OREANDA-NEWS. October 22, 2014. FBK Department of Bank Audit and Consulting together with the University under the Russian Federation Government launched a course of lectures for the staff of the Central Bank of the Russian Federation.

The course of lectures is devoted to studying the system of risk management of financial organizations with taking into consideration the international experience and it is aimed at the improvement of quality of the country financial system performance and sustainability.

The CB staff will learn about the specifics of assessment and minimization of the basic risk categories, their impact on the bank operation under the current economic conditions.

FBK experts Mikhail Korneyev, Mikhail Chizhov and Alexey Terekhov, Director of Department of Audit and Consulting Services to Financial Institutions will tell them about the traditional for the bank system market, credit and currency risks, about the risks related to the loss of business reputation and some others. Special attention in the course of the lectures will be given to newly emerged categories of risks, specifically, to the risk management in the payment systems.

“It is important to achieve the understanding of risk management so that any changes in the external environment, like the limitation of access to the capital markets, were assessed adequately and the ways were found to minimize or eliminate the risks,” remarked Alexey Terekhov. “We expect that the familiarity with the current international practice will allow the CB to improve the risk management system at the organizational and technical levels”.

The Central Bank of the Russian Federation (Bank of Russia) on behalf of the public authorities of the Russian Federation carries out the country’s monetary policy, issue of money, the functions of supervision and inspection of commercial banks, currency regulation and currency control, supervision and regulation of the stock and insurance market, as well as other supervisory and regulatory procedures connected with the functioning of the monetary system in Russia.