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Certified Risk Management & Credit Analyst

Program for Certification in Risk Management & Credit Analyst (International Program for Certified Risk Manager & Credit Analyst) covers the most relevant topics in the field of management of the most important risk categories that financial institutions face in their operations (credit, market, liquid, and operational risk). Of course, the program will include other risks such as legal, reputational, strategic and profitability risks. Special attention will be paid to the so-called integrated risk management (ERM).

The main goal of the training is to strengthen the analytical skills and practical skills of the participants. Through a structured and systematic approach to the analysis of the company and its environment to enable the adoption of proper creditworthiness assessment, which is of particular importance for maintaining the quality level of banks’ loan portfolio and ultimately maintaining the financial stability of the banking system as a whole.

The program is an integrated approach to combining theory, practical skills and international practice in order to improve the competencies of the participants in the procedure of making credit analysis and interpretation of the results. Namely, the most important topics of the program are: practices, procedures and techniques in banks related to the credit process; international regulation; risk management and environmental analysis, especially macroeconomics. The most important focus is on the financial analysis of companies, due to its key role in credit decision making and customer monitoring.

Note: Level 3 training (CRM & CA3) is conducted by top lecturers from the renowned company MOODY’S ANALYTICS from the United States, in e-classrooms through online live instruction (ZOOM.US)

Registration Fee is included in the total fee of the program

Program structure

Level 1

Executive Certification in Risk Management & Credit Analyst, Level 1

  1. Characteristics of the banking sector and the credit process Risk management – a fundamental concept Profession Risk Manager
  2. Framework of risk management and risk types
  3. Basics of Credit Risk & Parameters risk
  4. Credit policy & Credit Risk Management
    Credit function and analyze the creditworthiness
  5. The Role of the credit analysis and the credit office
  6. Basics of market risk (currency, liquidity and interest rate risk)
  7. Other non-financial risks (reputational, strategic, profitability and capital)
  8. Balance Sheet
  9. Income Statement
  10. Analysis of cash flows
  11. Techniques for analyzing the financial statements
  12. Qualitative factors as part of the credit analysis
    Case Study and mentoring

Level 2

Executive Certification in Risk Management & Credit Analys, Level 2

  1. Economic review Analysis of the industry and the competitiveness
  2. Credit risk – operational management
  3. Need for working capital and structuring credit
  4. Loans to micro and small companies
  5. Loans to medium-sized companies
  6. Project financing and syndicated loans
  7. Optimization of credit operations
  8. Cash flow projection
  9. Collateral management as an instrument for mitigation
  10. Credit risk measurement – asset classification & Distinguish between transactional risk and client risk (solvency)
  11. Scoring systems as a tool for credit risk management in banks
  12. Monitoring of the credits and early warning indicators of the possibility of non-payment of the loan
  13. Accounting procedure for recording the transactions of companies
  14. Disclosure of quantitative and qualitative information in terms of risks within the financial statements under IFRS 7 (and IFRS 9)

Case study and Mentoring

Level 3

Executive Certification in Risk Management & Credit Analyst, Level 3

  1. Market risks (interest rate risk in the banking book)
  2. Liquidity risk и Basel 3 methods
  3. Operational Risk, Other non-credit risks & Risk of externalization
  4. 4.1. ICAAP – general framework components
    4.2. Integration and implementation of internal assessment of capital adequacy
  5. Stress-test analysis as a tool in the process of risk management
  6. 6.1. Problematic loans and collection of problem loans
    6.2. Regulatory treatment of non-performing and restructured claims
  7. Credit risk – Strategic management
  8. Relation of the risks and financial crises
  9. Credit function and risk management in the time of digitalization

Case study – loan proposal


1, World Expert, Mr. John J. Pappas, Senior Director Moody’s Analytics, USA / Canada
2. World Expert, MRs Marie Muldowney, Director of Moody’s Analytics, USA / Canada
3. Prof. Dr. Ivan Sverko, Head Of Risk Management at PBZ Invest – Zagreb and Institute for Business and Management HAJDELBERG – Skopje
4. Vladimir Davchev, Head of risk department, HALKBANK AD Skopje
6. Stefan Nikolic, MA, Executive Director of Cammeo Group, North Macedonia
7. Dejan Stamatov, Senior Risk Manager LENDICO ING Group, S.R. Germany
8. Aleksandra Mircovska, MA, Head of Department, Credit Analysis and Administration of Large, Medium and Small Enterprises in NLB Banka AD Skopje
9. Zlatko Nestoroski, MA, Head of CRM Department for Large Entities at NLB Banka AD Skopje
10. Dr. Marija Srebrenova Trendova, Head of the credit risk assessment and opinion department at Komercijalna Banka AD Skopje
11. Mihaela Atanasova Stoichovska, Assistant Manager at underwriting Division at Stopanska Banka AD Skopje

Guest portfolio – lecturers of online panel discussions:

12. Dr. Maja Stevkova Sterieva, Member of the Management Board of Komercijalna Banka AD Skopje and President of the Macedonian Banking Association
13. Toni Stojanovski, MA, Member of the Management Board in Stopanska Banka AD Skopje
14. prof. Dr. Evica Delova Jolevska, Director of the Internal Audit Department at the NBRSM, Supervision Department
15. Dr. Frosina Celeska, Deputy Director in the Directorate for Financial Stability and Banking Regulation at the NBRSM
16. Dr. Ilija Andovski, Directorate for Internal Supervision in the NBRSM
17. Bogoja Kitanchev, Head of the Risk Department in NLB AD Skopje
18. Lidija Sarafimova-Danevska, Senior Analyst at the NBRSM
19. Vesna Nencheva, Director of Risk Management Sector in Stopanska Banka AD Skopje
20. Mirko Avramovski, Director of Recovery Sector at Stopanska Banka AD Skopje
21. Igor Bislimovski, Responsible for the security of the IT system in Komercijalna Banka AD Skopje
22. Dr. Nikola Dzambazovski, Director of the Directorate for Management of Problematic Loans in Komercijalna Banka AD Skopje
23. Ilija Mircevski, Chief Credit Coordinator in the Business Credit Department at Komercijalna Banka AD Skopje
24. Goran Vasilevski, Head of Credit Analysis and Administration of Small and Micro Enterprises at NLB Bank AD Skopje
25. Ljupco Milosheski, Director of the Sector for Legal Affairs and Cabinet Management of the Management Board at Stopanska Banka AD Bitola, Director of the Legal Department and the Management Board
26. Donka Markovska, MA, Director of the Financial Management Department at NLB Banka AD Skopje, Division Manager (Financial Management Division)
27. Andrej Eftimov, Head of Service Documentation Service at NLB Bank AD Skopje
28. Prof. Dr. Zoran Kolev, TTK Bank AD Skopje, Commissioner (SEC)
29. Todorka Zhabeva, Chief Data Officer at NLB Banka AD Skopje


After completing the program, participants will be able to:

  • Appropriate understanding of the internal control environment and risk management in the financial sector;
  • Review and understanding of relevant methods for managing financial and non-financial risks;
  • Possession of necessary theoretical and practical “know -how “competence in the implementation of an appropriate framework of risk management;
  • Relieved understanding of current market developments and their impact on the financial condition of the macro and micro level, including internal financial implications;
  • Willingness to understand current and relevant regulatory requirements and its application in the daily operations of financial institutions in the field of risk management;
  • Through the application of a structured and systematic approach of client evaluation from the corporate sector, to describe and communicate the factors that influence its creditworthiness and ability to service its debt in the future;
  • Identify internal processes, procedures, and regulatory requirements for obtaining a proper valuation of loans;
  • Make a selection of qualitative and quantitative tools and develop in-depth analysis of the financial statements of the companies in terms of evaluation of their performance;
  • To select the results of overall macro and micro analysis, other business and the competition position of the client and decide on lending based on risk assessment and the ability to pay;
  • To predict key factors that affect the ability/probability of the customer to return the loan in the future and anticipate the possibility of creation of bad investments;
  • To know the techniques of structuring the market, evaluation of investment, evaluation of project financing and to understand the need for the documentary operations of banks;
  • To understand the impact of the credit decisions of management on the quality of the bank’s loan portfolio, the cost of the bank through provisioning and the need to protect capital shareholders.


Total hours:

  • 100

Teaching – location:  

  • Institute for Business and Management Heidelberg Skopje (N. Macedonia) / Heidelberg (Germany) or
  • ONLINE live learning platform from the ZOOM.US app

Lecture dynamics:

  • Twice a week


Frequently Asked Questions

You can make the payment directly with a credit card on the website itself when purchasing a seminar or training or by paying an invoice in several installments, and after a previously signed agreement.

In the certification programs can enroll anyone who wants to qualify or retrain for thechosen field in the certification programs. For that purpose, having a minimum of prior knowledge in the chosen field of each candidate is a facilitating circumstance in studying the programs. Namely, the programs, except for the postgraduate master studies, do not require prior formal higher education.

Pillar 1 – Seminars are held live with physical presence at a predetermined location and time. Seminars are also held live online through the ZOOM platform. For each organized seminar, the way, time and place of the event are certain in advance, which is published on the website.

Pillar 2 – E-learning, lectures are held online. The first category is live lectures through the online ZOOM platform, the second category is through recorded video materials (when you buy a certain program, you get access to the video you bought).

Pillar 3 – Executive Certification are held live with the physical presence of the group following the program, with a predetermined schedule for lectures.

NOTE: the lectures with several months of training programs are held after working hours, once or twice a week (for each training is explained in detail in the information of the program itself).

Lecturers of all programs are domestic and international practitioners with at least 10 years of work experience in the fields they teach. In each of the programs there are expert lecturers who are available for you to “use” their know-how.

Each listener receives materials in the form of presentations, exercises, excels, books, additional (video and audio) materials and directions where they can get more information on topics related to the lectures for anyone who wants to expand their study.

At the German higher education institution Heidelberg Institute for Business and Management in Skopje has accredited (in 2018) 4 academic programs for master studies, as follows:

  • – MBA in Finance & Controlling (60 ECTS)
  • – MBA in Finance & Controlling (120 ECTS)
  • – Business Data Governance & Business Informatics (60 ECTS)
  • – Business Data Governance & Business Informatics (120 ECTS)

Eligible to enroll are all graduate students – “Bachelor” for one-year programs of 60 ECTS, who previously acquired 240 ECTS, while for enrollment in two-year master programs of 120 ECTS, students with previously acquired 180 ECTS have the right to enroll.


  • – upon completion of the master’s program MBA in Finance & Controlling (60 or 120 ECTS) students gain prestigious international certifications (2 of the above 4):

Risk Management (EU Certificate according to European Banking Federation in Brussels)
Credit Analysis (EU Certificate according to European Banking Federation in Brussels)
Compliance (EU Certificate according to European Banking Federation in Brussels)
Certified Controller (German Diploma from Germany)

  • – Completion of the master’s program – Business Data Governance & Business Informatics (60 or 120 ECTS) students gain prestigious international certifications (2 of the above 4):

Certificate CISA / ISACA Certificate
BI & Big Data (German Diploma)
Digital Design Communication
Certification for Developers


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