Financial Services Volunteer Corps
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Transcript of Financial Services Volunteer Corps
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Financial Services Volunteer Corps
WEF Financing for Development Workshop
Private Sector Governance Training : Can a Global Corps of Financial Experts Help??
Hong Kong
March 15, 2005
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FSVC’s Mission
To help build the sound financial infrastructure required by countries seeking to develop transparent, market-oriented economies.
• A functioning banking system is a prerequisite for a successful market economy
• Strong and healthy banking systems are essential to fostering sustained economic growth and creating jobs
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Brief History • Founded in 1990 at Bush 41 presidential request
by John Whitehead and Cyrus Vance
• Has engaged over 5,500 voluntary experts from the financial, legal and regulatory communities on over 1,500 programs since inception
• Has reached over 30,000 counterparts in 30 countries
• Has delivered over $155 million in technical assistance by leveraging the pro-bono service of volunteers -- more than double the amount of U.S. Government and private grants to FSVC
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Our Status
• Private-public sector partnership
• US registered Not-for-profit organization
• Provider of unbiased, expert advice • Use active financial, legal and regulatory
professionals serving as volunteers
• Able to give timely input on specialized issues, generally through short-term technical assistance or training programs
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Current FSVC Operations
• During 2004, FSVC delivered 149 programs in 20 countries
• Current offices in 12 countries: -Afghanistan
-Albania-Bosnia and Herzegovina-Croatia-Egypt-India-Indonesia-Jordan-Macedonia
-Morocco-Russia-United States
• Full-time staff of 59: -34 in New York & Washington
-25 Overseas
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Core Competencies
Central Banking
Commercial Banking
Small and Medium Enterprise Lending
Banking / Financial Legislation
Anti-Money Laundering
Corporate Governance
Payments System Development
Audit & Accounting Issues, including MIS and IT
Pension / Insurance Reform
Capital Markets
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Typical Program Structures
Out-of-Country Projects
• Legal commentary
• Working visits to counterpart financial institutions and regulatory authorities
• Training programs for officialsfrom client institutions
• Internships with US financial institutions
In-Country Projects
• Advice at policy level, including legislative reviews or sector assessments
• On-site technical consultations
• Workshops/roundtable discussions
• Customized training programs for officials/staff from client institutions
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Representative US Organizations that Provide Volunteers
• Bank of America• Citigroup• JP Morgan• Wachovia • BB&T • Union Planters Bank• Union Bank of California
• Independent Community Bankers of America
• Tennessee Bankers Association
• Depository Trust Corporation• New York Stock Exchange
• Alston & Bird• Bingham McCutcheon• Shearman & Sterling• Simpson, Thatcher & Bartlett • White & Case
• Federal Reserve System• Federal Deposit Insurance Corporation• Office of the Comptroller of the Currency• US Securities & Exchange Commission
• Association of Certified Anti-Money Laundering Specialist
• Global Association of Risk Professionals
Over 150 corporations and organizations have provided FSVC with volunteers in 2004
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International Organizations that Recently Provided Volunteers
• World Bank• European Central Bank• National Bank of Poland• Bank of Italy• Monetary Authority of Singapore• Financial Intelligence Unit of the Thai Government
• UBS CSFB Allen & Overy
• Hungarian Pension Association• Bombay Stock Exchange• London Stock Exchange / AIM • Canadian Stock Exchange (Vancouver and Toronto)
About 20-25% of FSVC’s volunteers now come from European or non-American sources
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Recent Training Projects
• Internal Audit for the MoF, Afghanistan– KPMG International volunteers– Bahrain Institute of Banking and Finance
• Russian Banker Conference– Association of Russian Regional Banks– RusRatings– US Federal Reserve, FDIC and Treasury
• Indonesian Broker Dealer Training on AML– US investment bank compliance officer– Canadian Stock exchange official – Indonesian government (Bapepam)
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Upcoming Projects
• Russian and Ukraine banker training & internship courses (June 2005)
• Indian workshops on best SME practices including lending techniques (May and June 2005)
• SME lending seminar in Jordan in conjunction with the Arab Academy (late May 2005)
• Joint workshops with Financial Stability Institute, BIS in Middle East
• SME lender training under US government guarantee scheme, Kabul, Afghanistan (May & June 2005)
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Current FSVC Funding Sources
• Government Grant Funding under USAID and US Department of State grants
• Private Foundation funding (Citigroup, Carnegie)
• Direct projects paid for by client counterparts on a cost-plus basis , generally for customized training
• Multi-lateral Institution project funding (one-off)
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Sustainability Issues
• Official bi-lateral or multi-lateral funding sources tends to be geographically oriented or defined, not by issues or policy initiatives
• Voluntary advisory or training modality is not always price competitive with full time residential advisors
• NGO’s or voluntary associations are disadvantaged under the competitive bid processes of multi-lateral agencies for consulting services
• Local counterparts (banking associations and training facilities are chronically underfunded by their own governments and not required to partner for international best standards and practical training
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John C. Whitehead Co-Chairman
Paul A. Volcker Co-Chairman
John L. Walker President
J. Andrew Spindler Executive Director
For more information, please contact:
Betsey WoodSenior Managing [email protected]
Board of Directors and Management
Financial Services Volunteer Corps800 Third Avenue, 11th FloorNew York, NY 10022Telephone: (212) 771-1400Fax: (212)771-1463www.fsvc.org