The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 80 How to Integrate Competencies In this illustration for the Vice President of Risk Management and Compliance, the competency of “customer driven” , while desirable, is likely less important than the competency of “understanding of compliance and regulatory environments”. Therefore, the “customer driven” competency is given less consideration than more applicable competencies. Based on the selection criteria, a combination of assessment methods is encouraged as it provides multiple sources of evidence. Below are some examples for consideration: • A competency-based personality assessment can be used to assess the candidates’ propensity towards the competency traits selected. For example, the candidate’s self-report tendencies to be sociable, cooperative and self-assured can help the assessor understand the candidate’s proficiency in the competency of “co- creation”. • A competency-based interview can be used to elicit behavioral evidence for the competencies through a structured set of questions. It can be used to validate and follow up on information collected from the candidate’s work history or psychometric assessment. Typically, candidates are asked to report an incident in which they displayed certain behaviors at work. • A business simulation aims to replicate real-world challenges for the role in question. During the exercise, candidates are asked to demonstrate how they would solve these challenges and their behaviors will be observed and evaluated against the competency definition and behavioral indicators. This rigorous assessment approach is particularly suitable for assessing the competencies of business leaders. Prioritizing tasks (in-tray exercise) and role playing are some common examples of simulation.