About Andrew Cunningham

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

Photo aAndrew is the Founder and Director of Darien Analytics Ltd (UK registered company number 088440371).

Since 2016, 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 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.

As a consultant to the International Finance Corporation (IFC), Andrew is part of teams that conduct 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.

In 2019, Andrew won a contract to work on corporate governance as part of a due diligence exercise being conducted by CDC, the British development agency.

In 2013-14, Andrew partnered with the Global Association of Risk Professionals (GARP) to bid for and win multi-year contracts to train staff at the European Bank for Reconstruction and Development (EBRD) in Bank Credit Analysis. The contract was subsequently expanded to include Advanced Bank Regulatory Capital Analysis. When the GARP contract expired, EBRD contracted with Darien Analytics to continue the work.

Andrew has trained analysts at the European Investment Bank in Bank Analysis and Advanced Bank Analysis and in 2017-18 was asked to develop a course on Banking Best Practices for EIB’s risk management division, its operations division and for the advisors to EIB’s Management Board.

In March 2020, Andrew joined a team of experts at the London Institute of Banking & Finance to deliver high-level training in French to government officials and senior bankers in Tunisia.

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 Bank and 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 seventh edition appeared in September 2019 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 working knowledge.

Andrew lives in London with his wife and daughter.


 He Tweets as @ACunningham29