IFC risk management directors wrestle with strong dollar

A strong dollar, weakness in emerging markets and a downturn in commodities caused the International Finance Corporation’s net income to plummet during the year to June. But Avi Hofman and Frank Taverner, its co-directors of corporate portfolio and risk management, remain unperturbed

Avi Hofman (left) and Frank Taverner, International Finance Corporation

In some ways, the Washington, DC-based International Finance Corporation (IFC) is unique. Founded in 1956, the IFC offers investment, advisory and asset management services aimed at promoting the development of the private sector in developing countries. A member of the World Bank Group, it is owned by 184 member countries and has the ability to raise its own debt on global capital markets.

But when it comes to risk, the IFC faces many of the same problems enveloping other organisations – in

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