Azerbaijan, Baku, June 20 / Trend , N. Ismayilova/
The first meeting of the Supervisory Board of Azerbaijani Association of Professional Risk Managers will take place in August, founder and head of the association Rufat Mahmud said.
"First meeting of the board will be held in mid or late August. A forum and presentation of association's activities will be held as a part of the meeting," Mahmud said.
Mahmud said the association receives technical assistance from IFC.
"The Association is preparing the regulations and structure in the Anglo-Saxon form," he said.
Once supervisory board is established and association's strategy is defined, it will admit new companies. Number of members of the association will not be limited and the Azerbaijani banks have already expressed interest in membership.
Association of Risk Managers of Azerbaijan was granted registration in May 2009. The establishment of association will help reduce risks in financial sector. The Association has already begun to cooperate with the International Finance Corporation (IFC) and the Central Bank and GARP.
We have begun testing employees of the bank and analysis is underway into results for the subsequent certification.
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