About Andrew Cunningham

Andrew Cunningham advises clients on bank risk and regulation and on corporate governance. He has experience in both developed and emerging economies, and he has particular knowledge of Middle Eastern and Shari’ah-compliant finance.

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Since 2016, Andrew’s company, Darien Analytics, has held a contract with DEG, the German development finance bank, to consult and advise on DEG’s corporate governance work. Andrew has conducted six corporate governance assessments of DEG investee companies, sometimes as part of a wider due diligence exercise, and has often been hired by investee companies to help implement corporate governance improvement plans. His work for DEG has taken him to Senegal, Morocco, Bangladesh and Tanzania, among other places.

In August 2020, Andrew worked with CDC, the British development agency, as part of a Due Diligence exercise on an Asian company. Andrew’s role was to prepare a report on the company’s corporate governance policies, practices and procedures.

In September 2020, Andrew signed a contract with the European Bank for Reconstruction and Development to conduct Corporate Governance Assessments of companies in which the Bank was contemplating an investment.

As a consultant to the International Finance Corporation (IFC), Andrew has conducted 14 corporate governance assessments of banks and companies in the Middle East. He has also designed and delivered corporate governance training programmes for IFC clients and taught modules of the IFC’s Director Certification Programmes in Egypt, Jordan and Lebanon.

Since 2013, Andrew has been training analysts at the European Bank for Reconstruction and Development in Bank Credit Analysis and Advanced Bank Regulatory Capital Analysis. He began this work after partnering with the Global Association of Risk Professionals (GARP) and when that contracted expired, EBRD contracted with Andrew directly. In 2020, the Advanced course was redesigned so that it could be delivered remotely, over Zoom.

From 2014 until 2018, Andrew trained analysts at the European Investment Bank in Bank Analysis and Advanced Bank Analysis. In 2018, he was asked to develop a Banking Best Practices for EIB’s risk management division, its operations division and for the advisors to EIB’s Management Board. In 2020, he was asked to prepare and deliver a course on Capital Consumption and Planning for EIB’s Operations staff and on Banking Best Practices for EIB’s Internal Audit department. These 2020 courses were designed to be delivered over Webex.

In March 2020, Andrew joined a team of experts at the London Institute of Banking & Finance (LIBF) to deliver high-level training in French to government officials and senior bankers in Tunisia. Andrew’s focus was on governance, bank regulation, internal controls, and financial crime. Andrew prepared and delivered all the material in French. The courses were delivered over Zoom. As a result of this work, Andrew became an Accredited Trainer to LIBF.

Andrew has advised the Secretariat of the Bahrain-based General Council of Islamic Banks and Financial institutions (CIBAFI) on a range of issues and he wrote CIBAFI’s ‘Briefing’ papers on Risk Management and Compliance for Islamic Banks and on Corporate Governance for Islamic Banks. He has also worked for the Kuala Lumpur-based Islamic Financial Services Board, writing two of the Board’s guidance notes, and as a paid consultant to the International Islamic Liquidity Management Corporation.

In September 2013, Andrew re-launched Arab Banker, the annual magazine of the London Arab Bankers Association. The eighth edition appeared in September 2020 with Andrew continuing as Editor.

From 2012 -2017, Andrew prepared the annual ‘World’s Safest Banks’ rankings published by New York-based Global Finance Magazine.

Andrew Cunningham began his career as a journalist, writing about Middle East banking and finance for Middle East Economic Digest (MEED) and then Middle East Economic Survey (MEES). He then spent nine years with Moody’s, the credit rating agency, both as a credit analyst, assigning ratings to Middle Eastern and large Western European banks, and as the European manager of its Rating Assessment Service and as a member of the firm’s global Liquidity Risk Assessment committee.

In 2004, Andrew moved to Cairo to establish and manage the Egyptian and broader regional operations of the Financial Services Volunteer Corps (FSVC), a New York-based NGO that provides consulting advice to central banks, capital market regulators and commercial banks. In 2006, he moved to the firm’s head office to manage its entire Middle East franchise that, under his leadership, expanded to account for two thirds of the firm’s revenues and activities.

Andrew is proficient in French and Arabic: he can (and does) conduct business meetings in both these languages and can read documents with ease. He used to speak good Greek and retains a good working knowledge.

Andrew lives in London with his wife and daughter.


 He Tweets as @ACunningham29