There is now an increased demand for highly-skilled knowledge workers that are able to meet the changing requirements of an increasingly globalised and borderless workplace. More interconnected businesses within national economies and across the globe have also increased expectations for employees to be highly versatile and able to adapt to the fast changing conditions. Talent mobility has therefore increased substantially not only across geographical boundaries, but also across sectors, as the demand for talent in financial services by the energy, telecommunications, software and  BIS central bankers’ speeches  1  consultancy sectors are likely to increase over time. Organisations including financial institutions therefore need to give greater attention to these shifts and develop clear strategies to narrow the skills gap, in particular to address growing shortages in the mid to senior level talent groups. The recent regulatory reform in the financial sector and the onset of new standards and requirements under both Basel II and Basel III, the emergence of new risk disciplines and the fundamental changes in financial reporting standards, also require 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.
Working with its Affiliated Institutes from the industry, the Institute of Banks Malaysia (IBBM), the Islamic Banking and Finance Institute Malaysia (IBFIM), the Malaysia Insurance Institute (MII) and the Securities Industry Development Corporation (SIDC), AIF has an important role in driving and supporting the development of talent in the financial sector. This also includes the development of intellectual capital through research that is being undertaken in the AIF Risk Management Centre and the Applied Finance Research Centre. 2  BIS central bankers’ speeches  AIF has the vision to build a world class financial sector workforce. In support of this vision, AIF has developed a Learning Programme Assessment and Accreditation Framework (LPAAF) which provides a structured and comprehensive approach that defines quality assurance standards for training programmes for the industry. Benchmarked against international standards, the framework is designed to be both current and forward-looking. The education standards promulgated through the framework ensures first class, job-specific training to meet the industry requirements, and equip practitioners with the practical knowledge, skills and expertise that are important to their respective job functions. Malaysia’s financial sector has continued to forge ahead. The contribution of the financial industry to the country’s GDP has increased from 9.2% in the year 2000 to 11.7% in 2009 and this figure is expected to grow further in time. Likewise, the employment growth in the financial sector will continue to accelerate, with increasing demands for specialised skills and enhanced expertise in finance.