A Skills Framework for Financial Services has been launched to help finance professionals in Singapore with their career path in the industry, the Institute of Banking and Finance Singapore (IBF) announced on Friday (27 September).

Jointly developed by the IBF, the Monetary Authority of Singapore (MAS), SkillsFuture Singapore (SSG), and Workforce Singapore (WSG), the framework will be a platform to help individuals make informed decisions for career development and skills upgrading.

Introducing this at the annual IBF Distinction Evening 2019 on Friday, Minister for Education and board member of MAS Ong Ye Kung, who was Guest-of-Honour, urged financial institutions to use the new framework for staff development and workforce planning.

He also encouraged finance professionals to familiarise themselves with technology, augment their skills and adapt to stay relevant in their jobs.

Further commenting on transformation in the industry, Ng Nam Sin, Chief Executive Officer, IBF, said with digitalisation continuing to transform jobs and processes in the financial services industry, there are three things to get right in taking workforce transformation to the next level.

He shared: "First, organisations have to build up their capability in workforce transformation, second, re-skilling needs to be institutionalised and thirdly, to achieve all these, HR must be empowered."

About the new Skills Framework for Financial Services

This new framework builds on and enhances the current industry-recognised IBF standards which have been adopted by most major financial institutions. Apart from this, it was also developed to build deep skills for a lean workforce, enhance business competitiveness, and support employment and employability.

It caters to a range of stakeholders:

  • Individuals who wish to join or progress with the financial services industry
  • Employers who can invest in training their staff for career development and skills upgrading
  • Education and training providers who can design programmes to address sector needs
  • Government, union and professional bodies who can analyse skills gaps and design appropriate initiatives to address them.
In addition to detailing the technical and generic skills required in financial services roles, the framework features new job roles in digital and data analytics as well as incorporates new skills identified in an IBF-MAS study released in April this year.

What HR and employers need to know

HR and employers will be able to find information on the financial services sector, career pathways, job roles, skills and competencies, as well as training programmes in the framework.

For instance, in terms of skills, the framework has identified a set of emerging skills which include: cybersecurity; data collection and analysis; risk management; digital literacy; and user experience design.

Further, with regard to career pathways, six tracks covering 157 roles have been identified:

  • Sales, after sales, distribution and relationship management
  • Trading and execution
  • Product solutioning and management
  • Operations
  • Digital and data analytics
  • Risk, compliance and legal

Launch of the inaugural Workforce Transformation Award by WSG

In addition to the launch of the Skills Framework for Financial Services, a new award by WSG was introduced at the gala dinner on Friday. Titled 'Workforce Transformation Award', it was conferred to six financial institutions in recognition of their commitment and progress in re-skilling existing employees through the Professional Conversion Programme, which is part of WSG's Adapt and Grow initiative.

Tan Choon Shian, Chief Executive of WSG, spoke of the award: "It is important to recognise and applaud financial institutions who have shown significant progress in reskilling their workforce by embedding the PCP into their business transformation strategy.

"We hope that this inaugural Workforce Transformation Award will inspire others in the financial industry to take similar action to develop their workforce to meet evolving business needs."

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