As well as providing guidance for the implementation of the framework in both public and private institutions, as well as It is intended to provide a FSDP), one of the main programs launched by the Council of Economic and Development Affairs (CEDA) under the Vision 2030 umbrella. Together, the initiatives will address the low level of coverage of financial services, increase the total size of financial assets, increase financial coverage, promote the culture of savings, create new jobs in the financial sector, as well as support the digital transformation of the financial sector.
In line with the goals of the FSDP, the Financial Academy launched an initiative to develop the "Saudi FS Competency Framework". FA in collaboration with market representatives as well as local and international experts developed the framework that will serve as the basis for its best-in-class training solutions and exams, as well as a tool that can be adopted by FS organizations for design. and implementing broader talent management programs. The framework will facilitate career development and talent management, as well as upskilling and reskilling initiatives accordingly.
The Saudi FS Competency Framework is not an "end product" but is intended as a resource for multiple uses. A competency framework is the basic structure underlying the collection of individual competencies required by roles in an organization.
Current state assessment
Local and international subject matter experts
Industry input
International best practices
Framework Components
The Saudi FS competency framework is composed from 4 distinct but intertwined parts
Market Structure (1/2)
Sector Segment
Job Family
Market Structure (2/2)
Competency Dictionary
Competency Cards
Mapping scaled competencies to job roles facilitates the development of career paths, which in turn enables the FS industry to develop various upskilling and reskilling initiatives in line with changing market demands. Vertical moves, occur within the same job family and are the natural progression in rank Horizontal moves, represent a move to another job family within the same rank. Job role descriptions provide the FS market with a highly standardized tool to match professional skills and expose FS professionals to new job opportunities.
Up to 12 technical competencies, defined based on the skills required for successful performance, most technical competencies are shared between job roles within the same job family. Up to 11 behavioral competencies, defined based on the nature and level of the job role.
Framework Structure
The first part of the code is 1 letter that indicates the sector it belongs to, F indicates that this job role is in the "Financing companies" sector. The third part of the code is 1 digit indicating his level 4 indicates that this job role is at the manager level. The fourth part of the code is 1 digit that indicates its number at the job level 1 indicates that this job role is the first of several at this level, and therefore is “Compatibility.
Each component of the framework was given a unique code to distinguish it and facilitate the integration of the framework into any internal system. The second part of the code consists of 2 letters that indicate the function family to which it belongs. CO indicates that this function falls under “Compliance, AML and CTF”.
Compliance Manager
Applying The Competency Framework
Industry labour force planning
Benefits of implementation Process for implementation
Compare the learning objectives of the curriculum with the objectives of the relevant competencies to identify gaps. Determine steps to fill gaps by addressing learning objectives not covered, eliminating repetition or ensuring repetition leads to increased mastery.
Curriculum development and evaluation
Career exploration and planning
Benefits of implementation
Process for implementation
Talent management
Competency framework development
Benefits of Implementation
Process for Implementation
Coding
Each of the 33 job families has been assigned a unique 2-letter code, the full list of job families is available in appendix 2. Core competencies on the other hand are shared by all job roles in a sector, to make that distinction in the code the 1 letter sector code was added before the 2 letter postal family code, which led to a duplication of. Credit Modeling's job family found only under the 'Credit Rating' segment in the banking sector.
Four job families called 'cross-sector job families' exist under all segments in all sectors: Risk Management, Compliance, Customer Care and Product Development. The mapping to segments has no effect on the content of the job family descriptors or job roles that fall under it, so its code was not included in the job family code to avoid unnecessary redundancy. The 1st digit indicates the rank of the job role, and must therefore fall between "1" and "5".
The 2nd number indicates whether there is one or more job roles of the same rank in the job family. In the event that there was more than 1 job application in the same position in the same job family, the "0" is replaced by any other digit, starting with "1" and increasing if necessary, we currently have multiple occurrences of 2 job applications in the same position in the same work family.
Market structure
Competency dictionary
Segment definitions
B05 Retail banking Retail banking - also known as consumer banking - is the provision of services by a bank to the general public, rather than to companies, corporations or other banks. SME finance is the funding of small and medium-sized enterprises, and represents a main function of the general business finance market in which capital is provided, acquired and costed or priced for different types of firms. Credit rating is a quantified assessment of the financial strength of companies and government entities, particularly their ability to meet principal and interest payments on their debt.
Provides an independent evaluation of the creditworthiness of debt securities issued by governments and corporations. Investment banking refers to raising capital and helping companies issue equity and debt securities through initial public offerings or FPOs, facilitating mergers and acquisitions (M&As), both on the buy and sell sides of the deal and corporate restructurings, along with a wide range of other functions. C05 Stock Exchange The stock exchange is the regulated financial market where securities are traded (bought and sold) at prices determined by the forces of supply and demand. Tadawul (the stock exchange) is the only entity authorized to act as a stock exchange within KSA.
C06 Wealth management Wealth management refers to overseeing all the financial aspects of the client and can include management of assets, taxes, estate, cash flow and all other possible uses of money. Although the leasing company is the legal owner of the goods, the ownership and possession are effectively transferred to the lessee who accrues all benefits, costs and risks associated with ownership of the assets. F02 Consumer loans Consumer loans are the category of finance centered on individual and household consumers.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges. The card issuer (usually a bank) creates a current account and extends a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. A mortgage servicer is usually a commercial bank or a licensed company that assists in the processing of the loan, which may include making sure that the loan is awarded to the borrower and that the borrower applies the loan to the intended purchase.
SME finance is the funding of small and medium-sized enterprises, and represents an important function of the business finance market in which capital is provided, acquired and costed or priced for different types of firms. I03 Medical Insurance Medical insurance covers the risk of the health of the policyholders or their family members from accident or illness. Savings protection and savings insurance provide financial security to surviving dependents after the death of an insured, against payment of the premium by the insured.
Job family definitions
Roles in this function may be responsible for single or multi-country claims and will be responsible for all aspects of claims from initial advice to final settlement. Responsible for taking control of the property when a loan borrower is unable to make full principal and interest payments on their loan. Responsible for collateral liquidation in case of default and collateral termination when debt is settled.
Ensure that the organization operates in accordance with ethical business practices, company policies and all applicable regulatory requirements and best practices. WTW advises SMEs to distinguish between the "trading" family of occupations and the "business brokerage" family. However, despite the fact that international practice provides a clear definition for trading separately from trading-brokerage, local practice does not distinguish between the two and all trading functions are performed by the trading-brokerage job family.).
Negotiates the terms of the transactions and defines the principles of interventions in markets (volume, conditions). Responsible for loan contract signing, loan administration and disbursement, real estate ownership transfer, collateral documentation. Ensure that all requests for prior authorization and field operations are processed promptly in accordance with the organization's policies and procedures.
Responsible for determining the cause of damage and determining whether it is covered by an insurance policy. Submit documentation to the insurance company describing the incident and recommendations for the claim amount. Structuring is responsible for the development (engineering/design) and explanation of new and existing products for issuers.
Develop, recommend and implement controls and cost-effective approaches to minimize the organisation's risks. Apply standard rates and calculate premiums for new contracts, renewals and approvals related to the Underwriting Unit. Assess risk and pricing to ensure business value and ensure underwriting policies, procedures and guidelines are aligned with organizational expectations.
