TC-2.1 TC-2.1 Recruitment and Assessing Competence
Recruitment and Appointment
TC-2.1.1
If a
conventional bank licensee recruits or promotes an individual to undertake acontrolled function , it must first file Form 3 (Approved Persons) with the CBB and obtain the express written approval of the CBB for that person to occupy the desired position. In its application, theconventional bank licensee must demonstrate to the CBB that full consideration has been given to the qualifications and core competencies forcontrolled functions in Appendix TC-1. (See Article 65(b) of the CBB Law and Paragraph LR-2.3.1).October 2013TC-2.1.2
Conventional bank licensees should refer to Module LR (Licensing Requirements) providing detailed requirements on the appointment of individuals occupyingcontrolled functions (approved persons ).October 2013TC-2.1.3
A
conventional bank licensee proposing to recruit an individual has to satisfy itself, of his/her relevant qualifications and experience. Theconventional bank licensee should:(a) Take into account the knowledge and skills required for the role, in addition to the nature and the level of complexity of thecontrolled function ; and(b) Take reasonable steps to obtain sufficient information about the individual's background, experience, training and qualifications.October 2013Record Keeping
TC-2.1.4
A
conventional bank licensee must make and retain records of its recruitment procedures for a minimum period of five years. Such procedures should be designed to adequately take into account proof of the candidates' knowledge and skills and their previous activities and training.October 2013TC-2.1.5
In addition to recruitment procedures in Paragraph TC-2.1.4, the
conventional bank licensee must retain the recruitment records ofapproved persons for a minimum period of five years following termination of their services or employment with the bank. Such records must include, but are not limited to, the following:(a) Results of the initial screening;(b) Results of any employment tests;(c) Results and details of any interviews conducted;(d) Background and references checks; and(e) Details of any professional qualifications.October 2013Assessing Competence
TC-2.1.6
Conventional bank licensees must not allow an individual to undertake or supervisecontrolled functions unless that individual has been assessed by theconventional bank licensee as competent in accordance with this Section.October 2013TC-2.1.7
In determining an individual's competence,
conventional bank licensees may assess if the person is fit and proper in accordance with Chapter LR-1A.October 2013TC-2.1.8
Conventional bank licensees must assess individuals as competent when they have demonstrated the ability to apply the knowledge and skills required to perform a specificcontrolled function .October 2013TC-2.1.9
The assessment of competence will be dependent on the nature and the level of complexity of the
controlled function . Such assessment of competence of new personnel may take into account the fact that an individual has been previously assessed as competent in a similarcontrolled function with anotherconventional bank licensee .October 2013TC-2.1.10
If a
conventional bank licensee assesses an individual as competent in accordance with Paragraph TC-2.1.8 to perform a specificcontrolled function , it does not necessarily mean that the individual is competent to undertake othercontrolled functions .October 2013TC-2.1.11
A
conventional bank licensee should use methods of assessment that are appropriate to thecontrolled function and to the individual's role.October 2013Record Keeping
TC-2.1.12
A
conventional bank licensee must, for a minimum period of five years, make and retain updated records of:(a) The criteria applied in assessing the ongoing and continuing competence; and(b) How and when the competence decision was arrived at.October 2013TC-2.1.13
For purposes of Paragraph TC-2.1.12, the record keeping requirements apply to both current employees as well as to employees following termination of their services or employment with the bank, for a minimum period of five years.
October 2013
