Islamic Finance is a big new area of interest for banks and financial services. Not only does it offer opportunities for new products and services, but it is also one of the fastest growing areas of finance. Despite the global economic slowdown, analysts estimate that the market for Islamic assets will grow by 10 – 15 percent in 2009. While this is not as fast as the 20 – 30 percent growth experienced in 2008, it nonetheless is an important opportunity for banks, particularly in Hong Kong.
Hong Kong has made a point of being an attractive destination for investors and marketing participants of Islamic Finance. With a global market size of US$400 billion and no clear leader in the market for Islamic Finance, Hong Kong stands to gain considerably from boosting its market presence, infrastructure and capabilities in this area. Although Dubai, KL and London all have big markets for Shariah products, no city can yet claim global leadership in Islamic Finance. So why not Hong Kong?
We've just launched Fundamentals of Islamic Finance which gives a great introduction to the subject and should be mandatory learning for anyone interested in Islamic Finance.
Check it out!
Thursday, July 30, 2009
IT Certifications
We are launching a number of important IT certification courses on Vast Talent’s website (in conjunction with our partner ElementK) over the next few weeks. These are online courses that give you everything you need to pass all sorts of professional certifications for the IT business. These certifications are basically a way to get ahead in the IT business and develop your career.
These offerings are important because China (the area we are most focused on) has a tremendous need for software and hardware engineers of all kind. Engineers who graduate from college need to stand out from the crowd and differentiate themselves, so they go for professional qualifications like CCNA (from Cisco) or MCTS and MCITP (by Microsoft). Cisco estimates that China will need 400,000 new telecoms engineers in the next five years to support growth in the market.
The traditional way of studying for these certifications is to sign up at an IT school and use their classroom and facilities. But this can be expensive and your success in the exam is due in large part to how good your teacher is.
Our approach is to provide top-notch online courses that we designed by industry experts in conjunction with the big technology companies (like Microsoft, Sun and Cisco). That way we get the best information and the newest trends and technology. We also offer “virtual labs” where students can manipulate real, live IT environments remotely. This is great because it can be scheduled whenever you want, and you have access to lots of different kinds of software and hardware. Even better is that it’s cheap and you don’t have to invest in this infrastructure yourself.
You can currently sign up for a free trial of our Sun, Cisco, CompTIA, Microsoft, or ITIL certification courses. Soon we’ll offer the ability to buy on our site and get started on the next stage of your career.
These offerings are important because China (the area we are most focused on) has a tremendous need for software and hardware engineers of all kind. Engineers who graduate from college need to stand out from the crowd and differentiate themselves, so they go for professional qualifications like CCNA (from Cisco) or MCTS and MCITP (by Microsoft). Cisco estimates that China will need 400,000 new telecoms engineers in the next five years to support growth in the market.
The traditional way of studying for these certifications is to sign up at an IT school and use their classroom and facilities. But this can be expensive and your success in the exam is due in large part to how good your teacher is.
Our approach is to provide top-notch online courses that we designed by industry experts in conjunction with the big technology companies (like Microsoft, Sun and Cisco). That way we get the best information and the newest trends and technology. We also offer “virtual labs” where students can manipulate real, live IT environments remotely. This is great because it can be scheduled whenever you want, and you have access to lots of different kinds of software and hardware. Even better is that it’s cheap and you don’t have to invest in this infrastructure yourself.
You can currently sign up for a free trial of our Sun, Cisco, CompTIA, Microsoft, or ITIL certification courses. Soon we’ll offer the ability to buy on our site and get started on the next stage of your career.
Wednesday, July 29, 2009
Anti-Money Laundering Training
Anti-Money Laundering training is yet another recent addition to our ever-growing catalog of e-learning courses. This is a really interesting topic that has been in the news a lot over the past years. Pretty much every country in the world has anti-money laundering (AML) or counter-terrorism financing (CTF) laws that banks, insurance companies and others have to adhere to.
A big challenge has been the cost of training staff in AML and CTF. Since all staff usually have to undergo anti-money laundering training (the intensity of the training depends on their role in the company), costs can quickly escalate. But with e-learning, companies can save money and make sure that the training is consistent throughout the organization.
Every country has its own twist to the law, so it’s great that our partner Knowledge Platform has built specific modules on how to comply with AML regulations in Australia, Japan, Hong Kong, Malaysia, Cayman Islands and Singapore.
Note: this AML course is available in English, Chinese and Japanese – so you’ll get total coverage in Asia.
A big challenge has been the cost of training staff in AML and CTF. Since all staff usually have to undergo anti-money laundering training (the intensity of the training depends on their role in the company), costs can quickly escalate. But with e-learning, companies can save money and make sure that the training is consistent throughout the organization.
Every country has its own twist to the law, so it’s great that our partner Knowledge Platform has built specific modules on how to comply with AML regulations in Australia, Japan, Hong Kong, Malaysia, Cayman Islands and Singapore.
Note: this AML course is available in English, Chinese and Japanese – so you’ll get total coverage in Asia.
Six Sigma Training Now Available Online
We just put a series of Six Sigma and Lean Six Sigma e-learning courses up on Vast Talent’s website. These courses were put together by Knowledge Platform, our partners from Singapore.
What I like about these e-learning courses is that they’re really interactive. While you can imagine that quality management, process control and Six Sigma makes for a rather dry learning experience, we’re getting a fresh look at these topics here. The courses are really well designed and have nice graphics and are very interactive.
You should use e-learning in the context of Six Sigma to free up classroom time. Giving students online courses helps to create a common foundation of knowledge so that other training can be more efficient and effective. Don’t consider these courses a replacement for your traditional training – consider them a complement.
The four new courses are:
- Introduction to Lean Methodology. This is a survey course of only 30 minutes which gives an overview of what Lean is all about. Good for general use across an entire company.
- Introduction to Lean Six Sigma. This course is made up of four modules plus an assessment and takes about two hours to complete. It’s a good introductory course for people who work in manufacturing environments or project managers who are going to be involved in Lean Six Sigma.
- Six Sigma Yellow Belt. The Yellow Belt is the first step on the road of Six Sigma, and this course’s five modules will take you about 3 hours to complete.
- Six Sigma Green Belt. As you can imagine, this is a more advanced course with six longer modules of 90 to 120 minutes each.
What I like about these e-learning courses is that they’re really interactive. While you can imagine that quality management, process control and Six Sigma makes for a rather dry learning experience, we’re getting a fresh look at these topics here. The courses are really well designed and have nice graphics and are very interactive.
You should use e-learning in the context of Six Sigma to free up classroom time. Giving students online courses helps to create a common foundation of knowledge so that other training can be more efficient and effective. Don’t consider these courses a replacement for your traditional training – consider them a complement.
The four new courses are:
- Introduction to Lean Methodology. This is a survey course of only 30 minutes which gives an overview of what Lean is all about. Good for general use across an entire company.
- Introduction to Lean Six Sigma. This course is made up of four modules plus an assessment and takes about two hours to complete. It’s a good introductory course for people who work in manufacturing environments or project managers who are going to be involved in Lean Six Sigma.
- Six Sigma Yellow Belt. The Yellow Belt is the first step on the road of Six Sigma, and this course’s five modules will take you about 3 hours to complete.
- Six Sigma Green Belt. As you can imagine, this is a more advanced course with six longer modules of 90 to 120 minutes each.
CFA Level 1 June 2009 Results Published
The CFA Institute has now posted the results for the CFA exam on their website. 46 percent of candidates passed the Level 1 exam in June 2009, up from 35 percent for the December exam. That's quite and improvement and I wonder what went right for so many people last month?
As before, no geographic information is provided, so we don't know how candidates from particular countries or regions did. We can assume that the Europeans did best (they always do) and that the US was about average. If I can find more data or analysis on this, I'll post it up here.
For the 54 percent who didn't pass the CFA Level 1 in June, we are offering a special deal to improve your chances next time around. Just send us proof of your score and your registration certificate for the December 2009 exam, and you'll get a big discount on our CFA exam course. Click here to see how you can do better in December's CFA exam, and get a good deal, too.
Good luck!
As before, no geographic information is provided, so we don't know how candidates from particular countries or regions did. We can assume that the Europeans did best (they always do) and that the US was about average. If I can find more data or analysis on this, I'll post it up here.
For the 54 percent who didn't pass the CFA Level 1 in June, we are offering a special deal to improve your chances next time around. Just send us proof of your score and your registration certificate for the December 2009 exam, and you'll get a big discount on our CFA exam course. Click here to see how you can do better in December's CFA exam, and get a good deal, too.
Good luck!
Tuesday, July 21, 2009
APRIA 2009 Follow up
I promised to post the slides from my presentation to APRIA. I gave the audience a preview of the Basic Standard for Enterprise Internal Control, specifically focusing on how it will impact insurance companies in China.
Had a great questions from the audience - in fact, it's a question that I get almost anytime I talk about China SOX (or Sarbanes Oxley or any similar risk management regulation). The question goes something like this: "If we have all these great risk management systems and regulation in place, why didn't they prevent or foresee the financial crisis?"
I think that's a really great question. When I answer, I usually point out that the problem is not so much with the laws/regulations themselves as what people do with them. The main point is that it's not what these regulations say that's important, it's how they are implemented. You can have the best regulation in the world written by really smart people, but unless they are put in place as intended and adhered to constantly, you are going to have problems.
That's why it's important to think of risk management as a culture change for the company. Risk management awareness has to be instilled throughout the entire company. It's not enough to pay lip service to risk management and not implement it properly.
Obviously, there were also lapses in government oversight (around the world) that caused these problems too. But my main focus is on how companies can get real business benefit from implementing China SOX.
Had a great questions from the audience - in fact, it's a question that I get almost anytime I talk about China SOX (or Sarbanes Oxley or any similar risk management regulation). The question goes something like this: "If we have all these great risk management systems and regulation in place, why didn't they prevent or foresee the financial crisis?"
I think that's a really great question. When I answer, I usually point out that the problem is not so much with the laws/regulations themselves as what people do with them. The main point is that it's not what these regulations say that's important, it's how they are implemented. You can have the best regulation in the world written by really smart people, but unless they are put in place as intended and adhered to constantly, you are going to have problems.
That's why it's important to think of risk management as a culture change for the company. Risk management awareness has to be instilled throughout the entire company. It's not enough to pay lip service to risk management and not implement it properly.
Obviously, there were also lapses in government oversight (around the world) that caused these problems too. But my main focus is on how companies can get real business benefit from implementing China SOX.
Friday, July 17, 2009
Presentation on China SOX at APRIA 2009 Conference
I am going to be speaking next week at the 13th Annual APRIA Conference, hosted by the China Center for Insurance and Social Security Research (CCISSR), at Peking University, Beijing, China. This is a big gathering of insurance industry people from around the world.
I will be presenting in the plenary session titled “The Financial Crisis and the Future of Risk Management” on Tuesday, July 21st. My talk is called “A Preview of New Corporate Governance Regulations in China in Response to the Financial Crisis” and will focus on the operational impact to insurance companies of the Basic Standard for Enterprise Internal Control (C-SOX).
Here are the details:
Who: Alex Raymond, Vast Talent;
What: 2009 APIRA Beijing Annual Conference: “The Financial Crisis and the Future of Risk Management” plenary session;
When: Tuesday, 21 July 20009, from 10:30am to 12:00 pm;
Where: Beijing Friendship Hotel, Beijing, China.
More about the Asia-Pacific Risk and Insurance Association:
Founded in Singapore in 1997, the Asia-Pacific Risk and Insurance Association (APRIA) is a global learned society for all academics, executives, researchers and government leaders with an interest in risk management, insurance, actuarial science and related areas.
After the talk, I will post my slides and pictures (if any) up here.
Click for our press release about the talk at APRIA.
I will be presenting in the plenary session titled “The Financial Crisis and the Future of Risk Management” on Tuesday, July 21st. My talk is called “A Preview of New Corporate Governance Regulations in China in Response to the Financial Crisis” and will focus on the operational impact to insurance companies of the Basic Standard for Enterprise Internal Control (C-SOX).
Here are the details:
Who: Alex Raymond, Vast Talent;
What: 2009 APIRA Beijing Annual Conference: “The Financial Crisis and the Future of Risk Management” plenary session;
When: Tuesday, 21 July 20009, from 10:30am to 12:00 pm;
Where: Beijing Friendship Hotel, Beijing, China.
More about the Asia-Pacific Risk and Insurance Association:
Founded in Singapore in 1997, the Asia-Pacific Risk and Insurance Association (APRIA) is a global learned society for all academics, executives, researchers and government leaders with an interest in risk management, insurance, actuarial science and related areas.
After the talk, I will post my slides and pictures (if any) up here.
Click for our press release about the talk at APRIA.
Monday, July 13, 2009
Only 5.88% of Companies in China Train on Internal Controls!
According to a recent survey by Deloitte China, only 5.88 percent of companies in China train their staff on internal controls. This is a very interesting article which you should definitely look at if you are interested in internal control and risk management in China. It shows that there is lots of activity on internal control related to the Basic Standard for Enterprise Internal Control (C-SOX) but still no clear direction as to where the market is going.
Consider other interesting statistics from the Deloitte survey:
- “88.24% of listed companies have raised their awareness of internal control and risk management”
- “58.82% of the enterprises have established designated departments to implement risk management and internal control”
- “23.53% of them have their focus of internal control progressed from written procedures to practical implementation”
- “Only 17.65% have carried out quality review of their internal control initiatives”
- “58.82% of the enterprises consider that the execution of internal control measures cannot achieve their expected results”
- “52.94% of the enterprises believe that a lack of information system relevant to internal control is one of the major problems to internal control implementation”
My read of this? Lots of companies are trying to take China SOX and internal controls and risk management seriously because they expect it to benefit their business. But they are not yet clear on how to achieve their objectives and what steps to take first.
My suggestion is to start with staff training to raise awareness and create a common language about risk management. Also make sure to prepare an organizational map showing areas of responsibility and who will need more advanced training. Once those are in place, companies can start finding IT systems that meet their internal control needs.
We published a whitepaper last month on how to get started with your C-SOX implementation. Click for more details – it’s free and you don’t have to register.
Consider other interesting statistics from the Deloitte survey:
- “88.24% of listed companies have raised their awareness of internal control and risk management”
- “58.82% of the enterprises have established designated departments to implement risk management and internal control”
- “23.53% of them have their focus of internal control progressed from written procedures to practical implementation”
- “Only 17.65% have carried out quality review of their internal control initiatives”
- “58.82% of the enterprises consider that the execution of internal control measures cannot achieve their expected results”
- “52.94% of the enterprises believe that a lack of information system relevant to internal control is one of the major problems to internal control implementation”
My read of this? Lots of companies are trying to take China SOX and internal controls and risk management seriously because they expect it to benefit their business. But they are not yet clear on how to achieve their objectives and what steps to take first.
My suggestion is to start with staff training to raise awareness and create a common language about risk management. Also make sure to prepare an organizational map showing areas of responsibility and who will need more advanced training. Once those are in place, companies can start finding IT systems that meet their internal control needs.
We published a whitepaper last month on how to get started with your C-SOX implementation. Click for more details – it’s free and you don’t have to register.
Thursday, July 9, 2009
146 Days until CFA Level 1
The December CFA Level 1 exam is only 146 days away - it takes place on December 5th (or December 6th in Asia).
At this point you should be reviewing the Candidate Body of Knowledge (CBOK), established your key learning outcome statements and have a detailed study plan set up.
Since most people need more than 250 hours of study time to review everything and build their confidence, you need on average 1 hour and 42 minutes of study a day to stay on track (if you are starting from scratch).
I know it’s hard to stay motivated when you have hundreds of hours of intense work ahead of you, so try to break it up into manageable chunks and spend time on the areas that you find most challenging.
Do you have all the resources you need? If you are serious about passing the CFA Level 1 (only 35 percent of candidates pass) you will have bought an online CFA training course to give you an extra boost.
Why study online? It’s more efficient, more targeted and cheaper than most of the alternatives.
At this point you should be reviewing the Candidate Body of Knowledge (CBOK), established your key learning outcome statements and have a detailed study plan set up.
Since most people need more than 250 hours of study time to review everything and build their confidence, you need on average 1 hour and 42 minutes of study a day to stay on track (if you are starting from scratch).
I know it’s hard to stay motivated when you have hundreds of hours of intense work ahead of you, so try to break it up into manageable chunks and spend time on the areas that you find most challenging.
Do you have all the resources you need? If you are serious about passing the CFA Level 1 (only 35 percent of candidates pass) you will have bought an online CFA training course to give you an extra boost.
Why study online? It’s more efficient, more targeted and cheaper than most of the alternatives.
Wednesday, July 8, 2009
Risk Management Certifications help with China SOX
Nice to see that PRMIA agrees that certified risk managers (notably with their own certifications, the PRM and APRM) will play an important role in the development and execution of China SOX. In launching their new Chinese language tests the other day, they and their local partners made reference to China SOX as an emerging theme in risk management here.
Click here for the PDF version of their press release: http://www.prmia.org/PRMIA-News/PECC-PRMIA%20Press%20Release.pdf
Of course, the FRM and CFA certifications are also useful tools for anyone tackling the C-SOX challenge. But kudos to PRMIA for claiming the ground first.
Click here for the PDF version of their press release: http://www.prmia.org/PRMIA-News/PECC-PRMIA%20Press%20Release.pdf
Of course, the FRM and CFA certifications are also useful tools for anyone tackling the C-SOX challenge. But kudos to PRMIA for claiming the ground first.
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