Azerbaijan, Baku, Oct. 21 /Trend, A.Badalova/
International Finance Corporation (IFC) IFC conducted three-day review classes on the fundamentals of financial risk this week in Bishkek, IFC reported.
The three-day classes, which are the part of the first round of the Risk Certification Program implementation, focused on risk-management methodologies, governance structures for the management of risk in financial institutions, and an overview of globally accepted standards and concepts in these areas.
The program is organized in partnership with the Global Association of Risk Professionals.
Over 20 participants from the National Bank of the Kyrgyz Republic, commercial banks, and microfinance organizations joined the classes.
IFC provides financial risk-management training to institutions in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan, helping them to reduce their risk of losses.
In September the review classes were held in Azerbaijan in September. It is expected to hold them in Tajikistan in late October, and in Uzbekistan in November.
This training initiative is part of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, and the IFC Financial Markets Crisis Management Project, which are funded by Austria, Finland, the Netherlands, and Switzerland.
According to IFC Regional Business Line Manager, Rolf Behrndt, IFC's Risk Certification Program provides local banks and microfinance institutions access to globally acknowledged financial risk-management concepts and standards.
IFC - a member of the World Bank Group - is the largest global development institution focused exclusively on the private sector. The Corporation helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.