Fuelled by technology and globalisation, the financial services sector in Europe and in Malta, is fast-moving and dynamic and undergoing change at a pace which is unparalleled in its history.
With national, European and international regulations in constant flux, the sector – and the regulator – have to be ready, and constantly strive to anticipate such changes and shape their objectives, workforce and skill-sets.
The Malta Financial Services Authority (MFSA) recently set up its Financial Supervisors Academy (FSA), with the aim of creating a much-needed specialist hub in financial services supervision, and investing in people to help them meet the challenges they encounter in their career.
“We started our formally accredited training centre with the primary objective of offering our people specialist training. Together with other initiatives – such as training and support schemes through which we help our employees further their studies – we aim to develop our people in a holistic manner,” said Calvin Cassar, MFSA’s Head for People and Culture.
The Academy showcases the MFSA’s commitment to invest in financial supervision expertise – and through this training centre, supervisors undergo technical and specialist preparation, as well as soft-skills training.
“Since its inception, this training centre has been very successful – and in fact, we are now offering training to other regulators and institutions, and eventually plan to also make its services available to the industry,” he added.
“We also see the Financial Supervisors Academy as a means to act as an international knowledge-sharing hub and a platform for collaboration with our counterparts in other jurisdictions, including regulators.”
Financial regulation is a challenging career choice – one that requires specialist knowledge and continuous learning.
“Educational institutions are doing a good job in preparing people for a career in financial regulation,” added Cassar. “In fact, we collaborate with such institutions, share knowledge, and communicate our needs, present and future, thus they can increase students’ readiness by adapting their instruction to such requisites.
“However, educational institutions can only give prospective employees a sound foundation. In order to work in financial regulation, one must further their training and studies – especially given the need for specialisation in various areas such as compliance, cybersecurity, AML/CFT, amongst others.”
This all adds to the knowledge-rich environment that the MFSA offers its people – an environment which helps them grow and fine-tune their capabilities.