Business Times

Young bankers lack basic skills - top industry official

By Jagdish Hathiramani

A lot of young bankers are not going for bankers qualifications and are instead sitting for the Chartered Institute of Management Accountants examinations. This means that many do not have the basic skills that generally come along with Institute of Bankers of Sri Lanka (IBSL) qualifications, such as what it means when cheques are crossed, what payee only on cheques indicates, etc.

Further, since the global credit crisis was caused by a lack of credit principles being applied, there is now a shift back towards more traditional standards and, as such, intermediate banking qualifications are again increasingly being seen as essential for young bankers today.


Dimantha Seneviratne

These views were shared, with the Business Times, by Dimantha Seneviratne, the newly elected President of the Association of Professional Bankers (APB); a 22-year old local body that includes over 900 senior-level banking professionals who represent 22 banks operating locally, of which 11 are foreign banks, and encompasses, as per 2008, close to Rs. 2.8 trillion or 57% of all major financial institutions of the country.

Mr. Seneviratne, Chief Risk Officer for HSBC Sri Lanka and the Maldives and a 20-year banking veteran, also noted that foreign banks operating in Sri Lanka have an advantage over their counterparts as their staff are obliged to attend international conferences and so keep abreast of the latest trends in banking; a situation that APB intends to address somewhat with a number of local learning opportunities for all its members. These will include presentations on wealth management and credit card fraud, lectures by HSBC Senior Asian Economist Robert Prior- Wandesforde and the head of compliance of a foreign bank, and a joint seminar with the Institute of Chartered Accountants of Sri Lanka on changes to accounting standards affecting banking.

Additionally, he indicated that APB's annual convention slated for the beginning of September will also go a long way in updating members about the key issue in the banking field. For example, and in keeping with the country's high literacy and growing numbers of CIMA qualified and IT professionals; Sri Lanka's capability of becoming a hub for IT related financial services for banks in other countries as well as being a backup or disaster recovery clearing system for smaller SAARC countries, etc.

Mr. Seneviratne also noted that APB was already working on setting up a Continuous Professional Development (CPD) programme for associates and diploma holders of IBSL which would entail APB providing certificates for those participating at APB organised seminars, lectures and conventions as part requirement to obtain a CPD. Additionally, he highlighted APB's role in promoting an industry-wide programme whereby fast tracked junior level promotions would be available based on banking qualifications as well as other APB efforts including those in research such as a proposed new research study on the impact and effectiveness of "Parate Execution".

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Over a million senior citizens eligible for 20 % bonus interest
Lankan stocks should be more pricey
Government dollar bonds a gamble
Treasury Secretary at Hanoi summit
Softlogic raises Rs 1 bln through private placement
Holcim not averse to listing
KKS plant draws 32 firms
Power from the winds
Feature - Fashionably late? Is being punctual out of sync with today’s society?
Feature - Risk Management in Modern Banking – Defending the cash line
Feature - Strategic business diversification
Comment - Diversifying a business
Young bankers lack basic skills - top industry official
Environment to play “major” role in future industries - BOI
Dankotuwa products get good play at Frankfurt fair but GSP + an issue
Nenasa TV expands coverage to 350 schools
CB reaffirms Sri Lanka's strong financial stability
Aitken Spence Hotels to raise Rs 2.5 bln from rights issue
Knowledge worker discussion at Sunday Times Business Club
SL CEO's focus is on getting more from same costs
SL must work harder to attract Japanese - Ambassador
Softlogic wins gold for corporate accountability
Northern Governor helps to revive private sector in Kilinochchi
Leisure sector to witness surge
Foreign investment interest rises in upbeat tourism
Private sector must push parliament to approve urban developments – Minister
Global companies fail to capitalise on talented women
Toyota controversy: Wake-up call on corporate criminal liability
Better profits from Aitken Spence local, Maldivian resorts -Fitch
SLASSCOM plans IT business incubator by end 2010
Plastics have real value though perceived as environmental hazard
Chilaw Finance Ltd celebrates 30th anniversary
Harnessing wind energy from Sri Lanka’s west coast
Amana wins top global award for Islamic Finance in Sri Lanka
Qatar Airways at ITB Berlin 2010
Domestic shoe makers urge government to cut taxes on components
Fitch affirms Seylan Bank at 'BBB+(lka)'; outlook stable
Lankaclear to provide Central Bank cash management services in Anuradhapura
Wegapitiya is new COYLE chairman
No strategic plan for tourism
Marketing tourism as a brand
Pitch it like what tea and cricket are to Sri Lanka
Tourism: President needs to get involved
Sri Lanka chosen by Emirates for exclusive UK tours catalogue
Not on the right track
Make it happen, not expect it to happen
Why not more agro based resorts?
Proper guidelines needed
Improve facilities on sites
Need to do things differently

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution