RMiT Regulation for Enterprise Architecture Framework
Building Digital Enterprise Architecture (EA) is essential to the success of any digital business. Many financial services institutions (FSIs) are still struggling to keep up with the speed of innovation as they are required to stay relevant in the digital age and compete in an increasingly challenging marketplace. With Digital EA establishment as an organisational culture, FSIs are able to enhance their digital landscape by providing a seamless experience to their customer while at the same time transforming their employees to shift toward a workforce-wide digital mindset. It is about creating a new digital business environment to address the changing needs of the industry in order to drive continuous, cross-functional growth and innovation towards digital business.
In Malaysia, the central bank, Bank Negara Malaysia (BNM), has issued the Risk Management in IT (RMiT) that has made it mandatory for 120+ FSIs in Malaysia to establish an Enterprise Architecture Framework (EAF) that provides a holistic view of technology. According to the regulation, the board of directors (BOD) have to designate a board-level committee that is responsible in oversighting over technology-related matters. This is important to ensure the continuity of operations and service delivery offered by the FSIs. The regulation also stated that a cross-functional committee should be established to provide guidance on the technology plans and operations. This is to oversee the formulation and effective implementation of the strategic plan and associated technology policies and procedures.
Figure 1: Enterprise Architecture Framework by The Open Group
RMiT believes that the establishment of EAF can facilitate the conceptual design and maintenance of the network infrastructure, related technology controls and policies, and serves as a foundation for the FSIs to leverage on the technology as a strategic advantage to meet their business goals. As shown in Figure 1, The Open Group Architecture Framework (TOGAF®) is an example of the most widely used framework for enterprise architecture today that provides a holistic approach for designing, planning, implementing, and governing an enterprise information technology architecture. The regulation suggested for the FSIs to include members with technology experience and competencies in order to promote effective technology discussion at the board level. With this pushed factor from the regulatory bodies, the demand for EA jobs will surge exponentially since many are aware of the importance of digital business in order to stay relevant. They are required to equip and train their technology staff with the relevant EA training and certification programme to perform the roles as Enterprise Architects with the specialization in business, data, application and technology domains. This is critical for them to understand the impacts of business and IT integration that architects bring to the organization in driving successful digital transformation within the FSIs.
Building Competencies for Digital Enterprise through EA Learning
Digital EA has been positioned at the centre of innovation to support organisations to transform digitally. Organisations should establish their Enterprise Architecture Office (EAO) with their team members equipped with the right skillset and expertise to ensure the success of digital transformation initiatives. Enterprise Architects are expected to spearhead all the digital initiatives within the organisation and to have a common understanding of the inter and intra relationship among various systems and processes across all departments in order to achieve the business goals.
While in Singapore, the Infocomm Media (ICM) sector is likely to occupy a bigger share of Singapore's economy in the future where some 20,000 digital roles are tipped to be added by the committed investments that Singapore’s Economic Development Board has secured. They believe that as more sectors embark on digitalisation, the economy-wide demand for digital tech talent is going to increase significantly and will translate into attractive careers in digital technology for Singaporeans.
Upskilling and reskilling in EA are important in order to be familiarised with EA inside out. Those who understand the arts and science behind delivering value in technology strategy for the business will be able to drive continuous transformation and reap the success of technology investment. Thus, individuals with EA skillset who can comprehend thoroughly in both business and technology areas and are able to make recommendations and provide advice on business technology strategy are highly demanded in the financial services industry today.
Join IASA/BIAN Webinar: Digital Enterprise Architecture for Financial Services Institutions to learn about the best industry practices in establishing EA Framework for financial, insurance & banking organisations and explore the Digital EA framework in driving the business capabilities.
Building competencies for Enterprise Architecture Framework to comply with RMiT regulation. Employees from Banking Institutions may utilize the Training Fund from Asian Banking School. Contact us for more information: firstname.lastname@example.org / https://www.atdsolution.com/contact-us/
Upskill and reskill with Enterprise Architecture certification courses for opportunities in the new normal. 90% IBF Standards Training Scheme (IBF-STS) course fee subsidy for self-sponsored individuals (Singaporean and Singapore PR) and company-sponsored individuals (Singapore-based financial Institutions and FinTech firms) till 31 December 2021. Training Grant Allowance is available for eligible companies. Find out more: https://www.atdsolution.com/atd-learning/singapore-funding-programs/