Enhanced Competency Framework

In order to support capacity building and talent development, the HKMA is working with the banking industry and relevant professional bodies to implement an industry-wide Enhanced Competency Framework (ECF) for Banking Practitioners. The availability of a set of common and transparent competency standards enables more effective training for new entrants and professional development for existing practitioners, which is conducive to maintaining the competitiveness of Hong Kong as an international financial centre.

Whilst the ECF is not a mandatory licensing regime, banks are strongly encouraged to adopt it as the benchmark for enhancing the level of core competence and on-going professional development of banking practitioners.

Currently, the HKMA has launched ten ECF modules covering different professional workstreams*.

Please click the graph above for more information about each professional area.

*The Government has also devised the Specification of Competency Standards in respect of key functional areas of the banking industry. The details can be found in the website of the Qualifications Framework.

Relevant practitioners may be exempted from specified modules based on completion of eligible training programmes. The detailed lists of eligible training programmes for modular exemption are as follows:

• Treasury Management
• Retail Wealth Management
• Credit Risk Management
• Operational Risk Management
• Fintech
• Compliance
• Green and Sustainable Finance

An accreditation mechanism is established for interested banks or education and training operators to have their learning programmes of the below specified ECF modules accredited as meeting the ECF standards (including but not limited to the Qualifications Framework Standards). Applicants can refer to the detailed application procedures for completing the ECF accreditation of the learning programmes:

• Treasury Management (Core Level and Professional Level) (effective from 2 January 2018)
• Retail Wealth Management (Core Level and Professional Level) (effective from 2 January 2018)
• Anti-Money Laundering and Counter-Financing of Terrorism (Core Level and Professional Level) (effective from 3 April 2018)
• Credit Risk Management (Core Level and Professional Level) (effective from 1 April 2019)
• Operational Risk Management (Core Level and Professional Level) (effective from 2 January 2021)
• Fintech (Core Level and Professional Level) (effective from 4 January 2022)
• Compliance (Core Level and Professional Level) (effective from 1 November 2022)
• Green and Sustainable Finance (Core Level) (effective from 1 August 2023)

Press Release(s)

Circular(s)

Speech(es)

by Norman T.L. Chan, Chief Executive, Hong Kong Monetary Authority
(Opening Keynote Speech at HKIB Annual Banking Conference 2016)

by Eddie Yue, Deputy Chief Executive, Hong Kong Monetary Authority
(Speech at the Hong Kong Institute of Bankers Annual Conference 2012 “The Year of Transformation – Heading into a New Era”)

by Norman T.L. Chan, Chief Executive, Hong Kong Monetary Authority
(Speech at HKAB – HKIB Distinguished Speaker Series and HKIB Fellowship Conferment Ceremony)

inSight Article(s)