ICC launches new CFTP trade finance training & certificate
The International Chamber of Commerce (ICC) Academy has launched a new training programme and certificate for trade financing.
The International Chamber of Commerce (ICC) Academy has launched a new training programme and certificate for trade financing.
The new Certified Trade Finance Professional (CTFP) programme and certificate unveiled by the International Chamber of Commerce (ICC) Academy has been over a year in the making. It aims to provide up-to-date training on key trade finance products and techniques for the modern professional.
The CTFP certificate and associated training programme is targeted at bank product and relationship managers, as well as executives from management, credit, legal, corporate treasury and compliance functions.
The launch of the CTFP programme comes at a time of increasing concern about the health of the trade finance market. Recent Asian Development Bank research found that there is currently a US$1.6 trillion shortage of trade credit globally.
Earlier this year, a landmark World Trade Organization (WTO) report highlighted skills shortages in the banking and finance sector as one of the main causes for the ever-widening gap.
The CTFP programme comprises of five core e-courses and four elective courses. The industry-validated syllabus was developed by a group of trade finance experts drawn from ICC’s Banking Commission. Each e-course has been tailor-made to develop the skills needed to deliver and process global trade finance solutions, claims the ICC Academy.
The course is built around 5 core modules that must be taken by all candidates:
The range of elective courses include: Standby Letters of Credit; Digital Trade & Trade Finance; and Credit Risk. More information about the programme is available online
Commenting on the new launch ICC Academy general manager, Daniel Kok, said: “The Certified Trade Finance Professional programme has a central role to play in supporting the development of the trade finance market. This is the first advanced trade programme aimed at front- and middle-office professionals in banks and corporates.”
It is his belief CTFP sets a “new global standard” for trade finance training.
According to John Bugeja, co-founder of the Trade Advisory Network consultancy: “The biggest hurdle inhibiting the application of appropriate trade and supply chain finance techniques is a lack of education and confidence among both finance providers and, more particularly SMEs. There is a need to promote the development and adoption of financing solutions at an individual finance provider and industry level. The development of this programme will make a tremendous contribution to the achievement of both these goals.”
Daniel Cotti, founder and managing director of Cotti Trade and Treasury, is even more effusive, commenting that: “The CTFP programme by the ICC Academy is setting a new industry standard in terms of online training for the trade finance sector. The certification recognises experts based on their actual knowledge of the trade finance sector.”