OREANDA-NEWS. August 27, 2009. The national power operator Azerenerji OJSC is ready to raise the resources of The Association of Risk Professionals of Azerbaijan (ARPA) to create  corporate system of risk management.

Rufat Makhmud, the president and founder of the Association reports that preliminary consultations with chief of investment department of Azerenerji Raphael Abbasov already took place.

"Probably, we will cooperate for creation of the risk management system in a power company,” R.Makhmud said.

Earlier, ARPA prepared to expand its cooperation with Global Association of Risk Professionals (GARP) outside of financial sector.

In particular, on the basis of the available GARP training methods of risk management for energy companies, ARPA plans to organize trainings for energy sector,

Since 14th July GARP and ARPA will launch 10-week courses designed for risk management specialists under support of the Central Bank of Azerbaijan.

This course is the first on the CIS area, and for the first time it will be held not in English, but in the state language. Those passing the course successfully will be awarded international certificates.

Specialists of all the banks are invited to pass the courses.

The courses are required since the ARPA monitoring discovered a modest level of risk management specialists if to compare to the international standards.

ARPA plans to hold similar courses for leasing and insurance companies of the country as well.

ARPA was created in May 2009. The major direction of organization’s activity is improvement of the level of knowledge of financial institutions and companies on risk management.

The Association has already launched co-operation with the International Finance Corporation (IFC), Central Bank of Azerbaijan (CBA) and Global Association of Risk Professionals (GARP).

Certification (licensing) of risk managers is planned to be conducted in the future as well.