The Institute of Financial Studies (ISF), established by the merger between the Institute of Insurance Management Institute and the Insurance Institute Foundation, started its official activity on 13.08.2015.
The new entity dedicated to professional training – especially in the non-banking financial services sector – is the founder of the Financial Supervisory Authority and is supported by representative associations in the field as members: the National Union of the Insurance Brokerage and Insurance Consultancy in Romania (UNSICAR), The Romanian Insurance Association (UNSAR), the Romanian Association of Insurance Rights (ADAR) and the Romanian Association of Actuaries (ARA), and other professional associations of the non-banking financial market.
The mission of ISF is to support the development of organizations, institutions and individuals who pursue or intend to work in the field of insurance, private pension and investment funds, related or similar activities, and risk management, human resource management and management of the organization.
The main directions of the Institute include the provision of professional training and specialization of persons working in the field of financial services, the granting of professional attestations, the development of occupational standards and competence-based assessment systems, the carrying out of studies and research in the field of services non-bank financial publishing, publishing of specialized publications, elaboration of proposals for technical norms and professional principles applicable in the non-banking financial field, as well as organization of information and education activities in the financial field at national and international level.
IFS activity will be carried out in centers focused on specific functions such as:
- Training center for financial programs and soft skills programs;
- Center for the development and promotion of programs, organization, marketing and zonal representation;
- International Research Center, Studies and Programs;
- Evaluation and Examination Center.
The management and administration of ISF will be ensured by a Board of Directors composed of at least 5 members, with a four-year mandate, and the management and coordination of current work will be the responsibility of a Director-General. The ISF structure also includes an Advisory Scientific Council to ensure a high level of quality of ISF training programs and actions by analyzing, debating and approving ISF programs, facilitating access to best practices such as and advice on partnerships and collaboration.
At the same time, during the meeting of the ASF Council dated 12.08.2015, the new Board of Directors of the Institute for Financial Studies Foundation was approved, the composition of which is as follows:
President : Calin Rangu
Vice-president: Prof. Ion Stancu Phd.
Member: Florentina Almăjanu
Member: Valentin Ionescu
Member: Dragoş Haşegan
Member: Cătălina Sava
Member: Paul Mitroi
On long term, ISF aims to align its work with European requirements, shift from the accumulation of knowledge to the accumulation and assessment of skills, provide training programs for the non-banking financial sector tailored to new organizational processes, determined by legislative requirements, market dynamics, and of the European framework, contributing to the maturing of the non-banking financial market in Romania, the creation of its capacity to cope with the competition induced by globalization or the effects of economic crises.