20 May 2012

BIBF, the leading provider of training, education and professional development programs for the financial services industry in the Middle East is happy to announce the signing of a Memorandum of Understanding (MoU) with GARP for collaborating to market, train and certify young professionals in the area of risk management. GARP is the globally recognized membership association for risk managers and the world leader in financial risk testing and certification programs. The MoU provides BIBF the exclusive rights to market to and train eligible candidates in Bahrain for sitting GARP's Foundation of Banking Risk exam, a program that is now being used extensively throughout the world. Successful candidates will receive a joint certificate from BIBF and GARP. Foundation of Banking Risk (FBR) is an introductory level program designed for a wide audience of financial services professionals, including new hires, accounting, internal audit, compliance, technology, operations, sales and risk-related staff. The program covers how banks operate, and how they're governed and regulated. Participants will learn the basics about the primary risks banks take -- credit, market and operational -- and how international regulation, including the Basel Accords, affect the management of these risks. BIBF's first cohort of FBR students is currently comprised of University of Wales Validated Diploma program students who are simultaneously pursuing their academic degree and professional qualifications. Many of the world's leading global banks and financial institutions use Foundations of Banking Risk as part of their professional development curriculum. Face to face class room based training for four months on a part time basis is complemented by e-learning from GARP culminating in a final on-line assessment administered in BIBF.

"GARP is happy and honored to enter into this relationship with the BIBF", said Richard Apostolik, GARP's President and CEO. "The BIBF is taking the lead in the GCC in ensuring that financial services industry staff at all levels in the organization are able to identify and preliminarily access the risks their institutions must face every day, an indispensible requirement in this time of massive uncertainty and volatility".

Garry Muriwai, BIBF Director, commented "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. 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 2030 vision. 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."

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