The seminar drew more than 20 representatives from training centers, educational organizations and other interested parties. In March, IFC and Global Association of Risk Professionals (GARP) concluded an agreement to develop a formal risk management education and certification program to be implemented in nine countries of the Commonwealth of Independent States: Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, Russia, Tajikistan, Ukraine and Uzbekistan. GARP’s Foundations of Banking Risk course is being used in this program.

The program will bring fundamental understanding of risks and the mechanism of its management, and is implemented by the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI) and the IFC Financial Markets Crisis Management Project, funded by the governments of Switzerland, Austria, Finland and the Netherlands.

“The need of formal risk management education and certification program is great, and this is a first of its kind solution”, said Arif Nasibov, ACAFI Project Officer in Uzbekistan.

The program applies to employees in accounting, auditing, IT departments and other specialists of finance organizations. It will help them to better define and mitigate financial risks in the banking and microfinance sectors of Uzbekistan.

The program will be realized in two rounds. During the first round, IFC will select and conclude cooperation agreements with several organizations of Uzbekistan. Based on these agreements, trainers from selected organizations will receive professional knowledge on formal risk management education and certification program. In the framework of the second round, certified trainers will provide then risk management education and certification on Foundations of Banking Risk program to other specialists of finance organizations.