Strengthening the technical competency of financial analysts in credit and risk assessment team

• Main Author: Mejia, Crystalline G.
• Format: text
• Language: English
• Published: Animo Repository 2017
• Subjects: Organizational change; Organizational effectiveness; Industrial management; Industrial organization
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/5644
• Institution: De La Salle University

In this action research, I, in collaboration with the team, focused on addressing the low level of technical competency of Financial Analysts in Credit and Risk Assessment team. Technical competencies reflect skills, know-how and processes needed to deliver the organizations core business operations and services (Mohammed, 2010). Manifestations of our identified issue include lack or limited background on Credit Review process, external trainings were insufficient to address the specific needs of the team, rework and additional supervision due to incorrect or inadequate analysis, frequent overtime and inability to meet our performance target. This action research was developed with the objectives of (1) conducting technical training to strengthen the competency level of Financial Analysts, (2) minimize rework and additional supervision due to incorrect or inadequate analysis and (3) improve the performance metrics of the team. Our goal is to enhance a culture of quality and improve the overall performance of the team. As an insider action researcher, I used data triangulation as a means to generate and obtain data from business reports, surveys, one-on-one conversations, and formal and informal group discussions. I used several frameworks which were applicable in addressing our issue. I was guided by Kalamas and Kalamas Gap Analysis, Fisher et al.s Training Cycle and Kirkpatricks Four-level Training Evaluation Model. We applied Hiatts ADKAR Model to implement change in the organization. The interventions we implemented to address the issue on low level of technical competency were (1) Classroom Training and (2) monthly Knowledge Sharing sessions. These activities were successful in achieving the objectives and goals of this project. I realized that highly-competent workforce drove operational excellence which resulted to a high-performing organization. We improved our performance and increased our potential for growth and career advancement. The experience taught me the value of collaboration and teamwork. With this project, I also appreciated the importance of open communication across the team in addressing our issue. This project materialized because of the support, participation and invaluable contributions of the members of our team. The most rewarding part of this project was being a change agent in my own organization. For the next cycle, I recommended having a mentoring program to further strengthen the Financial Analysts technical competency. According to Center for Health Leadership and Practice (2003), skills can be developed, and that particular skills or competencies seem to result in the most successful mentoring relationships.