OFCC - Fundamental
Operation Finance and Compliance Certificate (OFCC) - Fundamental Level
Financial Services Sector
The Financial Services Sector is a high value-added sector in Hong Kong. The average value added brought about by each person engaged in the sector amounted to $2.03 million in 2018. This was far higher than the corresponding figures for the other three key industries in Hong Kong, viz. trading and logistics ($0.79 million), professional and other producer services ($0.59 million), and tourism ($0.47 million). In short, about 7% of total employment in Hong Kong produces around 20% of nominal GDP at basic prices*.
University graduates enter the finance market with high hopes and expectations. They have been equipped with the necessary hard skill in financial theories and quantitative techniques. On the soft skills, they have acquired the art of problem-solving and analytical abilities. Our education seems to have been successful in preparing students with the skill sets needed for the job market. The essence of contemporary education, being influenced to a large extent by industrial revolutions from the last centuries, aims to bring about technical progress and social stability – the development of industrial and practice codes and standards – the so-called “professionalism”.
Changing Economic Landscape
Nowadays, with the popularity of web browsing and social media, professional knowledge can be easily acquired and disseminated. Information is no longer monopolised and the imbalance is no longer protected. As we enter the era of 4th industrial revolution where artificial intelligence and machine learning are on the move of displacing and replacing professional work, the industrial professionalism and the “brought-forward” business ecosystem may have to disintegrate and reorganize.
Technology always moves ahead of our adaptation, we sincerely urge our graduates to prepare themselves with knowledge that is conducive to developing a comprehensive overview of and versatile abilities in financial services sector in order to cope with the expected industrial evolution. Compliance is the underlying foundation of all businesses and shall remain endured for the integrity and reliability of an operating system within the law, rules and standards. It addresses ethical mindset in addition to the professional “hard and soft skills”.
Structure of the Course
The aim of the course is to present the relevance of compliance for each of the major sectors in the finance industry. The course starts off with an overview and critical evaluation of various financial products and services. Lectures 3-5 present the global trend of common compliance issues such as anti-money laundering (AML) and product suitability. Lectures 6-10 will analyse each sector by evaluating their revenue model, regulatory requirements and major compliance issues. Compliance is jurisdiction-specific; Lecture 11 will present cross-border issues such as compliance in Guangdong-Hongkong-Macau Greater Bay Area (GBA) and One-Belt-One-Road (OBOR) countries.
Objectives of the Course
1. To understand major global compliance policies, principles and rationale by evaluating various sectors of the financial services industry, both collectively and individually;
2. To understand the jargons, operation, revenue model and regulatory supervision of various sectors;
3. To understand the importance and work of compliance in the industry