ID :
173785
Thu, 04/07/2011 - 12:20
Auther :
Shortlink :
https://oananews.org//node/173785
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PRIORITY TO BE GIVEN TO TALENT DEVELOPMENT IN FINANCIAL SECTOR
KUALA LUMPUR, April 7 (Bernama) -- Malaysia will prioritise talent
development in the financial sector, making its approach a holistic one and across the spectrum of the financial services industry, says Bank Negara Malaysia (Malaysia's Central Bank) Governor, Dr Zeti Akhtar Aziz.
This is to develop a strong pool of financial sector talents with world class capabilities to drive responsible growth and development of the sector.
"As many of the initiatives supporting these strategies are
multi-disciplinary and multi-layered, the approach is grounded in a shared commitment with the industry in a comprehensive, coordinated and collaborative manner," Zeti said in her keynote address at the AIF International Symposium 2011, here Thursday.
"With the strong support of all the key stakeholders and practitioners in the industry, we can make a critical and lasting contribution towards creating a talented workforce for the industry," she said.
Zeti said Malaysia's financial sector has continued to forge ahead and its contribution to the country's Gross Domestic Product (GDP) had increased from 9.2 per cent in 2000 to 11.7 per cent in 2009 and expected to grow further in time.
Likewise, there will be greater employment and increasing demands for specialised skills and enhanced expertise in finance.
The workforce must not only rise above current challenges but must be well equipped to excel in the significantly changed environment, she said.
Zeti said the regulatory reform in the financial sector and the onset of new standards and requirements and the emergence of new risk disciplines and fundamental changes in financial reporting standards also required financial professionals to be equipped with new knowledge and skills.
Similarly, talent shortages continue to be acute in high growth areas such as wealth management, Islamic finance and investment advisory services.
The economic costs of failure to arrest talent shortages are strategically significant and include low productivity, slow pace of innovation and lost opportunities, she said.
She also said new and innovative ways of thinking about talent development programme, processes and competencies were required and therefore the human capital challenge has be approached with a different set of solutions.
development in the financial sector, making its approach a holistic one and across the spectrum of the financial services industry, says Bank Negara Malaysia (Malaysia's Central Bank) Governor, Dr Zeti Akhtar Aziz.
This is to develop a strong pool of financial sector talents with world class capabilities to drive responsible growth and development of the sector.
"As many of the initiatives supporting these strategies are
multi-disciplinary and multi-layered, the approach is grounded in a shared commitment with the industry in a comprehensive, coordinated and collaborative manner," Zeti said in her keynote address at the AIF International Symposium 2011, here Thursday.
"With the strong support of all the key stakeholders and practitioners in the industry, we can make a critical and lasting contribution towards creating a talented workforce for the industry," she said.
Zeti said Malaysia's financial sector has continued to forge ahead and its contribution to the country's Gross Domestic Product (GDP) had increased from 9.2 per cent in 2000 to 11.7 per cent in 2009 and expected to grow further in time.
Likewise, there will be greater employment and increasing demands for specialised skills and enhanced expertise in finance.
The workforce must not only rise above current challenges but must be well equipped to excel in the significantly changed environment, she said.
Zeti said the regulatory reform in the financial sector and the onset of new standards and requirements and the emergence of new risk disciplines and fundamental changes in financial reporting standards also required financial professionals to be equipped with new knowledge and skills.
Similarly, talent shortages continue to be acute in high growth areas such as wealth management, Islamic finance and investment advisory services.
The economic costs of failure to arrest talent shortages are strategically significant and include low productivity, slow pace of innovation and lost opportunities, she said.
She also said new and innovative ways of thinking about talent development programme, processes and competencies were required and therefore the human capital challenge has be approached with a different set of solutions.
