Tashkent, Uzbekistan (UzDaily.com) -- The Center for Research Problem of Privatization, Corporative Governance and Security Markets under the State Property Committee of the Republic of Uzbekistan, jointly with the International Finance Corporation (IFC), a member of the World Bank Group, the National Сenter of Training Specialists for New Markets and Tashkent State University of Economics, organized in Tashkent two-days seminar “Risk management and the Board of Directors” on 19-20 July 2011. The workshop drew more than 20 members of top management of enterprises of real and financial sectors of Uzbekistan.

IFC experts familiarized seminar’s participants with the international best practices of controlling and managing risks on enterprises. Acquired professional knowledge will help participants to better identify and mitigate risks, raising during operations of enterprises of real sector of economy.

We welcome initiative of IFC to conduct the seminar “Risk management and the Board of Directors” for the members of top management of enterprises of real and financial sectors of Uzbekistan. Seminar’s participants will receive in-depth professional knowledge to assess the risks and make appropriate decisions”, said Igor Butikov, Director of the Center for Research Problem of Privatization, Corporative Governance and Security Markets under the State Property Committee of the Republic of Uzbekistan.

“IFC is working to build good corporate governance within private companies worldwide”, added Zafar Khashimov, Country Officer, IFC Uzbekistan. “This seminar gives an opportunity to gain additional knowledge about a key aspect of corporate governance in real sector - risks and how to manage them”.

Besides, risk management in real sector of economy, IFC is implementing formal risk management education and certification in financial sector. Particularly, this 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, including Uzbekistan. GARP’s Foundations of Banking Risk course is being used in this program. This initiative is part of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI), funded by the government of Switzerland through SECO.