Finance Accreditation Agency
 | |
| Abbreviation | FAA |
|---|---|
| Established | 2 August 2012 |
| Purpose | Professional Programmes Accreditation for Financial Services Industry |
| Headquarters | Bangsar South, Kuala Lumpur, Malaysia |
CEO | Dr Amat Taap Manshor |
| Website | http://www.faa.org.my |
Finance Accreditation Agency (FAA) when first started, was commissioned by its stakeholders, Central Bank of Malaysia and Securities Commission Malaysia to be responsible for the quality assurance of learning initiatives within the Financial Services Industry or FSI, on learning programme accreditation.[1] Initially tasked to ensure that the training programmes offered by industry and more than 300 training providers in Malaysia meet internationally benchmarked standards of quality that the FSI will honour and recognise, FAA has extended its services to other parts of the world including the European, Middle East and North Africa Region. Since its establishment on 2 August 2013, the Agency has accredited more than 70 learning programs both locally and internationally.
History
Initially part of Asian Institute of Finance, FAA was carved out to spearhead the standardisation and certification effort in the financial services [2] in August 2012, headquartered in Bangsar South, Kuala Lumpur. Its ambit has expanded substantially, embracing a wide range of types of accreditation from programme accreditation to institutional and individual accreditation.
Roles and Functions
The roles and functions of FAA are as follows:
- Establish criteria for quality assurance and accreditation framework;[3]
- Approve and/or accredit learning programmes that fulfil the set criteria and principles;
- Promote and implement recognition of prior learning standards and practices;
- Register and maintain the approved and accredited learning programmes and qualifications in the FSI;
- Seek global recognition of learning and qualifications;
- Facilitate the recognition and articulation of learning programmes and qualifications through mutual recognition initiatives; and
- Seek accreditation and strategic alliances with local and world-renowned accreditation agencies and relevant institutions.
FAA Accreditation Panellists
FAA Accreditation Panellists consist of local and international panel members who have specific roles such as to provide technical guidance and endorse accreditation for certification to verify whether a learning programme conforms to the learning criteria and industry requirements. These industry committee members and panellists represent a cross section of industry with external perspectives with regards to industry relevance and requirements.
Scope of FAA Accreditation
Accreditation is the prevalent form of quality assurance internationally and is an established and recognised practice in ensuring quality of a learning programme, institution and competencies of an individual. Most importantly, accreditation assures industry, regulators and training providers that accredited learning programmes or institutions are trustworthy and reliable; and that accredited individuals are competent of their roles. Hence all teaching, learning and all other related activities of a learning programme provided by the FSI training providers must meet the FAA Learning Criteria (FLC) and are in compliance with the FAA Quality Framework (FQF) as well as the FSI requirements.
References
- ↑ "BNM Press Statements". bnm.gov.my. Retrieved 17 January 2014.
- ↑ http://www.bnm.gov.my/files/publication/fsps/en/2012/fs2012_book.pdf
- ↑ "BNM Speeches & Interviews". bnm.gov.my. Retrieved 17 January 2014.