DUSHANBE, November 9, 2011, Asia-Plus — International Finance Corporation (IFC) jointly with the Global Association of Risk Professionals (GARP) will help Tajik banks and microfinance institutions become more sustainable and offer greater financial products and services by strengthening their risk management capacity and practices, Ms. Zarrina Odinayeva, manager of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure (ACAFI) project in Tajikistan, announced at a news conference in Dushanbe on November 9.
She reminded that IFC and GARP signed an agreement to develop a formal risk management education and certification program that will be implemented for the first time in nine post-Soviet countries including Armenia, Azerbaijan, Georgia, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine and Uzbekistan. “The program is dedicated to train employees from local financial institutions to reduce vulnerabilities of local institutions to future financial shocks,” Ms. Odinayeva noted.
IFC has reportedly selected and engaged partner-organizations in each country to provide on-site trainings and review classes. “The program will help participants identify and mitigate financial risks such as credit, market, and operational risks,” said Odinayeva, “IFC is helping build the capacity of financial intermediaries to better manage risk.”
According to her, 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 will allow strengthening 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.
