FAA moves to prepare financial services professionals for Industry 4.0

• Business organisations now need to face a radically shifting context, and conditions
• New learning models, methods needed to enable employees to adapt, acquire new skills

FINANCE Accreditation Agency (FAA) is an independent quality assurance and accreditation body supported by Bank Negara Malaysia and Securities Commission Malaysia.

The agency, which is responsible for raising the standard and quality of learning and development in the financial services industry (FSI), held discussions on the need to upskill and reskill financial services professionals to ensure they are equipped to adapt and adjust to the ongoing technological ‘disruptions’ related to Industry 4.0.

The fourth industrial revolution is the latest evolution in the digitisation and automation of technological processes.

It refers to the combination of major innovations in digital technology that include artificial intelligence, cyber-physical systems, big data and cloud computing. 

Essentially, these requirements of Industry 4.0 will have a profound effect as business organisations will now need to face a radically shifting context, and conditions for their workforce, workplace, and work world.

Speaking at the forum hosted at Lanai Kijang, Bank Negara Malaysia, FAA chief executive officer Khairul Nizam commented, “We decided upon Industry 4.0 as the central theme to focus on technology and innovation and their impact on human capital development within the financial services industry. 

“New learning models and methods need to be introduced to enable employees to quickly adapt and acquire new skills.”

FAA addresses the need for quality and standards in education within FSI through its learning programme and accreditation services as well as competency assessment and individual accreditation initiatives.

Since 2012, FAA has worked closely with the government, academia and key financial institutions to share best practices and implement internationally-benchmarked standards that enable the industry to foster quality financial services professionals who will meet the ever-challenging and changing demands of the financial services industry.

The event hosted speakers Fintech Association of Malaysia Fintech Talent Reactor Programme chairman & Gobear.com former country director Iskandar Ezzahuddin; Asia Pacific University Faculty of Business Management dean Prof Dr Siva Muthaly; HRDF CEO CM Vignaesvaran; and Finance Accreditation Agency R&D director Sarala Marimuthu.