KUALA LUMPUR, April 28 (Bernama) -- Training for the financial services sector will now be coordinated and supported under one umbrella -- the Asian Institute of Finance (AIF), a joint initiative by Bank Negara and Securities Commission, with the institute now gearing up efforts to elevate Malaysia's role as the premier provider of comprehensive training solutions for the industry.
Its Executive Director and Chief Executive Officer Daniel P. Viets said the institute, which was established in January last year, was now working closely with four training institutes namely Institute of Banks Malaysia (IBBM), Islamic Banking and Finance Institute Malaysia (BFIM), Malaysian Insurance Institute (MII) and Securities Industry Development Corporation (SIDC) to provide their training requirements.
Backed by a team of 20 professionals to deliver high quality training for the industry, Viets said the institute had embarked on a survey to rationalise existing training programmes conducted by the four institutes, by coordinating and enhancing programme design, content, instruction and delivery.
At present, the four institutes conducted some 2,000 training programmes annually for their employees, he said at a media briefing.
To transform the financial sector human capital, he said the AIF, which was set up to monitor and supervise the development of training programmes of the training institutions under Bank Negara and the Securities Commission, would focus on capacity building, accreditation and certification, rationalisation and branding.
Its capacity building approach involves addressing human capital development more holistically across the entire value chain with current and relevant programmes meeting the varying needs at different levels.
Under its rationalisation initiative, the AIF believes that a coordinated approach to human capital development will enable training providers to derive greater synergies while ensuring more efficient utilisation of resources, expertise and infrastructure.
It plans to enhance the quality of programmes by attaining and adhering to international accreditation standards which in turn enable the recognition of programmes by local, regional and international institutions.
On branding, it says a coordinated branding effort is essential to position Malaysia as the regional hub for human capital development in the financial sector.
AIF Director of Quality Assurance and Accreditation Dr Amat Taap Manshor said the AIF was now on the second phase of its training needs analysis (TNA), which was expected to be completed in June, with the results to be known the following month.
While the courses conducted by the four institutes were still relevant, there were areas that needed improvement, he said, noting that five main areas of importance were risk management, internal audit, compliance, governance and leadership.
To promote Malaysia's financial services human capital development programmes locally and abroad, Viets said the AIF would establish smart collaborations and linkages locally, within the region and abroad.
At present, AIF was working closely with the IBFM to have some collaborations with other institutions in Indonesia, Asia Pacific and the United Kingdom, he added.
Senior Advisor and Consultant for Applied Finance Research and Publication Centre Prof Datuk Dr Sudin Haron said it was currently looking into establishing several linkages with Indonesian strategic partners, such as universities and banking institutes, with more linkages identified in South Korea, China, Hong Kong and Thailand.
Also in the pipeline is to form linkages with top-notch institutes locally and to leverage on each other's expertise, he said, with AIF's emphasis on applied research, he added, noting that the institute would be producing publications in this field to meet the needs of the industry.
Its director of corporate communications Noor Shahidah Mohamed Salleh said the AIF would also be implementing brand positioning of AIF's activities in the Malaysian media, both on-line and off-line, with links on various websites locally, organising media briefings, as well as via other channels of communication.
-- BERNAMA
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