Baku, Fineko/abc.az. The Association of Risk Professionals of Azerbaijan (ARPA) in collaboration with Global Association of Risk Professionals (GARP) is preparing to conduct the first conference of its Board of Guardians (BoG).

ARPA president and founder Rufat Mahmud says that the current work with governmental agencies aims to make their reps the BoG members.

“Those 8 people we offered for participation in the BoG have already confirmed their readiness to work in it. The first session can take place until the end of November,” Makhmud said.

The Board of Guardians is headed by Rashad Orujev, department director of the Central Bank of Azerbaijan (CBA).

The BoG also composes deputy chairman of board of the International Bank of Azerbaijan Emil Mammadov, Islamic Development Bank’s representative Tamerlan Tagiyev, head of the Azerenerji Investment Department Rafael Abbasov. ARPA also invited reps of other banks and international organizations for participation.

At primary stage the Association will have 10 trustees, but this figure is not restricted.

Earlier the International Financial Corporation (IFC) prepared for ARPA the regulative documents on BoG.

Besides, the Association and GARP have already conducted exams for listeners of GARP risk management training courses for financial sector.

From 14 July to 22 September GARP and ARPA with support of the Central Bank of Azerbaijan are to conduct courses designed for domestic banks’ risk management specialists.

GARP organizes such a course on the CIS area for the first time. Besides, the course will be delivered first time not in English, but in the state language. Following the results of it, the specialists pass? successfully will receive a certificate meeting international standards. The specialists of all bank of the country are attracted to take part in the courses.

Association’s earlier-conducted monitoring revealed quite modest level of risk management specialists in Azerbaijani banks if to compare to the international standards.

ARPA also plans to hold similar courses for leasing and insurance companies and for energy sector of the country as well.

The plans include development of curriculum to teach specialists for risk management in higher education establishments. A career centre and database about certificated specialists for risk management are planned to be set up.

ARPA was established May 2009. The major direction of Organization’s activity is improvement of the level of knowledge of financial institutions and companies on risk management.

The Association has already launched co-operation with the International Finance Corporation (IFC), CBA and GARP.

GARP certification (licensing) of risk managers is planned to be conducted in the future as well.

19.10.2009 10:10