Ernst & Young to Assist Bank Standard to Manage Credit Risks

Business Materials 29 February 2008 12:25 (UTC +04:00)

Azerbaijan, Baku, 29 February / Trend / The framework agreement to receive qualified consultative services on risk-management was signed by the auditory company Ernst & Young.

Under the signed document, the work on credit risks management by Bank Standard was launched. Within its framework the assessment of the current model of credit risks management will initially be held. The analysis of the credit policy of the bank, used methodology of credit assessment and the model of credit rating accepted by bank will be implemented.

Models, methodology and procedures on credit risk management, developed by consultants, will be introduced after the training for staff.

Javid Guliyev, the Bank Standard deputy manager, stated that as a result of the cooperation with Ernst & Young the bank model of risks management would meet international standards.

By introducing foreign experience on risk-management the bank aims to keep financial risks within the framework of approved limits.

Ernst & Young is one of the leading world companies on audit and consultative services.