The Bahrain Institute of Banking and Finance (BIBF) has announced the signing of a MoU with the Global Association of Risk Professionals (GARP) for collaborating to market, train and certify young professionals in the area of risk management.

The MoU provides BIBF the exclusive rights to market and train eligible candidates in Bahrain for sitting GARP's Foundation of Banking Risk exam, a programme that is now being used extensively throughout the world.

Successful candidates will receive a joint certificate from BIBF and GARP.

Foundation of Banking Risk is an introductory level programme designed for a wide audience of financial services professionals, including new hires, accounting, internal audit, compliance, technology, operations, sales and risk-related staff.

'The BIBF is taking the lead in the GCC in ensuring that financial services industry staff at all levels in the organisation are able to identify and preliminarily assess the risks their institutions must face every day, an indispensable requirement in this time of massive uncertainty and volatility,' said GARP chief executive Richard Apostolik.

'Risk management, corporate governance and appropriate regulation are critical for the financial sector in meeting not only local market expectations but those of the international community,' said BIBF director Garry Muriwai.

'Many forums locally have espoused the requirements for excellence in these fields and so the alignment with GARP in offering their certification to the financial sector mirrors supports not only these expectations but also Bahrain's Economic Vision 2030.

'GARP itself as a world leader again showcases BIBF and its ability to canvass partnerships that will make a tangible difference to the Bahrain market,' he added.-TradeArabia News Service