Issue 20 (July – August 2013)

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COVER STORY:
The New and Improved Malaysian Financial Services Landscape: What It Means To YOU Angie Wong provides a brief on the evolution of the Malaysian Financial Services landscape and explains the implications of the greater oversight power of Bank Negara Malaysia on the financial sector especially for the insurance industry while providing greater consumer protection. She also pointed out that the biggest challenge for the regulators and the insurance industry is maintaining market focus while putting the FSA into practice with more coordination and proactivity in the relationship between the regulators and the industry to make the FSA successful.

FOCUS:
Social Media for Insurance Industry According to Wikipedia, social media differentiates from traditional/industrial media in many aspects such as quality, reach, frequency, usability, immediacy, and permanence. The advent of android phones and smartphones has made it a lot more convenient for us to interact among people. While there is a trend and hype in using social networks, we explore what it is in a broad sense, the various applications of social media, what are its benefits and what should we take into consideration in terms of risks when embarking on implementation the use of social media in our organisation or business.

PRIVATE RETIREMENT SCHEME:
Proper Retirement Planning According to Dato’ Steve Ong, the word “retirement” is not well accepted by people as many are concerned being financially secure in their old age in the face of higher standards of living and increasing medical costs. This article educates us about what is the Private Retirement Scheme (PRS) is all about, what one should expect out of it and how one should approach such schemes while planning towards retirement.

FUTURE EVENTS:
Inaugural Insurance and Takaful International Symposium (ITIS) The insurance and takaful industries have achieved remarkable growth and development in recent years. As many challenges continue to batter the industry, this symposium is designed to enlighten industry players on how to sustain growth and performance, product innovation, regulatory capital rules and related accounting standards, and fraud issues, to name a few. All these have significant impact on the way in which the industry responds and act on these issues.

KNOWLEDGE MANAGEMENT:
Using Brainstorming as KM Tool Today, whether we are in a developed or a developing country, we are not excluded from tacit knowledge. Knowledge economy is an integral part of our business world. Dr Ida Yasin explains more concretely what this means for a firm’s competitive advantage in knowledge creation. She emphasises the significance of businesses being a part of the knowledge economy which points towards the need for strategic and operational devices to enhance a business’s competitive edge and growth.

LEADERSHIP:
Professionalism in the Financial Services Industry: Why it matters more now than ever before After the global financial crisis, professionalism in the financial services industry has been called into question. Since regulations are insufficient to deliver consumer confidence, companies and individuals are now required to take responsibility to demonstrate greater commitment to ethical behaviour and integrity. Dr Raymond Madden points out the hard lessons learnt and how through training the financial sector can meet the needs for greater professional skills and competencies.

HUMAN CAPITAL:
Meet The Mentors Michelle Worvell explains what mentoring is not about and highlights how successful mentoring can effectively help people progress in their careers. Two big insurers are used as examples to explain the different effective approaches used in mentoring by these companies that are quite different from the conventional idea.