Baku, Azerbaijan, Nov. 14
By Sara Israfilbekova – Trend:
It is necessary to create a mechanism of tight risk management control in Azerbaijan, Executive Director of the Azerbaijan Accountants and Risk Professionals Association (ARPA) Ali Bayramov told Trend Nov. 14.
In his opinion, the steps taken in the country in risk management cannot be considered satisfactory. He noted the importance of making appropriate changes to legislation.
In particular, Bayramov added that Azerbaijani banks didn't immediately introduce risk management in their operations.
"Because of this, during devaluation of the manat [in February and December 2015], banks suffered serious losses, although they could avoid the risks by taking the necessary measures in time."
However, he noted that even despite the past experience, today, not all banks apply the risk management principles.
In order to improve risk management in local companies, he continued, ARPA conducts regular training and seminars, open days and round table meetings.
“We also periodically send our proposals to appropriate agencies and conduct large-scale educational work. A risk management committee functions under our organization and is constantly working to fill the gaps in this area,” he said.
