Latest News from TMA (UK)
12 November 2009 | Qualified turnaround professionals needed to drive economic recovery
Many of you will be aware of the Institute for Turnarounds (IFT’s) recent press statement regarding its proposals to introduce a new policy frame work for the IFT Practising Certificate and Professional Licence in a move to make the role of the Turnaround Professional one that is formal, regulated and legally protected.
TMA has recognised for some time the value in the accreditation of Turnaround Professionals, in response to the needs of the wider business community for the greater promotion of business turnaround solutions of the highest quality. Indeed TMA pioneered such a programme in the USA through its Certified Turnaround Professional qualification, and to that end the moves made by IFT are welcomed by TMA (UK).
Any proposals to increase the supply and calibre of professionals able to take on executive appointments in turnaround situations and encouraging those involved in turnaround to update and formalise their expertise is to be welcomed. Furthermore TMA is well placed to share its experience of such a programme.
TMA is however mindful that the turnaround community is a broad church comprised of many different constituencies, each with their own very important part to play in the turnaround process. TMA is also mindful of the public and political mood towards openness and opportunity for all, and that restrictive licences may be viewed by some as simply protectionism. Any moves to restrict the practice of ‘Turnaround’ to only those holding a Turnaround Licence will in our view be counterproductive and has the potential to restrict the very flexibility and openness that turnaround often demands.
An accreditation programme open to all constituencies to promote turnaround solutions of the highest quality, enabling practitioners to update and formalise their own expertise gets TMA’s vote. A framework to restrict turnaround practice does not.
Author:
Tyrone Courtman, President TMA (UK)
Partner, Cooper Parry LLP