Extends $45,000 Grant to Run Professional Risk Program
Manama- The Human Resources Development Fund (HRDF), today received a $45,000 grant from Citi towards the implementation of the Professional Risk Manager (PRM) program, considered to be a global standard for risk professionals working in the financial industry.
Conducted by Bahrain Institute for Banking and Finance (BIBF), The PRM certification program was launched in Bahrain in December 2006 and is endorsed by leading universities and corporations in the risk management space.
The PRM certification is a rigorous set of four exams covering Finance Theory, Financial Markets and Financial Instruments; Mathematical Foundations of Risk Measurement; Risk Management Best Practices; Case Studies, Ethics and Governance. It addresses the shortage in Risk Management training at higher education institutes resulting in a skill gap in this field, as pointed out by a recent study conducted by Earnest & Young.
The HRDF is supervised by the Central bank of Bahrain and run by a board of top bankers in Bahrain. Its mission is to develop skills required in Bahrain's financial services industry. Citi's Grant will be used to support the execution of the PRM certificate over a 5-month period and will benefit those risk professionals at Bahrain-based banks and insurance companies wishing to improve their risk analysis skills.
Mayank Malik, Chief Executive Officer for Bahrain, added: "Our support for HRDF underscores Citi's commitment to educating local talent and supporting financial education in the Kingdom in line with the national goal of improving professional
skills of Bahrainis. It is crucial for financial sector professionals to receive the right training as they walk down their career path."
Murad Ali Murad, Chairman of Human Resources Development Fund, said: "Bahrain continuously requires well-trained professionals in order to ensure its leadership as a regional financial hub. Citi's gesture and active support for financial education in the Kingdom is very well appreciated as contributing to this goal."
Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
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About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com
About Citi Foundation
The Citi Foundation supports organizations that help people improve their lives, businesses to grow, and communities to prosper around the world. The Citi Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information can be found at http://www.citigroupfoundation.com
About Citi Financial Education Program
Based on the belief that knowledge is your greatest asset, the Citi Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citi's ten-year, $200 million global commitment is focused in three areas: Personal, Small Business and Institutional Financial Education. Additional information about Citi Financial Education Program, including Citi Foundation guidelines, links and resources and the Citi Financial Education Program Curriculum and Facilitator's Guide may be found at http://financialeducation.citigroup.com
In 2006 the Citi Foundation supported financial education programmes in 70 countries and territories by making 616 grants totalling (US$) 26 million to organisations like HRDF in Bahrain, Personal Finance Education Group in United Kingdom and Stiftung Lesen in Germany.
About HRDF
The Human Resources Development Fund was formally established on 6, July 2004 by Ministerial Order No. Nine of 2004 and Prime Ministerial Edict No. Twenty Four of 2004. A Board of Trustees of Eleven Directors is responsible for the Management of the Fund.The HRD Fund has been created as a major initiative to further develop skills required in Bahrain's financial services industry. The fund will be utilized for specific human resources development needs in the banking and finance sector in order to maintain Bahrain's position as a leading international banking and financial services centre. Financial institutions will benefit from this Fund as it will train and provide them with the correct skills and specializations uniquely required by their institution.
The HRD Fund is supervised by the Bahrain Central Bank where it receives its primary budget from. It also receives optional contributions from financial institutions in the Kingdom of Bahrain.
For further details, please contact:
Deema Murad
Public Affairs Officer
Citi
++973 17 588 644
deema.murad@citi.com
© Press Release 2007
