Consolidated Supervision And Risk Assessment Very Important For Financial Stability: Central Bank

05.09.2011 22:01
Consolidated Supervision And Risk Assessment Very Important For Financial Stability: Central Bank

YEREVAN, September 5. / ARKA /. Consolidated supervision and financial sector risk assessment is very important for ensuring financial stability in Armenia and creation of a potential for withstanding new financial crises, Vahe Vardanian, head of financial stability and development department of the Central Bank of Armenia said at a regional seminar organized by the Central Bank of Armenia together with the U.S. Federal Reserve in Yerevan.

The Central Bank said in a statement posted on its official website that during the seminar American experts spoke about corporate risk management and oversight, risk classification and information obtaining mechanisms as well as about building risk assessment system in organizations and consolidated assessment of organizations.

"The situation at global financial markets in recent months forces organizations to create mechanisms, which include risk assessment and supervision," Robert Walker, a senior financial analyst at the Federal Reserve System, said. According to him, this makes development and introduction of tools for the prevention of risks in different financial sectors extremely important.

The regional seminar, held 29 August - 2 September was organized by the Central Bank of Armenia jointly with the U.S. Federal Reserve System and was attended by about 30 specialists from Armenia, Russia, Lithuania, Czech Republic, Lebanon, Tajikistan, Kyrgyzstan and Kazakhstan. -0-


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