Monetary Authority of Singapore Annual Report 2012/2013
Anchor of Economy

BUILDING HIGH PERFORMANCE TEAMS AND A STRONG MAS FAMILY

MAS’ strength lies in our people. Guided by the shared values of integrity, commitment, enterprise and teamwork, MAS staff continued to demonstrate great dedication in the past year to the mission of maintaining stability, soundness and vibrancy in our financial sector. To develop our staff’s potential to the fullest and to build high performance teams throughout the organisation, we continue to nurture our staff’s expertise and leadership skills through learning and various developmental programmes.

Expertise and Leadership Development

General and Functional Training

The MAS Academy offers a comprehensive suite of programmes, covering functional, general development and leadership courses, designed to add depth and breadth to our staff’s knowledge and skills. All new entry level officers go through a structured broad-based learning programme that equips them with basic competencies in MAS’ key functions. For senior or experienced staff, there are numerous intermediate to advanced level functional training, as well as coaching programmes available.

Regional and External Programmes

Four regional programmes were offered to regional supervisors last year – an IT Supervision Workshop, the MAS-Toronto Centre Regional Leadership Programme for Securities Regulators, and two Banking Supervisor Training Programmes. MAS continues to support SEACEN in its training efforts, including the hosting of two SEACEN seminars and providing resource speakers to SEACEN courses.

Leadership Programmes

In the past year, new cohorts of emerging leaders participated in our milestone programmes – the Young Professionals Programme and the People Leadership Programme. Apart from classroom learning, participants also had the opportunity to engage in experiential learning activities as well as peer learning and coaching. Through a series of interrelated modules on topics such as personal mastery, team effectiveness, influencing skills and coaching, these programmes seek to build and hone leadership skills among young professionals and leaders in MAS.

To encourage continuous learning in MAS, a coaching framework has been put in place for supervisors to equip themselves with skills to coach their staff and teams. The objective is to forge engaging relationships, improve work performance and strengthen employee engagement. About 200 of our supervisors have undergone such training, and two batches of leaders have also been specially trained as internal coaches under a Workplace Coach Certification Programme, to provide professional coaching to our staff.

MAS Peer Groups

Peer Groups are communities of practice that conduct learning and sharing on developments and trends in specialised subject areas. During the year, MAS Peer Groups organised various activities to help staff keep abreast of developments and trends in a number of areas. For example, the Islamic Finance Peer Group conducted a sharing session on the latest development and initiatives in Islamic Finance, including lessons learnt from an overseas IFSB-FIS seminar on Liquidity Risk Management and Stress Testing Standards. A new Peer Group, Futures Thinking, was set up in 2012, to focus on scenario planning. Through the culture of sharing, Peer Groups have helped update MAS staff on the latest developments in various specialist subject areas, and develop deep technical knowledge and competencies in many areas.

Attachment and Secondment

In addition to the broad training programmes that we provide to all staff, some of our officers were also sent to leading financial institutions and foreign regulatory bodies for short-term attachments to acquire technical expertise and industry knowledge. MAS also seconds officers to supranational organisations, where they hold key positions within these organisations for a defined period. These experiences provided our officers the opportunity to keep abreast of evolving trends and developments in the financial sector, and contribute to the process of shaping international developments and standards.

Engaging Staff

MAS continued efforts to engage our staff by conducting our third Employee Engagement Survey (EES) since 2008, which elicited an encouraging 92% participation rate. The EES was followed by a series of engagement workshops and discussions involving all MAS staff. This EES process highlighted areas both within teams and throughout the organisation where staff engagement can be improved. This consequently allows us to improve staff commitment, productivity and the quality of our work.

Recognition of Staff

The Service Appreciation Award (SAA) recognises and celebrates the loyalty and contributions of our dedicated staff. The awards ceremony was held on 7 August 2012. In all, 177 staff received the SAA for service in MAS ranging from five years to 40 years. Seven staff received the 40-year award. One recipient, Spencer Hsu from the Financial Centre Development Department, remarked “I am delighted to receive the 5-year SAA as it marks a milestone in my time with the organisation. My first 5 years in MAS has been a great time of learning, self-discovery and making new friends, and it was particularly heartening to see my fellow trainee officers receiving the award together as well. I look forward to further opportunities ahead as I continue to develop within the organisation.”