Puan Khadijah Abdullah
Chief Executive Officer The Malaysian Insurance Institute (MII)
If I may share with you some insights on the KMTF collaboration to give you a better understanding on this new role undertaken by us. KMTF held its first meeting on 14 December 2010 and since then, KMTF has made some progress in establishing its objectives, roadmap and key initiatives. We are honoured to be appointed by the Board of Asian Institute of Finance (AIF) to lead this cross cutting project. This project focuses on the integration of knowledge management among AIF, Institute of Bankers Malaysia (IBBM), IBFIM and MII. Subsequently, the International Centre for Education in Islamic Finance (INCEIF) volunteered to be part of this important collaboration and hence early this year, INCEIF was warmly welcomed into the team and was included as the fifth member of KMTF. We are honoured to have INCEIF on board considering INCEIF is a respected and reputable global university in Islamic Finance.
We are also privileged to have Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC) as our advisors in our effort to draw the KM roadmap and to start putting in place the necessary building blocks. As we all know, BNM and SC have their own highly established knowledge management practice based on international benchmarks and best
practices. With the strong support and backing of BNM and SC in advising the KMTF Committee on the direction of the integrated knowledge management, the blueprint and the project implementation, we strongly believe that we are all moving on the right track to achieving our objectives. Through this collaboration, we are expecting better efficiency in the costs and resources in knowledge management. This is important as knowledge in the financial industry is very broad and it interlinks with one another. KMTF aims to integrate and consolidate all this knowledge for the benefit of everyone, especially for MII members and students.
The MOU signed by the five members of KMTF serves to formalise the commitment to further champion the objectives of Knowledge Management (KM). However, it is important to mention that even without an MOU all these years, it hadn’t stopped all the institutes from working together and we have been sharing and exchanging ideas, information and resources. Therefore, the KMTF marks and symbolises a formal collaboration that gives our concerted efforts and commitment more focus. This task force will provide a platform for cooperation among all the participating institutes for mutual and joint cooperation, to further build our resources, to maximise accessibility and sharing strategies from printed to electronic and digital resources as we work towards the Knowledge Management Master Plan for the industry. And at the same time, to achieve the objectives of MII in providing an internationally recognised knowledge management centre.
The challenge for MII within this economic and financial environment is to upgrade human resource expertise and skills while enhancing the professional standards of the insurance industry. One of the main challenges for MII, as a non-profit organisation, is to work within limited resources in building resource capacity for the industry. However, MII is very fortunate and honoured to receive significant financial support from BNM and the insurance industry to be utilised in our capacity building projects.
Apart from capacity building projects, it is to build a stronger cooperation among the institutes by leveraging on each others’ facilities, expertise, knowledge and resources to boost each institute’s capacity. Through this collaboration, MII can certainly expand its role by providing more added value services to the industry in addition to its training, examination, membership and professional programme offerings. MII can explore new ways to cultivate a knowledge culture in the industry by offering more out-of-classroom knowledge-based activities and platforms for the insurance fraternity. This will further spearhead our aim to be the best insurance knowledge centre in the region.
MII is also putting in its best effort in promoting careers in the insurance industry to the public, namely via, series of awareness sessions with the universities, publications, exhibitions and with membership activities. We would like to encourage talented people to join the industry and to retune their perspective about insurance.
KMTF would provide the best platform for this requirement as it will expand our current efforts to a wider audience. This will also give people more options to pursue their careers in the financial services sector, which will bring high returns not only for them but also to the growth of the economy. Through KMTF, MII would also be able to learn and leverage from the other institutes’ knowledge development to further enhance our role in promoting insurance as a preferred career path.
Recently, MII knowledge centre has implemented a powerful knowledge crawler engine known as MII Visualizer. The new system brings together our online and physical collections and resources: books, e-books, journals, journal articles, news articles, audio video materials etc. and allows them to be searched from a single point within a single system called the MII Visualizer. Under the KMTF collaboration, the MII Visualizer knowledge crawler can also perform in other affiliated institutes’ and partners’ Open Public Access Catalogue (OPAC). This would assist our members in locating resources from multiple locations in no time. Accessibility to other specialised libraries will be possible and easier as this arrangement allows MII members to access specialised libraries that are
under the collaboration programmes. Members would not only benefit from our collections but also our partners’ collections.
The integrated Community of Practice (CoP) will be made possible under this collaboration as the financial markets converge i.e. capital and debt market, money market, Islamic banking and finance, insurance and takaful etc. MII will soon initiate some Insurance Community of Practice (i-CoP) using the successful CoP model implemented by its affiliated institutes. MII will also embark on Insurance Experts Yellow Pages (i-EYP) using the successful approach by its affiliated institutes. The i-EYP is one of the knowledge management tools which we can use to capture a list of experts in our industry. The benefit of having the list is to promote knowledge mobilisation among the industry members and locating the experts will be less painful and expensive. An interactive platform is expected to be developed whereby the industry members can ask for opinions and advice. The i-EYP also helps to support our future plans on codification of tacit knowledge programme which aims to address knowledge loss issues. Knowledge Management Consulting Services is also part of the plan. This consulting service will help industry members set up their own KM framework, strategies and activities which can help to boost the company and people’s competitiveness. KMTF allows MII to leverage on expertise from other affiliated institutes. Other plans include cross cutting research and symposiums.
The Government’s mandate to position Malaysia as the talent hub for the region is a tall order. As stated in the Financial Sector Master Plan, the Malaysian financial industry is evolving and, MII is now preparing itself to achieve its mission to be the respected and preferred professional body for the insurance fraternity locally and in other emerging markets. In ensuring that our offerings are up to the current standards and requirements of the industry, MII has been syndicating intensively and extensively with its stakeholders namely, its Board of Directors, professional members, industry chief executive officers and human resource managers, and representatives from the insurance industry statutory associations: PIAM, LIAM, MITBA and AMLA.
MII is all about promoting continuous learning and knowledge culture, especially through our professional flagship programmes, Associateship of The Malaysian Insurance Institute (AMII) and Diploma of The Malaysian Insurance Institute (DMII). This will also be phased out with the introduction of MII’s new qualifications framework, which is to be launched by the second quarter of 2013. With over 40 years of experience in this line, MII is ready to set a new and higher standard in its role to the industry with our new MII Transformation Plan to be launched in the second quarter of next year. Moving forward, MII will not only be the preferred training and education provider for the industry, but we will strengthen our mandate to become a full-fledged professional body for the insurance fraternity.