IBF Standards Certificate in Operational Risk Management Level 1

IBF Standards ("the Standards") is an independent quality assurance mark developed by The Institute of Banking and Finance ("the Institute") to measure the competency of the financial sector workforce and provides a practice-oriented approach to talent development. The Standards contained in this document are aimed at helping Singapore-based financial institutions and training providers to develop training programmes and assessment tools that directly address the competency requirements of specific financial sector jobs. The Standards also aim to enable individuals to obtain a better understanding of the career progression pathways within the Singapore financial sector, based on individuals' qualifications or work experience.

Why IBF Standards

• Focus on role specific competencies which are portable across functional boundaries.
• Provide personal and professional certification of competency recognized by the industry, hence enhances employability.
• Serve as a transparent and structured roadmap for professional development and career aspirations.

For more information on the IBF Standards of training, assessment and certification, please refer the website of the Institute of Banking and Finance (IBF) here.

About IBF Certification for courses eligible for IBF Qualified (IBFQ)

IBF Certification is an industry endorsed mark of quality for finance professionals in Singapore.
Participants who successfully complete this course and fulfill the required number of Technical Skills and Competencies (TSCs) for the selected job role can apply to be conferred the IBF Qualified (IBFQ) certification status.
Find out more about IBF certification and the application process here.

NUS Risk Management Institute, National University of Singapore

NUS Risk Management Institute (RMI) was founded in August 2006 as a university-level research institute at NUS. The establishment of RMI is supported by the Monetary Authority of Singapore under its Program on Risk Management and Financial Innovation. RMI started the FICS accredited training from as early as 2007. It has now become one of the leading training institutes in risk management and other financial issues.

The Unique Features of RMI’s IBF Standards Certificate in Operational Risk Management Level 1

• Highly focused and specialised curriculum, teaching materials and courseware developed around the IBF Standards which is cutting-edge, forward looking and developed by the financial industry and bench-marked against the best standards and practices in the world.
• Combine a unique blend of classroom teaching and learning conducted by both renowned Academics, Market Practitioners and Trainers
• The program aims to provide a stimulating and interactive environment that gives participants a comprehensive, practical-based (‘hands-on) and cutting-edge training in operational risk management, which are relevant, critical, highly in demand and forward-looking competency skills.
• Course participants are eligible for funding under the IBF STS Funding Scheme.

For Training - 80% for the training course fees incurred by the organisation in sending their employees to attend a training programme that has been accredited under the STS. The funding support is capped at S$7,000 per participant per programme.

Program Description

This job specialization refers to the independent risk management function that provides oversight over operational risk and establishes the corporate operational risk management structure, framework, policies, processes and tools for identifying, measuring, analysing, controlling, monitoring and reporting of operational risk.

Minimum Entry Requirements

• Degree holders or equivalent professional certification or qualifications in any discipline from recognised institutions, both local and overseas, with or without relevant work experience in the Financial Services Industry.
• Full GCE A Levels / Polytechnic Diploma holders in commerce, business, accounting or finance-related discipline (other disciplines are on a case by case basis) from recognised institutions, both local and overseas, with at least 5 years of relevant work experience in the Financial Services Industry.

Target Audience

• Professionals who are currently working in the Financial Services Industry and are performing Risk Management functions who wish to enhance their knowledge and skills in Operational Risk Management or to upgrade themselves or to obtain formal professional certification for their skills and knowledge.
• Professionals who are currently working in other segments in the Financial Services Industry who wish to acquire skills and knowledge, and to obtain formal professional certification in Operational Risk Management to enable them to value-add or who aspire to move into Operational Risk Management functions.
• Fresh tertiary graduates (Degree holders) who aspire to join the Financial Services Industry and who wish to explore career opportunities in Operational Risk Management.

Learning Approach

Lecture, interactive discussions, quiz, case studies, etc.

The IBF Standards consists of 4 Competency Units – Governance, Analytics, Technology and Functional with the following learning objectives.

CU 1 – 3 - Learning Objectives

By the end of the course participants will be able to demonstrate

• foundation understanding of the financial services industry as well as awareness of regulatory and industry trends and developments
• foundation competencies in the understanding of financial products and markets, financial mathematics, and corporate finance
• foundation understanding of data management and the use of risk information technology

Level 1 CU4 - Learning Objectives

By the end of the course participants will be able to demonstrate

• Demonstrate an understanding of operational risk and its inter-relationship with other risk categories
• Demonstrate an understanding of operational risk strategy and how it supports the achievement of organisations strategies and objectives
• Work with colleagues to support the implementation of various approaches for identifying, measuring, analysing, controlling, mitigating, monitoring and reporting operational risks
• Work with colleagues to support the data and management information systems required to support the ORM framework, methodologies and processes

Lecturer

Patricia Jalleh