KINGSTON, Jamaica (JIS) — As the financial services sector faces a range of new challenges, the Jamaica Institute of Financial Services (JIFS) is poised to enhance its contribution to the professional development of the industry.

Newly appointed Chairman of the JIFS, Dr Rickert Allen, said the Institute will ensure that the human capital is adequately competent to secure the future sustainability and profitability of the financial sector.

“This is very interesting times, with a lot of financial institutions being disrupted by factors including digital (advances) and increased regulations,” he said, adding that the financial sector is the fuel of the economy.

Dr Allen, who is also the Senior General Manager of the Group Human Resource and Facilities Division of the National Commercial Bank (NCB), was addressing a JIFS Finance Club event on February 24, to celebrate the JIFS 40th anniversary. It was hosted at the NCB Wellness and Recreation Centre, in Kingston.

The event, attended by senior financial-sector managers, and which included entertainment, games and the cutting of an anniversary cake, was also used to facilitate the symbolic passing of the baton from outgoing Chairman, Michael McAnuff-Jones to Dr Allen.

As the Jamaica Bankers Association (JBA) Education Committee, the JIFS comprises heads of human resources from the financial-services sector and has contributed to the development of hundreds of Caribbean business professionals through its mandate of promoting research and development of the sector.

The JIFS was inaugurated in February 1977 as the Jamaica Institute of Bankers (JIOB), under the sponsorship of the Bank of Jamaica, in furtherance of Section 23 of the Bank of Jamaica Act to satisfy the training and education needs of banking. In 1999, the JBA assumed full responsibilities for its operations.

In celebration of its 40th anniversary, the JIFS will also host a number of activities, including a thanksgiving service at the Webster Memorial United Church on March 5 and a banquet on May 4. The theme for the celebration is: ‘Renew, Refocus, Reposition’.