Over 80 percent of Chinese banks need to invest more in Risk Management training, according to a survey conducted by Vast Talent, a specialized provider of compliance and talent development solutions in China. They survey, based on detailed information from more than 15 banks throughout China gathered last month, asked respondents to list areas in which they planned to invest in 2009, with a specific focus on online training (e-learning)
Alex Raymond, Founder and CEO of Vast Talent, commented: “Over two-thirds of the banks we spoke to are going to invest in online training this year. Companies are moving to much more sophisticated solutions and are looking for high-quality, interactive courseware that meets specific business challenges. Given the tough economic environment, banks have high ROI expectations and are using these tools to improve their business.”
According to the data, the top priorities for corporate training among Chinese banks in 2009 are management skills (with 54% citing it as a priority), business skills (46%) and customer service skills (38%). Within the technical skills of banking and finance, respondents expressed a need for more training and e-learning in Risk Management (84%), Financial Products and Markets (46%) and Bank Branch Management (38%).
The drivers for adopting e-learning in Chinese banks are similar to those seen in other countries. Over half of the respondents (53%) cited quality improvements as their primary driver for implementing online learning. 46 percent of respondents also mentioned the need to increase consistency across the organization and reduce costs. Consistency of training is a key concern among banks in China due to their large size and geographical dispersion.
In addition, 46 percent of bank respondents indicated that they plan training efforts on the Basic Standard for Enterprise Internal Control, a new government regulation which goes into effect this year. The Basic Standard, also known as China SOX or C-SOX, has been compared with the US’s Sarbanes-Oxley regulation and promotes transparency and enforcement of internal controls.
Vast Talent’s online solutions include a large library of banking and finance courses, including more than 100 courses in Risk Management, over 130 courses in financial products and markets and specialized courses to help students prepare for the CFA, FRM and PRM examinations. Vast Talent also offers compliance and training solutions for the C-SOX.
