IIF and the Global Association of Risk Professionals Jointly Launch Special Programs on Risk Governance for Boards of Directors in the Financial Industry

WASHINGTON - The Institute of International Finance (IIF) and the Global Association of Risk Professionals (GARP) are leveraging their respective strengths to jointly launch a program on “Risk Governance for Boards of Directors in the Financial Industry.” Strengthening the board’s role in the understanding of risk governance is an essential element in efforts to draw lessons from the financial crisis and implement reforms.

GARP emphasized that the program is a valuable tool to further its commitment to the advancement of both the risk management profession and professionals in the financial industry, and a timely response to the current crisis and consequent challenges in the risk management environment. The IIF noted that this professional development program contributes to the implementation of the principles and recommendations on the roles of boards of directors in the Final Report of the IIF Committee on Market Best Practices(1), July 2008.

Mr. Charles Dallara, IIF Managing Director, said, “We are witnessing many firms across the world moving forward to implement the recommendations in the Final Report. This program for boards of directors is part of a broad strategy to assist firms raising the bar in line with market best practices. We are delighted to work with GARP given its risk management expertise and its long tradition in delivering high-quality specialized training.”

Mr. Richard Apostolik, President and CEO, Global Association of Risk Professionals added, “The ultimate goal of the IIF-GARP Program is to ensure that Boards can engage in effective dialogue with company executives and day-to-day risk management functions, and provide the knowledgeable oversight that is essential to their purpose. It represents a true convergence of IIF and GARP interests in promoting sound risk management practices globally.”

Dr. Abdessatar Ouanes, IIF Director of Professional Development and Mr. Jaidev Iyer, Managing Director of Global Business Development at GARP worked together to create this partnership. In a joint statement, they said, “The IIF-GARP initiative offers firm-specific programs at the Board level, which include senior executives engaged in all aspects of risk management. These one-day programs will be tailored to the specific needs and risks embedded in the firm. One key take-away will be a dashboard tool that will help guide board members in the fulfillment of their risk management oversight.”

About IIF

The Institute of International Finance, Inc. (IIF) is the leading global association of financial services firms with over 360 members in 70 countries. The IIF’s main activities and services are: (a) to provide high-quality, timely, and impartial analysis and research to members; (b) to develop and advance representative views and constructive proposals that influence the public debate on particular policy proposals; (c) to provide a network for members to exchange views and offer opportunities for effective dialogue; and (d) to support education and training efforts of members in priority areas. www.iif.com

About GARP

The Global Association of Risk Professionals (GARP) is an association of nearly 100,000 risk management practitioners and researchers representing banks, investment management firms, government agencies, regulatory agencies, academic institutions, and corporations from more than 167 countries worldwide. GARP aims at leadership in setting practice-driven standards in financial risk management through education and certification programs on a truly global platform. GARP administers the FRM (Financial Risk Manager) program, the certification recognized by financial professionals worldwide. www.garp.com

(1) Final Report of the IIF Committee on Market Best Practices: Principles of Conduct and Best Practice Recommendations. Financial Services Industry Response to the Market Turmoil of 2007-2008. July 17, 2008.

IIF Media Contact: Frank Vogl, Tel: US +1-202-331-8183 e-mail: voglcom@gmail.com GARP Media Contact: Debra Berliner: dberliner@schwartz.com or Carl Hymans: carlh@schwartz.com

Source: Global Association of Risk Professionals

IIF Media, Frank Vogl, +1-202-331-8183, voglcom at gmail.com; or GARP Media, Debra Berliner, dberliner at schwartz.com or Carl Hymans, carlh at schwartz.com