Chartered institute of bankers
Chartered institute of bankers - is a professional body associating bankers in a country. The institution usually provides various qualifications for banking and financial services and is engaged in initiatives improving the ethical and professional standards in the banking industry. These actions act as a supplementary to the work of regulators, policymakers and trade associations.
On contrary to bankers associations like British Banking Association or Związek Banków Polskich the focus of the practice is set on granting qualifications.
The Chartered Banker Institute based in UK is leading chartered institute with the actions held globally. Other operating institutes are among others:
- Asian Institute of Chartered Bankers based in Malaysia, (1)
- Chartered Institute of Bankers of Nigeria, (2)
- Chartered Institute of Bankers Ghana. (3)
Besides qualifications for bankers there are institutes which provides qualifications for other financial professional, for example Chartered Institute od Management, Association of Chartered Certified Accountants.
Chartered Banker Institute
Chartered Banker Institute is the oldest banking institute in the world with more than 30,000 members including students from 87 countries.(4) The institute offers such qualifications as Associate Chartered Banker Diploma, Certificate in Bank Risk Management, Professional Banker Certificate or Certificate in Credit Union Principles and Practise.(5) Additionally the institute established the Chartered Banker Professional Standards Board to develop, promote and monitor professional standards for bankers.
Asian Institute of Chartered Bankers
Asian Institute of Chartered Bankers was established in 1977 mainly focused on upholding standards for excellence for the banking sector. The institute offers such qualifications as Professional Credit Certification or Professional Qualifications in Regulatory Compliance.(6)
Examples of Chartered institute of bankers
- Chartered Banker Institute (CBI) UK – Founded in 1875, CBI UK is the world’s oldest professional body for bankers, providing education, training and professional qualifications for bankers in the UK and abroad. It is the only professional body to be chartered by the Privy Council, and works in partnership with banking organizations, regulators and the government to promote high standards of professionalism and ethics in the banking industry.
- Institute of International Bankers (IIB) – Founded in 1971, the IIB is a non-profit association of commercial and investment banks from around the world. Its membership includes more than 220 banks and financial institutions, representing a range of countries including the US, UK, France, Germany, Japan and China. The IIB works to promote the interests of its members and advocate for an open and competitive international banking system.
- Chartered Institute of Bankers of Nigeria (CIBN) – Established in 1976, CIBN is the only professional body in Nigeria exclusively devoted to banking and finance. It is responsible for setting standards and promoting the professional development of bankers in the country. CIBN is affiliated with the Chartered Institute of Bankers of Scotland and its members must adhere to its code of ethics.
Advantages of Chartered institute of bankers
The Chartered Institute of Bankers offers a number of advantages for bankers and other professionals in the financial industry. These advantages include:
- Improved professional qualifications: The Chartered Institute of Bankers advances professional qualifications for bankers and other financial professionals, enabling them to stay up to date with the latest banking practices, technologies and regulations.
- Increased ethical standards: The institute promotes the highest ethical standards among bankers, encouraging them to act in a responsible and professional manner.
- Greater career opportunities: Completion of the institute's courses and qualifications can help bankers to further their career prospects and increase their employability.
- Access to a global network: The institute provides members with access to a global network of banking professionals and experts, which can be invaluable for networking and job opportunities.
- Professional development: The institute offers a range of courses and continuing professional development opportunities for its members, helping them to stay up to date and develop their banking knowledge.
Limitations of Chartered institute of bankers
The Chartered Institute of Bankers has certain limitations. These include:
- Lack of enforcement power - The Chartered Institute of Bankers does not have the power to enforce its rules and regulations on its members. This means that it cannot take legal action against members who breach the rules, such as failing to comply with ethical standards or professional regulations.
- Limited scope - The Chartered Institute of Bankers is limited in the scope of its activities. It does not cover all aspects of banking, such as investment banking, insurance, or other financial services.
- Lack of global reach - The Chartered Institute of Bankers is only active in certain countries. This means that it cannot provide the same level of resources and expertise to members operating in other countries.
- Limited resources - The Chartered Institute of Bankers may not always have the necessary resources to adequately regulate its members. This means that some members may not be held to the highest standards of professional conduct.
- A Chartered institute of bankers can also act as a platform for networking and collaboration between banks, financial institutions, and policymakers. It can provide a forum for the sharing of best practices and the development of standards, as well as the exchange of ideas to address the key challenges of the banking industry.
- It can also facilitate research and development in the banking sector, as well as provide guidance for members on new regulations and compliance requirements.
- Additionally, the institute can provide members with professional development opportunities and connect them with potential employers.
In summary, a Chartered institute of bankers can provide members with many useful services, including networking, research and development, guidance on new regulations, and professional development opportunities.
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References
- (1) www.aicb.org.my/about-us
- (2) www.cibng.org/index.asp
- (3) www.cibgh.org
- (4) www.charteredbanker.com/the-institute.html
- (5) www.charteredbanker.com/routes-to-chartered-banker/our-qualifications.html
- (6) www.aicb.org.my/education/qualifications/
Author: Agnieszka Brancewicz
