Using Professional Standards
Professional standards may be used in a number of ways by CB:PSB firms, their learning and development partners and others:
- To benchmark organisational mechanisms against professional standards;
- To develop learning and development programmes;
- To support assessment of ethical and professional competence;
- To apply for accreditation of learning and development programmes by the Institute;
- To support individuals’ continuing professional development (CPD); and
- To support the award of professional membership designations.
Collectively, CB:PSB firms share a common vision of a high standard of professionalism in the UK banking industry. Individually, they are different organisations and it is for each CB:PSB firm to determine, supported by the CB:PSB and the Professional Standards Team, the details of standards implementation. Whilst CB:PSB firms’ approaches to standards implementation may differ, the requirement to meet professional standards in full is consistent.
In line with the Commitment, CB:PSB firms set targets for standards implementation and allocate sufficient resource to support the implementation process. CB:PSB firms are also required to establish a suitable internal monitoring and reporting mechanism to ensure that targets are met.
Via benchmarking, which is supported by the Professional Standards Team, CB:PSB firms align organisational mechanisms (including training and development programmes, competency and capability frameworks and assessment schemes) to meet the requirements of the CB:PSB’s professional standards. The benchmarking review assesses the breadth and depth of CB:PSB firms’ selected mechanisms and highlights any gaps.
Guidance material is developed for each professional standard and provides further detail on implementation.