It also provides guidelines for implementing the framework in public and private institutions and planning a self-vocational path. It is intended to provide an overview of the Saudi Financial Services (FS) competency framework. FSDP), one of the main programs launched by the Council for Economic and Development Affairs (CEDA) under the auspices of Vision 2030.
Collectively, the initiatives will address the low coverage level of financial services, increase the total size of financial assets, increase financial coverage, promote the savings culture, create new jobs in the financial sector and support the digital transformation of the financial sector. The FSDP states in its list of objectives that it will seek to improve the capacity of the local talent pool to enable financial institutions to support private sector growth. FA has, in collaboration with representatives from the market, as well as local and international experts, developed the framework that will form the basis of its best training solutions and exams, as well as a tool that can be used by FS organizations for the design and implementation of wider talent management programs.
The framework will facilitate career development and talent management, as well as upskilling and reskilling initiatives in line with evolving market requirements.
Current state assessment
Local and international subject matter experts
Industry input
International best practices
The Saudi FS competency framework is composed from 4 distinct but intertwined parts
Market Structure (1/2)
Sector Segment
Job Family
Nature of the role Support Professional management Management. Entry Level) (Professional Level) (Senior Professional Level) (Managerial Level) (Senior Managerial Level) Typical Job Role. It focuses primarily on the management and implementation of operational goals that help achieve long-term organizational strategy. It sets long-term strategic goals and helps shape the future of the business unit (or region).
Competency Dictionary
Each competency map has a competency descriptor and a scaled definition across 5 skill levels, providing greater insight into the level of contribution required. Defining and describing scaled competencies with unique identifiers improves competency mapping for different job roles at different levels and facilitates skill development throughout the career lifecycle. Mapping scaled competencies to functions facilitates the development of career paths, in turn allowing the FS industry to develop various upskilling and reskilling initiatives in line with changing market requirements.
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 skills, mapped based on skills required for successful performance, the majority of technical skills are shared between job roles within the same job family.
Up to 11 behavioral competencies, mapped 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 indicating its number at the job level 1 indicates that this job role is the first of several at this level, and is therefore "Compliance Manager".
Each component of the framework received a unique code that distinguishes it and facilitates the integration of the framework into any internal system. The 2nd part of the code consisting of two letters indicating the job family to which the CO belongs means that this job role is under "Compliance, AML and CTF".
Compliance Manager
Applying The Competency Framework
Benefits of implementation Process for implementation
Compare curriculum learning objectives with those of relevant competencies to identify gaps. Define steps to fill in the gaps, addressing learning objectives that are not covered, eliminating repetition, or ensuring that repetition leads to increased mastery.
Curriculum development and evaluation
Benefits of implementation
Process for implementation
Talent management
Benefits of Implementation
Process for Implementation
Coding
Each of the 33 job families has been assigned a unique 2-letter code, a full list of job families can be found in Appendix 2. On the other hand, key competencies are shared by all jobs in the sector, so that this distinction is transferred to the code 1- the sector letter code was added before the 2-letter job family code, causing some job families to be duplicated and increasing the number to 57. The credit modeling job family is only found in the 'credit rating' segment of the banking sector.
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 digit indicates whether there are 1 or more job roles of the same rank in a 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
Corporate banking is a customized financial service that financial institutions offer to companies in the context of corporate financing and capital raising. Corporate banking is a specialized division of a commercial bank that offers various banking solutions such as credit management, asset management, cash management and contracting to large corporations and small and medium-sized enterprises (SMEs). Private banking is banking, investment and other financial services provided by banks to high net worth individuals (HNWIs) with high incomes or substantial assets.
Segment definitions
Investment banking refers to raising capital and helping companies issue shares and debt securities through initial public offerings or FPOs, facilitating Mergers & Acquisitions (M&A) both on the buy and sell side of the deal and corporate restructuring, along with a host of other functions. C05 Stock Exchange Stock Exchange is the regulated financial market where securities are traded (bought and sold) at prices governed by the forces of supply and demand. Tadawul (the stock exchange) is the only entity authorized in KSA to operate as a securities exchange. C06 Wealth management Wealth management refers to overseeing all the financial aspects of the client and can include the management of assets, taxes, property, 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 is the granting of credit to a borrower to own housing, and it is a service involved in the origination and/or funding of mortgages for residential or commercial property. 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.
Processing also includes tracking loan payments, sending reminder notices for missed payments, and filing foreclosure documents in the event the loan goes into default. SME financing is the financing of small and medium-sized enterprises and represents an important function of the business financing market in which capital for different types of businesses is supplied, acquired and budgeted or priced. Capital is provided through the corporate finance market in the form of bank loans and overdrafts, leasing and hire purchase agreements, share/corporate bond issues, venture capital or private equity, asset-based financing such as factoring and invoice discounting, and government financing in the form of grants or loans.
I03 Health insurance Health insurance covers the risk to the health of the policyholders or their family members in the event of an accident or illness. Savings insurance and savings insurance provide financial security to surviving relatives after the death of an insured person, against premium payment by the insured person.
Job family definitions
Roles in this function may be responsible for single or multi-state claims and will be responsible for all aspects of claims from initial consultation to final settlement. Responsible for taking control of the property when a borrower is unable to make full principal and interest payments on their loan. Responsible for the liquidation of collateral in the event of default and termination of collateral when the debt is repaid.
Ensure that the organization conducts business in accordance with ethical business practices, company policies and all applicable legal requirements and best practices. WTW SMEs advise to differentiate between the "trading" job family" and even the "trading broker" family. However, despite international practice setting a clear definition of trading separate from trade-brokering, local practice does not distinguish between the two and all trading functions are performed by the trade-broker job family.).
It negotiates the terms of transactions and defines the principles of market interventions (scope, conditions). Responsible for signing the loan agreement, loan management and disbursement, transfer of state ownership, collateral documentation. Ensure that all pre-authorizations and requests for field operations are handled promptly in accordance with the organization's policies and procedures.
Responsible for determining the cause of a loss 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 development (engineering/ . design) and explanation of new and existing products for issuers.
Develop, recommend and implement controls and cost-effective approaches to minimize the organization's risk effects. Evaluates risk and pricing to ensure company value and ensures that underwriting policies, procedures and guidelines meet the organization's expectations.
