Riyadh, Saudi Arabia, April 10, 2010
─IFC,a member of the World Bank Group, is training bank executives in Saudi Arabia to manage risk effectively, helping them navigate uncertainty in global financial markets, identify sustainable investments, and build a stronger banking sector in the country.
IFC, in cooperation with the Saudi Arabian Institute of Banking, is hosting a three-day workshop from April 10-12 in Riyadh for senior bank executives and other bank staff working in risk management. The workshop will cover topics including writing and documenting a bank risk strategy, creating bank governance structures, and identifying and mitigating risk.
This training builds on past efforts to raise awareness in Saudi Arabia about the importance of creating sustainable risk management practices within banks. Last year, IFC and the Institute of Banking held a conference on managing risk during the financial crisis, which has underlined the importance of risk management and sustainable finance.
Walid Almurshed, IFC Senior Country Officer for Saudi Arabia, said, “One of the lessons learned from this crisis is the importance of having in place strong banking practices and structures. Implementing strong risk management systems will enable banks to grow and be better prepared to withstand changing economic conditions."
IFC works closely with banks across the Middle East and North Africa to help structure robust risk management systems and train bank staff on risk management. IFC has supported risk management conferences in other regional countries including Afghanistan, Egypt, Saudi Arabia, and Yemen, helping strengthen banking practices in these markets.
IFC is the largest international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD
,
it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting stronger banking systems in the Middle East and North Africa.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
