BHUTAN: Compliance Training Institute for Financial Institutions Takes Shape
In an effort to address the growing need for specialized training in the financial sector, the Royal Monetary Authority (RMA) and Bhutan’s financial institutions have come together to establish a self-sustaining Financial Institutions Training Institute (FITI). The institute aims to provide high-quality training to employees of financial institutions and related sectors.
Addressing Knowledge Gaps
The establishment of FITI comes in response to identified knowledge gaps in areas such as:
- Banking
- Insurance
- Securities
- Pension
According to RMA’s Examining Officer Tshering Dhendup, if these gaps are not addressed, they will likely widen, potentially harming the financial sector.
Training Programs
FITI will provide training programs for employees of financial institutions, covering topics such as:
• Finance • Insurance • Securities • Banking • Pension • Corporate governance • Money laundering • Credit appraisal
The institute will also have the flexibility to expand its training programs in the future, subject to approval from the policy committee.
Construction and Funding
The FITI building is expected to be constructed on a 16.50 decimal land behind the National Pension and Provident Fund (NPPF) residential colony near Youth Development Fund, Changangkha. The construction committee, comprising members from RMA, Bank of Bhutan, Bhutan National Bank, Druk Punjab National Bank, NPPF, Royal Insurance Corporation of Bhutan Ltd., Bhutan Development Bank Ltd., Bhutan Insurance Ltd., and T bank, is currently finalizing the design and architecture of the building.
The institute will be funded by its current owners, who will also benefit financially through tuition fees charged to participants. Once complete, FITI will become a permanent and self-sustaining entity, managed by a team of permanent staff.
Tender for Consulting Services
Registered consultancy firms in Bhutan have been invited to submit expressions of interest for providing consulting services, including:
- Architectural planning
- Designing and development
- Specification
- Cost estimation
- Tendering
- Work supervision
- Bill verification
until the completion of the project. The construction of the building is scheduled for October or November this year, pending final approval from the board of FITI.
Enhancing Compliance
With the establishment of FITI, Bhutan’s financial institutions can now look forward to accessing high-quality training programs that cater to their specific needs, ultimately enhancing their compliance with regulatory requirements.