Speaking at the launch of the National Future Skills Framework (FSF) today, Rasheed said future-proofing talent in the financial sector includes predicting the skills needed to support the ever-changing ways in which financial services are delivered.

“Skills forecasting is needed to reduce skill gaps among graduates and better anticipate the financial sector’s reskilling and upskilling needs,” he said.

Launched by the Asian Institute of Chartered Bankers, Finance Institute Malaysia and the Malaysian Insurance Institute, the FSF is a national initiative that aims to develop future-proof banking talent that can accelerate the growth and competitiveness of the country’s financial sector.

Rasheed said the FSF must be continuously updated to ensure its relevancy as a reference point for skills, job roles and career pathways.

He also urged Malaysia to learn from the UK’s Financial Services Skills Commission, which advocates forecasting skills at all levels through detailed data collection and the understanding of jobs, as well as investing in skill development infrastructure.

Rasheed said financial institutions can also future-proof talents by cultivating lifelong learning and emphasising high ethical standards, citing a McKinsey & Co study that said this could improve worker productivity by up to 12% and increase talent retention through high employee loyalty and satisfaction.

Such organisations would then be able to foster trust and credibility in the nation’s financial system, leading to a hike in public and investor confidence, Rasheed said.

“Institutions that are intentional and uncompromising in upholding high standards of governance and ethical conduct are far less likely to be exposed to financial and educational risk.

“Leaders must take direct ownership of the process for assessing and managing culture, and send a strong and clear signal that they do not tolerate fraud or predatory conduct,” he said.