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

Today IFC signed cooperation agreements with two local partners, the International Accounting and Business Center and the Financial Banking College Foundation, to jointly implement the Risk Management Certification Program in Armenia. 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 (GARP), a globally recognized leader in financial risk testing and certification programs, and educational and training activities.

“This is the first risk management program in Armenia 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 partners in Armenia 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 (OeEB).

Since Armenia became a member of IFC in 1995, IFC has invested $110 million in 24 projects across the industry spectrum including financial markets, general manufacturing, energy, mining and chemicals. IFC Advisory Services provide advice through projects focusing on the financial sector, sustainable energy, and regulatory simplification.