Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Comission - 2011 Page 23

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U.S. S
E
C
– M
A
P
(MAP)
ECURITIES AND
XCHANGE
OMMISSION
ISSION
DVANCEMENT
ROGRAM
R
I
SEC O
R
R
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
The Operational Risk Management (ORM) subcommittee has established a program office within
the Office of the Chief Operating Officer to drive a coordinated approach across the SEC. ORM has
been working closely with OIT to pilot an operational risk management program and has integrated
ORM tools and techniques into the FSSP program. Additionally, the ORM subcommittee is
overseeing the embedding of internal controls into the restructuring of OAS, OFM, and OHR
redesigns, where applicable.
Workstream 3H - Fill Vacancies with Employees who meet High Priority Skill Needs
This workstream is focused on addressing two high priority agency needs: (1) hiring new staff
whose skill sets are “hard to recruit,” “hard to hire” and “hard to slot” and (2) developing and
executing a process to address mission-critical administrative staff needs. The BCG study identified
several areas where the SEC would benefit from increasing organizational and individual skills
capacity. Specifically, the study highlighted a number of required skill sets, including an
understanding of new technologies (e.g., high frequency trading), industry expertise and other
areas. Consistent with this recommendation, the agency has focused hiring in FY 2011 on
developing needed skills, including specialized industry expertise in such areas as over-the-counter
derivatives.
Progress to Date: This workstream has begun gathering information on the SEC’s experience in
hiring “hard to recruit,” “hard to hire” or “hard to slot” employees. This assessment will focus on
the factors that attracted “hard to hire” employees to the SEC, and the ways that managers have
resolved challenges with “hard to slot” employees. Additionally, the workstream has begun to
identify mission-critical administrative staff needs, which will inform future process development.
Workstream 4 Enhance SRO Engagement Model (Workstream 4A - Strengthen Oversight of
SROs; 4B - Centralize and Coordinate approach to SRO Interaction; Workstream 4C -
Strengthen / Clarify processes for SRO Rule Proposals; 5A Conduct Outcome-Oriented
Performance Measures)
This workstream is focused on enhancing the internal interaction model and external collaboration
approach with SROs. The BCG report concludes that the SEC can improve both its oversight of
SROs and its engagement with SROs. The report recommends three initiatives: to strengthen
oversight of SROs through enhanced disclosures about regulatory activities, improved metrics and
standards to measure performance, and enhanced oversight of FINRA; to centralize and coordinate
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