DED, Global Association of Risk Professionals to set up Risk Academy in Dubai

The Academy will provide financial risk management services and consultations to the region's banking sector and financial institutions, and help build a culture of risk awareness in the industry via a series of training and certification programs overseen by internationally-respected academics and industry practitioners.

The Academy will offer GARP's International Certificate in Banking Risk and Regulation (CBRR) program in the Middle East, and is expected to contribute significantly to regional economies and businesses.

The MoU was signed by Mr. Ali Ibrahim, Deputy Director General for Executive Affairs at DED, and Mr. Richard Apostolik, President and CEO of GARP, at a reception held today at the Sheraton Creek Hotel, Dubai. Senior representatives from the government, banking and financial sectors and institutions attended the reception.

"The Risk Academy will contribute directly to the economies and the business of the emirate as it will usher in an era of greater economic growth through better financial risk management," said Ali Ibrahim.

"The academy will be dedicated to the advancement of the risk profession through education, training and the promotion of best practices globally."

Richard Apostolik, CEO of GARP, said: "GARP is excited about establishing a strong presence in the Middle East and rolling out its portfolio of training courses and services to help banks and financial institutions intelligently and fairly assess financial risk. GARP works on expanding the visibility and increasing recognition of the global risk management community."

The Institute for Financial Analysts (IFA), a company specialised in offering training courses such as CFA, FRM, CVA among many others, will be responsible for providing qualified and skilled academic staff for all courses, ensuring the quality and relevancy of materials used, said Dr. Assem Safieddine, IFA Managing Director. "IFA has specialised training courses on finance and banking all over the Middle East region."

"The Risk Academy plans to bring to the region world-class offerings and GARP's traditional customer focus," added Mr. Ali Ibrahim. The initiative, he added, is part of DED's vision to implement the Dubai Strategic Plan for 2015. The Plan calls for the development of human capital in the emirate, and the Risk Academy aims to develop human capital in the financial and banking sector.

The first CBRR workshop on risk measurement, supervision and disclosure will be held from November 18 - 22 and November 25 - 29, 2007. Six such workshops will be held during the next 12 months. All 'The Risk Academy' courses are open to members of the region's financial and banking sectors.