all of these risk areas are interconnected, and one
type of risk can transform into another – critical insights IFC’s Advisory
Services hopes to impart on financial institutions in the Caribbean and
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.