The Finance Accreditation Agency (FAA) is an agency of the

Government of Malaysia The Government of Malaysia, officially the Federal Government of Malaysia (; Jawi script, Jawi: ), is based in the Federal Territories of Malaysia, Federal Territory of Putrajaya, with the exception of the legislative branch, which is located in ...

that accredits financial training courses offered by companies in

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

and other countries. Founded in 2012, the FAA is headquartered in

Bangsar South Bangsar South ( Malay: ''Bangsar Selatan'') is an integrated property development project which sits on the former Kampung Kerinchi site in Kuala Lumpur, Malaysia. It is renamed of Kampung Kerinchi from the developer to upscale the value of land ...

Kuala Lumpur Kuala Lumpur (KL), officially the Federal Territory of Kuala Lumpur, is the capital city and a Federal Territories of Malaysia, federal territory of Malaysia. It is the largest city in the country, covering an area of with a census population ...

. The FAA was commissioned by the

Central Bank of Malaysia The Central Bank of Malaysia (BNM; ; Jawi: ) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as the banker and advisor to the ...

and

Securities Commission Malaysia The Securities Commission Malaysia () is a Malaysian statutory body with responsibility for the development and regulation of capital markets in the country. It is located in Bukit Kiara, near the National Science Centre of Kuala Lumpur. Histo ...

to be responsible for the quality assurance of learning initiatives within the

Financial Services Industry Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an o ...

(FSI), on learning programme accreditation. The FAA accredits more than 300 training providers in

and European,

Middle East The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq. The term came into widespread usage by the United Kingdom and western Eur ...

and North Africa providers. Since its establishment on 2 August 2012, the Agency has accredited more than 70 learning programs both locally and internationally.

History

Initially part of

Asian Institute of Finance The Asian Institute of Finance Berhad (AIF) is a nonprofit organisation in Malaysia. Its main purpose is to enhance human capital development and talent management across the Asian financial services industry. AIF's headquarters is located in Kua ...

, FAA was initiated to spearhead the

standardisation Standardization (American English) or standardisation (British English) is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organiza ...

and certification effort in the financial services 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; *Approve and/or accredit learning programmes that fulfil the set criteria and principles; *Promote and implement

recognition of prior learning Recognition of prior learning (RPL), prior learning assessment (PLA), or prior learning assessment and recognition (PLAR) describes a process used by regulatory bodies, adult learning centres, career development practitioners, military organizati ...

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 alliance A strategic alliance is an agreement between two or more Legal party, parties to pursue a set of agreed upon objectives needed while remaining independent organizations. The alliance is a cooperation or collaboration which aims for a synergy wh ...

s with local and world-renowned accreditation agencies and relevant

institution An institution is a humanly devised structure of rules and norms that shape and constrain social behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions and ...

FAA Accreditation Panelists

FAA Accreditation Panelists consist of local and international panel members who have specific roles such as to provide technical guidance and endorse

accreditation Accreditation is the independent, third-party evaluation of a conformity assessment body (such as certification body, inspection body or laboratory) against recognised standards, conveying formal demonstration of its impartiality and competence to ...

for certification to verify whether a learning programme conforms to the learning criteria and industry requirements. These industry

committee A committee or commission is a body of one or more persons subordinate to a deliberative assembly or other form of organization. A committee may not itself be considered to be a form of assembly or a decision-making body. Usually, an assembly o ...

members and panelists represent a cross section of industry with external perspectives with regards to industry relevance and requirements.

Scope of FAA Accreditation

Accreditation Accreditation is the independent, third-party evaluation of a conformity assessment body (such as certification body, inspection body or laboratory) against recognised standards, conveying formal demonstration of its impartiality and competence to ...

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 Trust is the belief that another person will do what is expected. It brings with it a willingness for one party (the trustor) to become vulnerable to another party (the trustee), on the presumption that the trustee will act in ways that benefit ...

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

requirement In engineering, a requirement is a condition that must be satisfied for the output of a work effort to be acceptable. It is an explicit, objective, clear and often quantitative description of a condition to be satisfied by a material, design, pro ...

References

{{reflist

External links

Finance Accreditation Agency
2012 establishments in Malaysia Financial services in Malaysia Accreditation organizations Organisations based in Malaysia Central Bank of Malaysia