ENP Newswire -
Release date- 15072014 - Feature address by Mr
We are at the end of June graduation month, a time when classes of diligent and hopeful people are filled with excitement to attend the traditional graduation ceremonies. These exciting ceremonies are often glamorous, as everyone makes quite an effort, like all of you did, to look special. So the low point of the night is usually the dull speech by the guest speaker, which luckily, for tonight is yours truly. So let me introduce myself to you. I'm
But don't always believe headlines, and maybe I can also challenge another preconceived notion about Graduation Ceremony speakers, that is.... I'll be boring. Let me assure you, I will just partially bore you. I'll get to the exciting stuff first; I did not bring any US money with me tonight. Instead I brought one simple message for you, worth more than all the excess US dollars in the banking system right now, which stand at around
This is just the beginning for you. Lifelong learning is the best way to keep investing in yourself. You are on the right track with furthering your skills in the financial services sector. There is a skills deficit here at home and continuous learning will be your currency in the job market. As financial services professionals here's where your lifelong learning will pay off.
It's interesting that
More than 250 financial institutions perform various roles here and in the
As Governor, I can give you some premium perspective about these global forces, simply because my television is always on
As I said, the world is facing an acute skills shortage. A 2012 study by the
Second, the global financial system has shrunk, and is now smaller as a proportion of the world economy. For three decades, capital markets and banking systems rapidly expanded and diversified, but now that process - called financial deepening - has stalled, a lingering effect of the global financial crisis. Global financial assets fell to around 315 per cent of global GDP in 2012, from 355 per cent of global GDP in 2007, before the eruption of the crisis. The drop in financial assets is not only confined to the industrial countries but also extends to the emerging market economies whose financial deepening has largely ground to a halt. This means fewer market players, fewer employers, fewer transactions and ... connect the dots ... possibly fewer employees. Skills deficit and a smaller global financial system mean your skills need to be constantly sharpened.
I'll give you another example of why 'today you are in, but tomorrow you are out', which cements my lifelong-learning-sharpen-your-skills message. In a classic case of 'revenge of the nerds', technology is rapidly redefining the way financial institutions compete, do business and interact with their customers. From online and mobile payments to biometric authorization, the rise of cloud computing means many more financial transactions can be done faster, automatically and at lower cost. Financial technology companies like Pay Pal and
These global forces will fundamentally change the profile of jobs in finance in the coming decade and beyond. At the
As the country look to the future, we must ensure we are generating the right skills to stay relevant and competitive.
In thinking about how to generate the breadth and depth of skills, I believe we can draw lessons from the actions policymakers usually take when managing a financial crisis. Three distinct remedies are usually applied to a financial sector in crisis: recapitalization programmes, measures to boost liquidity, and a sober look at how the financial ecosystem should work in the future.
As a starting point,
Second, in the same way central banks took steps to increase liquidity in the financial system, we must do better to ensure we have the necessary labour mobility to match supply more easily with demand, both within our borders and from other parts of the world, including the
Third, we cannot rely on emergency measures alone. In the longer term, we need to review the financial architecture that governs skills and human capital, if we are to avoid breakdowns in the future. We must develop a strong ecosystem that puts programs in place to address the financial skills gaps before they become critical. As we seek to build a knowledge-driven economy, tertiary education must play an increasingly important role in enhancing the country's human capital base. Tertiary education imparts knowledge and high-level skills as well as provides basic and applied research needed to support innovation and entrepreneurship.
Finance, of course, is one economic priority area. At the
Since 2007, we have spearheaded the National Financial Literacy Program (NFLP) to equip our citizens with the knowledge, skills and tools to make informed financial decisions. We are now transforming the NFLP into an accredited training agency. One of the programmes of this new training agency will be a Certificate in Central Banking that will provide our entry level staff with broad-based knowledge and understanding of monetary policy, financial supervision and reserve management.
I firmly believe that IBF has a key role to play in helping to build our financial ecosystem in which finance professionals keep pace with skills challenges to the future. I am pleased to hear about IBF's future initiatives for training in banking and finance, including online learning. But there is always more to be done. For instance, IBF can establish a set of industry standards for finance professionals that provide a clear road map for building their competencies, as they progress in their careers, across different jobs. Such Financial Industry Competency Standards will also help to build a clear pipeline of talent and leaders in finance, so that our citizens can take advantage of the opportunities that a growing financial industry will create.
IBF can also help to develop Trinidadians for positions of leadership in tomorrow's financial world. Many of our industry pioneers and senior professionals have a wealth of experience to share. Every year IBF bestows fellowship awards to stalwarts who've contributed to building the financial services industry. Among those being awarded tonight are Mr.
I wish you well in your future careers.
I thank you.
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