Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 32
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ECOMMENDATIONS
substantial cost savings/avoidance “Spend to Save” initiative. In addition to cost savings, the
SEC has launched a number of improvement initiatives (e.g., streamlining employee on-boarding
processes) that have enabled the agency to create a culture of continuous improvement
throughout the agency. Further, operationalizing the BPI CoE will promote a continuous
improvement culture by providing expert resources, frameworks, and tools to address
improvement initiatives in a consistent manner.
To address deficiencies in internal controls, the SEC created the ORM Program Office that is
working to enhance the agency’s ability to proactively identify, correct, and mitigate operational
risk. Since its inception in the spring of 2011, the Office has worked to cultivate an environment
that minimizes operational risk, mitigates and effectively manages identified risks, and ensures
corrective actions are established and executed. In FY12, the GAO determined that for the
second consecutive year the SEC had no material weaknesses in internal controls regarding
financial reporting. The SEC also developed outcome-oriented performance metrics to measure
the agency’s progress toward achieving the agency’s mission. This resulted in the publication of
improved performance measures and indicators for the Division of Enforcement and updated
performance measures and indicators across the agency for internal management reporting and
tracking.
Over the past two years, the SEC has strengthened its relationships with SROs through increased
oversight and by establishing a centralized approach to SRO interactions. The SEC conducted a
systematic evaluation of the current SRO regulatory structure and oversight that led to additional
risk based examinations of SROs. OCIE staff also conducted a review of FINRA that was
focused on the substantive issues relating to national securities associations set forth in Section
964 of the Dodd-Frank Act. To help facilitate collaboration and clarify rule filing guidance, the
SEC conducted its first ever SRO Outreach Conference in January 2012 and is planning a second
conference in May 2013.
Enhance the SEC’s Workforce
To address the SEC’s continuously evolving need for talent, OHR has focused on improving the
recruiting and hiring functions, resulting in a 38 percent improvement in total vacancy
announcements advertised over FY11 totals and a 100 percent improvement in the number of
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