For the first time in Lebanon, the Institute of International Finance IIF holds, in cooperation with the Association of Banks in Lebanon, its Executive Program on Risk Management, What we have learned, at Movenpick hotel in Beirut on 15-18 March, 2010. Twelve countries are represented in this conference, which was launched by the Chairman of the Association of Banks in Lebanon, Dr. Joseph Torbey, Dr. Georges Abed, Senior Counsellor and Director of the Africa/Middle East Department at the IIF and previous Governor of the Palestinian Central Bank, and Dr. Makram Sader, Secretary General of the Association of Banks in Lebanon.

Dr. Joseph Torbey said in his opening speech: “The turbulence situation underscored the dire need to revamp new techniques for supervision and risk management of large, complex and internationally active institutions, primarily to those who had a direct hand in the eruption of the crisis……………..What really caused the worldwide financial crisis, is not only insufficient or deficient regulations or control policies:  the responsibilities also lie heavily on the shoulders of those “players” and “market makers” who demonstrated greed for easy money, and lacked clear vision for sustainable growth and development  ………. As a conclusion, a wise risk management is an essential element in banking and financial institutions practices, one that constitutes the very foundations of growth, stability, and sustainable development of banks and economies.”