IFC Launches Risk Management Certification to Strengthen the Financial Sector in Georgia

IFC, a member of the World Bank Group, is helping strengthen the financial sector in Georgia by launching a formal risk management education and certification program to enable financial sector employees to enhance their risk management skills.

Today IFC signed a cooperation agreement with Georgian Banking Training Center to jointly implement the Risk Management Certification Program in Georgia. The program focuses on training financial sector employees in risk management methodology, governance structure for management of risks in banks, and providing an overview of globally accepted standards and concepts in these areas to help them identify and mitigate financial risks.

The program is organized in partnership with the Global Association of Risk Professionals, a globally recognized leader in financial risk testing and certification programs, and educational and training activities.

“This is the first risk management program in Georgia developed in partnership with the Global Association of Risk Professionals, a globally recognized membership association for risk managers,” said Thomas Lubeck, IFC Regional Head for the Caucasus. “We welcome our local partner in Georgia and hope that our cooperation will strengthen the capacity of local banks and financial institutions in order to reduce their vulnerability to future financial downturns.”

The program will start by training the local partners. Equipped with relevant skills and knowledge, the local partners will then be able to train staff of local banks and financial institutions during the second phase of the program.

The training is organized in the scope of IFC’s Financial Crisis Response Program in Europe and Central Asia, which was launched in 2009 in partnership with the Development Bank of Austria.

IFC’s cumulative investments in Georgia since 1995 total nearly $500 million in 36 projects across a variety of sectors. Through its Advisory Services, IFC is working towards reform of Georgia’s tax system to benefit small businesses, and is also helping raise food safety standards. Georgia has been a member of IFC since 1995.