RECOGNITION OF LEARNING INITIATIVES FOR FINANCIAL SERVICES INDUSTRY EMPLOYEES

Dr Eddy S.C. Chong

2016 MQA & IQA International Seminar on Quality Assurance of Higher Education

18 October 2016

2

Agenda

FIRST

SECOND

02 Finance Qualifications Structure

01 About Finance Accreditation Agency

03 FAA Recognition of Learning (FRL)

SECOND 04 FRL: Benefits and Challenges

05 The Way Forward

Finance Accreditation Agency (FAA)

An independent quality assurance and accreditation body supported by Bank Negara Malaysia and Securities Commission Malaysia

Executed by a committee of technical experts, industry professionals and leading academics from the international FSI

Responsible for raising the standards and quality of professional learning and development in the FSI

Aims to create highly skilled and internationally mobile professionals for the global FSI

FAA Roles and Functions

Seek accreditation & strategic alliances with local & world-renowned accreditation agencies & relevant institutions

Facilitate the recognition & articulation of learning programmes & qualifications through mutual recognition initiatives

Establish quality assurance & accreditation framework &

criteria

Accredit learning programmes that fulfil the

set criteria & principles

Develop, maintain & administer the Qualifications

Structure for the FSI

Promote & implement recognition of learning

standards & practices

Register & maintain the approved & accredited learning programmes & qualifications in the FSI

Seek global recognition of learning & qualifications

FAA Products & Services

4

5

7

8

1

2

3

FAA Quality Framework (FQF)

Finance Qualifications

Structure (FQS)

FAA Programme Accreditation

(FPA)

FAA Individual Accreditation

(FDA)

FAA Institutional Accreditation

(FIA) Certified Training Professional (CTP)

FAA Recognition of Learning

(FRL)

6 FAA Learning

Standards (FLS)

FAA Integrated QA Framework

FAA Institutional

Accreditation (FIA)

FAA Quality Framework

(FQF)

FAA Learning Criteria

(FLC)

FAA Recognition of

Learning (FRL)

FAA Learning Standards

(FLS)

Finance Qualifications

Structure (FQS)

Finance Qualifications Structure

7

Finance Qualifications Structure (FQS)

FQS Levels

Qualifications

FAA

Re

cogn

ition

of Le

arnin

g

Islamic

Finance

Conventional

Banking Insurance

Capital

Markets Others

6 List of Qualifications According to Areas

5

4

3

2

1

Specialisation

Generalisation

8

11

Application

The ability of an FSI employee to use knowledge and skills in a professional capacity in the FSI.

Knowledge

The information and understanding of an FSI employee related to the discipline of finance that is gained through education and/or experience.

Lifelong Learning Skills

The initiative to undertake meaningful learning activities consistently with the aim of improving knowledge, skills and the application of knowledge and skills for professional improvement of the FSI employee.

Ethics and Professionalism

Values, attitudes and respect for oneself and others in a professional context.

Business & Intrapreneurial Skills

The ability of an FSI employee to improve existing practices or develop innovative ideas that add value to the business.

Problem Solving and Decision-Making Skills

The ability of an FSI employee to understand issues, identify alternatives and decide on the best available solutions.

Teamwork and Managerial Skills

The ability of an FSI employee to work together and lead a group of people to achieve a common goal.

1

2 3

4

5

6 7

FQS: Domains

FAA Recognition of Learning (FRL)

12

Systematic process that involves the identification, assessment and accreditation of current and prior learning, regardless of how, where and when the knowledge and skills were acquired.

All individuals who successfully complete the FRL assessment against an FQS level are awarded the FAA Individual Accreditation (FDA) for that level.

The FRL mechanism recognises knowledge and skills possessed or gained by individuals in all three contexts; formal, non-formal and informal.

By validating formal, non-formal and informal learning, the FRL allows individuals to improve their position at work, to become more mobile and to gain access to learning opportunities throughout their lifetime.

01 02 03 04

13

FAA Recognition of Learning (FRL)

14

FRL Development

Benchmarking Exercise

Region Government University Vocational

Council

Total

Australia 9 2 3 14

Canada 3 5 1 9

United Kingdom 2 2 3 7

Europe 3 3 - 6

Far East - - 1 1

Total 17 12 8 37

Desktop Study/ Benchmarking to identify Best Practices

Develop FRL with input from Industry Experts and Practitioners

Review and endorsement from Industry Experts and Practitioners

Map Competency Valid Assessment Recognise Knowledge Lifelong Learning

Objectives of FRL

To map an individual’s competency level to FQS and competency framework

To ensure a valid and reliable process for assessment and accreditation of learning

To provide an avenue to assess and recognise current and prior knowledge and skills acquired by individuals

To provide opportunities for individuals to pursue new knowledge and skills

15

16

01

The FRL recognises learning, regardless of how, when and where it was acquired as long as it is relevant to FQS outcomes.

FRL assessments are evidence-based and fulfil the rules of evidence which are valid and relevant, sufficient, authentic and current.

02

The FRL process is timely, fair and transparent to ensure its integrity. 03

FRL assessments are conducted by SMEs in related disciplines 04

The final decision based on the FRL assessments is the prerogative of the FAA Accreditation Committee (FAC) but may be subject to appeal and review.

05

FRL Principles

FRL Principles

1. Application & Self-

Assessment

2. Portfolio Preparation &

Submission

3. Assessment of FRL Submission

4. Review and Award of FAA

Individual Accreditation

FQS

Level

1

2

3

4

5

6

Competency Framework

FRL Assessment Process

Level QD QO

1

2

3

4

5

6

Ce

rtif

icat

ion

FRL Interlinkages

18

Application & Self- Assessment

1 Portfolio Preparation & Submission

2

Assessment of FRL Submission

3

Review & Award of FAA Individual

4

mapped against

Finance Qualifications Structure

FAA Individual Accreditation

FRL Process

19

FRL Process: Application and Self-Assessment

Individual completes self-assessment

3

20

Individual selects FQS level and builds competency map

FRL Process: Application and Self-Assessment

21

FRL Process: Self-Assessment

Domains

Knowledge Application

Teamwork & Managerial

Skills

Problem- Solving & Decision-

Making Skills

Business Intrapreneurial

Skills

Ethics & Professionalism

Lifelong Learning

Skills FQS Levels

6

5

4

3

2

1

Functional Area: Underwriting (Family & General)

Underwriting (Family & General)

Identify FQS level which best

reflects your competencies.

For these two domains, there is no prescribed

FQS level. Indicate () if you have the attribute and (X) if you do not.

Identify the FQS level you

intend to apply for.

For the ‘Knowledge’ domain, refer to the relevant FLS. Tick the identified FQS level and

indicate the FLS subject area in the ‘Functional Area’ column.

22

Individual prepares portfolio by

1. Writing Reflective Statement

2. Providing evidence

FRL Process: Portfolio Preparation & Submission

23

Individual writes a Reflective Statement for each domain.

1

FRL Process: Portfolio Preparation & Submission

24

Individual attaches evidence to support the Reflective Statement.

2

Categories evidence according to: 1) types of evidence

Direct evidence Indirect evidence

2) types of learning Formal learning Non-formal learning Informal learning

FRL Process: Portfolio Preparation & Submission

26

Benefits of FRL

Benefits of the FRL

27

Benefits of FRL

• Increases the competitiveness of employees as their competency levels are benchmarked against industry learning standards.

• Promotes efficiency by eliminating unnecessary or repetitive training.

• Increases morale and productivity by recognising employees’ knowledge and skills.

• Fosters a lifelong learning culture in the industry by building self-confidence to undertake continuous learning on their own initiative.

Benefits to the Industry

Benefits of the FRL

28

• Assists human resources in strategising recruitment and training based on employees’ competency levels.

• Provides an effective way of utilising and maximising skills already in the workforce.

• Improves employment fit, thus enhancing business performance, job satisfaction and employee retention, and subsequently reducing recruitment and training costs.

• Reduces the time needed to complete a qualification, therefore requiring less time away from the workplace.

Benefits to the Employers

Benefits of FRL

Benefits of the FRL

29

• Supports self-reflection and recognition of achievements and boosts confidence and self-esteem.

• Saves time and cost as individuals do not need to repeat learning for skills or knowledge they already possess.

• Provides recognition for individuals who have the required knowledge, skills and competencies but not the certification or formal credentials.

• Increases mobility, employability and career development opportunities.

• Provides opportunities for individuals to pursue professional qualifications and academic credentials in the spirit of lifelong learning.

Benefits to Individuals

Benefits of FRL

Benefits of the FRL

30

• Generates the interest to learn and increases the participation of non-conventional learners.

• Enables the provision of learning and education programmes that meet the needs of learners and the FSI.

• Forges strategic partnerships with the FSI and the community.

• Bridges the gap between industry and academia.

Benefits to Training Providers/Institution

Benefits of FRL

Benefits of the FRL

31

Provision of evidence to support narrative statements and portfolio development

1

2

3

4

Relevance of the evidence to each domain of FQS

The time required to gather evidence

Limitations of the Portfolio approach

Challenges in FRL Implementation

FIRST Acceptance by the

Industry

SECOND Identification of suitable FRL

Assessors and at the same time

not perceived as competitors

THIRD Other intended use of FAA

Individual Accreditation

FOURTH Challenges in the decision of

awarding the FAA Individual

Accreditation

Other Challenges

Global Recognition of Learning Programmes in

the IFSI

It is imperative to develop Competency Frameworks for specific job positions and sectors

Currently working on Competencies for Branch Managers of Banking Institutions

Train and certify FRL Assessors to meet the demand and quality assure the FRL process

Extend to fresh graduates – supports FSI in identification and selection of talent

The Way Forward

Thank you