Perform

IBF saw greater adoption of IBF Standards as a professional skills roadmap for the industry. We welcomed pioneer IBF-certified graduates in Financial Planning, Operations and Risk Management. Thirty industry veterans were also conferred the prestigious IBF Awards, serving as mentors for the industry.

Growth of our IBF Community

Licensing and Industry Examinations

A total of 8693 candidates successfully completed regulatory licensing and industry exams administered by IBF in 2016.

IBF updated the Capital Markets and Financial Advisory Services (CMFAS) Modules 4A and 4B to reflect changes to the rules and regulations for corporate finance and the new Bond Seasoning Framework. IBF also commenced its review of the CMFAS Examinations to include new content on ethics, skills and over-the-counter derivatives in line with changes proposed by the Monetary Authority of Singapore. These changes will likely take effect at the end of 2017.

Since Jan 2016, IBF has migrated all exam services to the IBF Portal, as part of a broader project to automate and improve the quality of its services. Through the IBF Portal, exam candidates have been able to benefit from enhanced functionalities such as multiple exam registrations, rescheduling of exam dates and online viewing of exam results. In addition, candidates can use MySkills Portfolio to search for recommended training programmes. IBF will also be implementing a new questions bank management and delivery system this year. The new system will offer improved user experience and further strengthen IBF’s internal governance process for exams.

Annual Exam Enrolment for 2015 and 2016
 
2015
 
2016
* M2B - This exam was no longer conducted in 2016

More options for financial sector related training

IBF saw stronger interest from training providers and financial institutions to have their programmes recognised under the Financial Training Scheme (FTS) and IBF Standards Training Scheme (IBF-STS). This was due to IBF’s efforts to increase awareness of the funding schemes available for training, as well as the Government’s efforts to further subsidise training for Singaporeans. Programmes recognised under these schemes were made eligible for SkillsFuture, allowing self-sponsored individuals to tap on their SkillsFuture credits for these programmes. The funding schemes were also enhanced in July 2016, to provide a higher funding quantum of 90% (subject to existing funding cap) for Singaporeans 40 years old and above.

IBF-STS and FTS/FA CPD Programmes recognised

392

2015

764

2016
Total number of Training Providers recognised

95

2015

101

2016

Continuing Professional Development

IBF continued to reach out to industry bodies and financial institutions to encourage continual learning and professional development.

In 2016, more than 10,000 Singaporeans and Singapore Permanent Residents benefited from training incentivised under the Financial Training Scheme (FTS) and IBF Standards Training Scheme (IBF-STS) administered by IBF.

Client Advisor Competency Standards Continuing Professional Development (CACS CPD)

Specific to the Private Banking community, IBF observed through its administration of CACS CPD reporting that Covered Persons continued to grow and invest in professional development. As at the end of 2016, there were more than 5,500 Covered Persons in private banking, of which over 99.9% had fulfilled their CACS CPD requirements.

IBF was also pleased to note that 83% of Covered Persons exceeded the CACS CPD requirement, with more than half of them completing at least 20 hours of professional training. This was about 10% higher than the previous year.

IBF Certification: The Industry Standard

IBF continued to encourage the adoption of the IBF Standards and Certification as a professional development roadmap for the industry. More individuals were trained and assessed through programmes aligned with IBF Standards, with pioneer certified graduates from accredited training programmes in Financial Planning, Operations and Risk Management.

Individuals certified under the IBF-STS

3,374

2015

4,413

2016
Individuals assessed under the IBF-STS

8,455

2015

10,052

2016
Individuals trained under the IBF-STS

16,485

2015

18,333

2016
Risk Management
"Developing a talent pool of skilled and competent operational risk practitioners is crucial for any financial institution to meet the changes posed by the ever evolving ops risks landscape. Coupled with a strong in-house programme, the IBF Standards and Certification programmes provide just the right formula to develop and groom a pipeline of such professionals. And with this strong collaboration, my wish is for a strong risk culture to take root in each financial institution and across the industry."
Patrick Chew
IBF Fellow
Head, Group Operational Risk Management, OCBC Bank
Financial Planning
“In a market teeming with financial advisers, many consumers will choose to work with advisers who have met the rigorous demands of the IBF Standards. The industry-recognised IBF certification unreservedly assures my clients of my technical expertise and professional credibility.”
Sim Boon Wah
IBF Advanced
CFP
Operations
“Very much liked the approach of the IBF level 1 certification course, industrial practitioners with broad experience provided insights on the technological and operational functions of the bank with case studies. I have learned a lot through interesting discussions. The course has deepened my appreciation of various functions of the bank and the opportunities available to broaden my career in areas within and outside of the banking industry. A challenging course effectively carried out.”
Chin CK
IBF Qualified
(SMU Professional Certificate in Technology and Operations)
Trust Services
“Attending the IBF Accredited WMI Advanced Certificate in Trust Services Programme will help me to perform my job more effectively and enable us to stay connected with the knowledgeable and experience educators and practitioners from across the continent.”
Christine Wong
IBF Advanced
British and Malayan Trustees Ltd (Advanced Certificate in Trust Services)
Wealth Management
“Trainers are experienced and knowledgeable. Being practitioners, they are able to provide practical proposals and solutions to the aspect of wealth planning.”
Irene Yeo
IBF Qualified
UOB (Master Class in Wealth Management)
Risk Management
“The programme is quite comprehensive in its scope covering different aspects of operational risk, from what constitutes operational risk events to the identification of the root causes to the implementation of controls and putting in place key risk monitoring indicators. Although the curriculum is rather demanding, the most important takeaway is the knowledge that we gained and the learning journey that we have all gone through.”
Gary Woon Yeow Chong
IBF Qualified
Group Risk Management, OCBC Bank

IBF will be making adjustments to its accreditation approach this year, to shorten the overall accreditation review process and to recognise training providers with a strong track record. First, IBF will waive the organisation eligibility review for entities licensed by the Monetary Authority of Singapore (MAS). Second, IBF will apply a risk-based approach to its programme recognition review. Under the new approach, existing accredited providers with a strong track record would be subject to a lighter touch review to facilitate the accreditation process.

Commitment from Financial Institutions (FIs) to the IBF Standards

IBF also worked with FIs to align their in-house and structured training programmes with the IBF Standards. For example, alongside the introduction of IBF Financial Planning Standards, IBF was pleased to have AIA Singapore, AXA Insurance, Great Eastern and IPP Financial Advisers commit to align their internal training programmes with the IBF Standards. These programmes will equip more than 1,000 financial advisers each year with technical competencies and instil high standards of ethics and professionalism.

The widely recognised Certified Financial Planner (CFP) and Chartered Financial Consultant/ Singapore (ChFC/S) qualification programmes have also been aligned with the IBF Standards. This will set a common baseline for financial planners who attend these programmes. NTUC Income, for example, has committed to subsidise course fees for these programmes which will benefit over 200 financial advisers each year.

Graduation Ceremonies

IBF

In November 2016, IBF celebrated its largest cohort of certified practitioners, awarding certificates to over 500 graduates who successfully completed programmes under the IBF Standards. The cohort comprises the pioneer batch of graduates from newly-accredited programmes in Financial Planning, Operations and Risk Management, as well as from Corporate Banking and Wealth Management.

Journeys of Learning - Excellence in Finance
Bank of Singapore

The Bank of Singapore (BoS) celebrated its pioneer cohort of 28 graduates from its Advanced Diploma in Private Banking in January 2017. The programme is aligned with IBF Standards Level 2/3 for Private Banking and is a Professional Qualification awarded by the Nanyang Technological University.

“Our bankers need to continually hone and deepen their expertise to provide excellent service to our clients. The knowledge gained from going through the diploma equips each participant with not just theoretical but practical and analytical skills, which are what clients in this modern age seek…”

Jeffrey Chiam

Global Head of HR, Bank of Singapore

BNP Paribas

In February 2017, BNP Paribas’s Senior Managers from Wealth Management (WM), HR and L&D gathered to witness the graduation of its first cohort of 43 WM relationship managers, who had successfully completed the BNP Paribas Certified Private Banker Programme by the Wealth Management University.

The globally recognised Certified Private Banker Programme was launched in Singapore in collaboration with IBF in May 2015.

“We at BNP Paribas have an ongoing commitment, both to our clients and the society at large. Doing prudent, professional and responsible businesses are at the very heart of our value system.”

Angelo Pinto

Regional Head of Learning & Development, Head of APAC Campus

IBF Awards: Celebrating Excellence

“We must all have a greater sense of urgency towards reskilling, upskilling, and acquiring new skills. The mindset must be –‘Train today, prepare for tomorrow.’ This is a useful mindset that epitomises our overall approach for the financial sector.”

Mr Lawrence Wong

Minister for National Development & Second Minister for Finance

 

 

The IBF Distinction Evening was held in Sept 2016 to recognise the contributions of IBF partners and honour financial institutions and industry captains who had demonstrated exemplary professional excellence.

In his keynote speech, Mr Lawrence Wong, Minister for National Development & Second Minister for Finance, emphasised, “We will do more to enable individuals to take charge of their own continual learning and professional development. We will empower and support individuals in their own undertaking for lifelong learning.”

Minister Wong presented the IBF Distinguished Fellow award to six industry leaders who had reached the epitome of professional stature and achievement in the financial sector. IBF also recognised 24 senior industry veterans as IBF Fellows, for their professional mastery and thought leadership, and commitment to industry development.

The IBF Inspire Award was presented to OCBC Bank, in recognition of OCBC Bank’s commitment to driving adoption of the IBF Standards.

Speech from Minister Lawrence Wong
Video: Highlights of the IBF Distinction Evening 2016
IBF Ad in Business Times: IBF Distinction Evening 2016, BT Congratulatory Ad

Over the years, Compliance has moved from an afterthought to the very forefront of critical business considerations. Like high wire acrobats, compliance professionals seek to find the perfect balance between safety and opportunity. At the end of the day, banking is a credibility game. Compliance protects our clients and investors by working hand in hand with the frontline to ensure the industry remains trusted and sustainable.
Loretta Yuen
IBF Distinguished Fellow
Compliance
OCBC Group General Counsel
Oversea-Chinese Banking Corporation Limited
Pay it forward to make the world a better place. It is incumbent on us as leaders to help support the community and to mentor and inspire others who need our encouragement and assistance.
Carol Fong
IBF Distinguished Fellow
Financial Markets
CEO
CIMB Securities (Singapore) Pte Ltd
Believe in your purpose, have the courage to ask difficult questions, the independence of mind to analyse and the resilience to persevere.
Agnes Koh
IBF Distinguished Fellow
Risk Management
Chief Risk Officer
Singapore Exchange Limited
It has been personally fulfilling to be able to play a part in contributing to the development of the Singapore financial sector and seeing it grow from strength to strength. I will continue to live up to the standards and hope to nurture aspiring future leaders as we look to build a more robust industry.
Tracey Woon
IBF Distinguished Fellow
Financial Markets
Vice Chairman, Asia Pacific, Wealth Management
UBS AG
A successful leader requires the support of a team that has the right attitude and shared values - of teamwork, integrity, fair dealing and service with passion. I am grateful for the unstinting support from my colleagues at Bank of Singapore. This honour is also theirs.
Bahren Shaari
IBF Distinguished Fellow
Wealth Management
Chief Executive Officer
Bank of Singapore
The ability of our industry to adapt to a changing environment and the quality of our human capital will be critical in contributing to Singapore’s continued success as a major global wealth management center. We all need to play an active role in supporting this mission.
Francesco de Ferrari
IBF Distinguished Fellow
Wealth Management
Managing Director
Head of Private Banking Asia Pacific and CEO Southeast Asia
Credit Suisse AG

Knowledge Sharing in the IBF Community

In the past year, IBF and industry partners organised a total of 6 IBF Connect and IBF CACS Connect events, with over 800 practitioners attending these events.

IBF Fellows, senior management executives and industry specialists shared their insights and perspective on emerging trends, such as digital transformation in the financial industry, and good practices.

IBF CACS Connect @ Standard Chartered Private Bank on Innovation in Private Banking covered innovation in investments as well as in the deployment of digital solutions.

IBF Connect (Compliance) 2016 covered the evolution of compliance in the new digital landscape. Trade-based Money Laundering also raised as a new area of focus for Compliance Professionals.

IBF CACS Connect @ Bank of Singapore on The Next Leap for Private Banking covered the impact of digital technologies and changing customer expectations on the industry.

IBF CACS Connect @ DBS Private Bank on the Wealth Management Outlook for 2017 covered compliance and regulatory changes, FinTech as a tool to bring value to customers and providing wealth advice during a difficult economic environment

IBF Connect (Financial Planning) 2017 covered the changing landscape of financial planning, including considerations associated with an aging population and dealing with millennials.

IBF Connect (Wealth Management) 2017 covered trends and views on the future of private banking, and practical insights on alternative investment opportunities and the role of relationship managers as the first line of defence.

IBF also organised its first IBF MasterClass for HR and Learning & Development.

Organised in partnership with Ernst & Young, the MasterClass featured peer-to-peer sharing and learning, as well as lively break-out discussions on the Workforce of The Future and ways to build new skills and capabilities for the financial industry.

Regional and Global Engagement

IBF participated in two key events to network with regional and global counterparts and learn about developments and good practices in building industry capabilities.

21st ASEAN Banking Conference and 46th ASEAN Banking Council Meeting (27-30 November 2016, Bangkok, Thailand)

Based on the theme “Enhancing and Strengthening the Roles of Regional ASEAN Banks in the context of growing the ASEAN Economic Community (AEC)”, the Conference discussed the facilitation of regional trade and investment and sustainable finance and how banks would need to adapt in the digital/FinTech age.

IBF participated in the Banking Education Committee that discussed efforts to achieve minimum standards of skills and best practices in specific areas of banking amongst ASEAN countries.

22nd World Conference of Banking Institutes 2017 (24-28 April 2017, Lagos, Nigeria)

With the theme “Rethinking the Future of Banking and Finance and Life-long Learning”, the Conference discussed key issues such as the digitalisation of the global banking sector, the dynamics of competition in the current and future banking landscape and the need to professionalise the financial industry.

The WCBI 2017 also marked a key milestone in the initiative to establish a set of global banking standards with the inauguration of the Global Banking Education Standards Board (GBEStB). The industry-led initiative received the support of many leading banking institutes, with IBF and more than 20 other countries committing to join as founding members. The GBEStB will look to develop international professional standards to enhance the professionalism of the banking and financial services industry.