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(International Finance Corporation) - IFC, a member of the World Bank Group, has established a Financial Markets Recovery Project to improve Indonesian bank directors’ financial risk governance skills, through the Global Corporate Governance Forum.

The project is carried out in cooperation with the Indonesian Institute for Corporate Directorship and Perbanas, the Indonesian bank association.

The project will be based on the Global Corporate Governance Forums Board Leadership Training Resources and will use the Forum’s international experience in bank risk governance. The training in Indonesia is designed specifically to equip bank directors with a full understanding of and responses to all aspects of financial, regulatory, and legal risks affecting banking institutions.  

“Our objective is to help improve bank directors’ performance and, thereby, mitigate and prevent a future crisis like that of the past two years, in which governance failures played a key role,” said Gene Spiro, Senior Project Officer, IFC Global Corporate Governance Forum. “The combination of the governance content of our product and its innovative mode of delivery – using the most current adult education techniques – should serve Indonesia’s banking sector well.”

The Indonesia Institute for Corporate Directorship, working closely with the Forum on the rollout of the materials in Indonesia, will ensure that the training will be tailored to the local conditions in the Indonesian banking sector and economy, including the legal and regulatory environment. The materials are designed to be introduced first through a training-of-trainers program, and then through an intensive bank director training program to be lead by the Indonesian Institute for Corporate Directorship.  

In the future, the Institute will work with the Global Corporate Governance Forum to introduce this project also in other countries throughout East Asia.

Perbanas will provide critical support to the project by securing the participation of Indonesia’s financial community, including bankers, regulators, financial markets experts and corporate governance leaders.

The Financial Markets Recovery Project in Indonesia is supported by the Swiss Office for Economic Cooperation.

For the release, visit:  http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/862F73E9E7C577228525776E00514D6F?OpenDocument