OREANDA-NEWS. January 12, 2010. Rufat Makhmud, president and founder of the Association of Risk Professionals of Azerbaijan (ARPA), says that ERP system suggested by GARP is a new in global scale – it has been introduced only for the last two months.

“On the basis of our consultations with the Ministry of Industry & Energy of Azerbaijan, OJSC Azerenerji (national electric power operator) and the State Oil Company of Azerbaijan (SOCAR – national oil and gas operator) it was revealed great interest to introduction of risk management systems. But our potential partners would like to know more of the offered system. As a result, it was decided to arrange a roundtable to inform about ERP,” Makhmud said.

Terms of the upcoming roundtable have not been coordinated.

Azerenerji Investment Department’s head Rafael Abbasov has already become a member of the ARPA Board of Trustees.

From 14 July to 22 September GARP and ARPA with support of the Central Bank of Azerbaijan conducted 10-week courses for domestic banks’ risk management specialists.

ARPA was established 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 and GARP.

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