Global Association of Risk Professionals Beijing Risk Forum Highlights Importance of Organizational Risk Management

BEIJING, Feb. 4 /PRNewswire/ -- On January 27, the Global Association of Risk Professionals (GARP: www.garp.org) and the China Foundation for Development of Financial Education co-hosted the 2010 Beijing Risk Forum in Beijing.

At the forum, the Global Association of Risk Professionals awarded its "2009 China Risk Educator Award" to the Industrial and Commercial Bank of China in recognition of its efforts to create a culture of risk management and training of risk management professionals. This marks the first time GARP presented an outstanding risk education award. The Industrial and Commercial Bank of China has more than 400 financial risk management professionals, accounting for 15% of risk certificate holders in China and 40% in the four major state-owned commercial banks.

(Photo:  http://www.newscom.com/cgi-bin/prnh/20100204/NY49510 )

In addition to presenting the award, GARP President and CEO Richard Apostolik noted the increasing importance of risk management after the global financial crisis, and that training in risk awareness should not stop at the high-level of financial institutions, but rather penetrate to the lower levels as a "culture of risk awareness" throughout an entire organization. China Foundation for Development of Financial Education Chairman Wu Xiaoling, who was also present at the forum, stressed the importance of risk management education to the development of China's current financial sector.

"With the Chinese and global economies in various stages of recovery, risk management will play a proactive role in guiding financial firms through the dynamic, though still uncertain times ahead," said Richard Apostolik, GARP President and CEO. "Financial institutions are aware that to a certain extent, every employee is a risk manager at the micro level, and help to form a risk-conscious culture within the company."

GARP is the world leader in financial risk certification, education and training. Globally, there are more than 110,000 members in 167 countries, with the vast majority of the members from the central bank, securities regulation organizations, commercial banks, asset management companies, insurance companies, hedge funds, universities, and large companies engaged in risk management related work.

Currently in China, GARP has partnered up with the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and other state developed banks and organizations. Over 7,500 financial-related Chinese professionals have participated in GARP's International Certificate in Banking Risk and Regulation (ICBRR) program targeted towards the Chinese risk professionals. This year, approximately 20,000 Chinese financial practitioners have applied for the certification program. Based on the passing rate in the past, it is predicted that approximately 12,000 to 13,000 financial practitioners will obtain the ICBRR certification.

At present, China's financial institutions have fully recognized the importance of risk management and are committed to building more comprehensive risk systems and strengthening the education for risk management professionals.

About The Global Association of Risk Professionals

The Global Association of Risk Professionals (GARP) is a not-for-profit independent association of over 110,000 risk management practitioners and researchers representing banks, investment management firms, government agencies, academic institutions, and corporations from more than 167 countries worldwide.  It also administers the Financial Risk Manager (FRM®) certification recognized by financial risk professionals worldwide, and, in conjunction with the American Petroleum Institute, established the Energy Risk Professional (ERP™) certification.  As the leading professional association for risk managers, GARP's mission is to advance the risk profession through education, training and the promotion of best practices globally. www.garp.org.

About The China Foundation for Development of Financial Education

The China Foundation for Development of Financial Education is a social commonwealth organization with the approval from the People' Bank of China.  It was founded in June 1992 in the Great Hall of the People.  Its main responsibilities are to mobilize other organizations and individuals to donate, present advantages of social organizations, offer services according to demand, and promote the development of the Chinese financial education.  This fund mainly supports projects related to how to develop financial education.  http://www.cfdfe.cn

SOURCE Global Association of Risk Professionals (GARP)