Abstract
D.Phil. (Leadership in Performance & Change)
Over the past four to five years, the role of central banks has grown increasingly important globally in respect of national and international financial and economic stability. The recent financial crises have emphasised the critical role that central banks, in particular their bank supervisors and regulators, could and should play in stabilising the financial sector to curb the potential spread of economic and financial instability internationally.
Though many central banks agree on what the core functions of a central bank should be, there is little or no consensus globally about what constitutes a “competent central banker”. It is for this reason that this study was undertaken. More specifically, the study was intended to enable central banks to have a “common language” for describing central banker competencies. A validated central banker competency model could also help to align and create in central banks a common focus on ensuring effective human resources management.
Furthermore, there is a need in central banks for an integrated learning and development delivery model which could deliver the critical competencies required by central bankers, in particular the use by central banks of the corporate university model as the principal learning and development delivery mechanism. In this regard, the study discusses the core features that underpin the principles on which most corporate universities are based, namely (a) a learning business driven by and focusing proactively on real-time business needs; (b) the custodian of the intellectual equity of the organisation as expressed in its core organisational competencies and its people’s skills, knowledge and expertise; (c) the seamless merging of learning/teaching and business action into a single, connected process; (d) the adoption of a comprehensive, integrated learning/teaching perspective on the business and its respective role players; and (e) a key enabler to, catalyst of, and institutor of organisation-wide change at the strategic, managerial and operational levels.
Against the above background, the two-fold problem statement of the study was, firstly, to develop and validate a central banker competency model for central bankers; and secondly, to identify and assess a suitable learning and development delivery model which could effectively deliver these competencies, and more specifically the suitability of a corporate university in playing this delivery role for central banks.