[ by Melanie Gretchen ]

The SEC continues to implement the organizational reforms recommended by the Boston Consulting Group ("BCG").  As of March 2013, recommendations and implementation plans have been completed for 16 of the 20 initiatives examined, and the implementation phase is complete or in process for each.  BCG was hired to review and recommend initiatives principally aimed at the Commission's support infrastructure - as mandated by Dodd-Frank. 

Continue reading for the 'workstream' status report at the SEC, or click the link below for the full text of the latest SEC Report .

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Fourth Report on the Implementation of SEC Organizational Reform Recommendations As Required by Section 967 of the Dodd-Frank Wall Street Reform and Consumer Protection Act   (Released 4/30/13)

In March 2011, the Boston Consulting Group (BCG) issued a report mandated by Section 967 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) that recommended a number of improvement initiatives primarily focused on the agency’s support infrastructure.

The BCG report discussed a variety of challenges facing the agency and suggested approaches to improve the SEC’s ability to carry out its mission, ensure the proper mix of skills in its workforce, and improve decision-making.

To assess and make recommendations regarding the approaches outlined by the BCG report, the SEC established the Mission Advancement Program (MAP), which provided a framework for systematically valuating and implementing change throughout the agency. The BCG approaches were assigned to working groups composed of Division and Office executives and staff.  Governed by an Executive Steering Committee (ESC) of senior SEC leaders, the working groups developed recommendations for review, comment, and preliminary approval by the ESC, and final approval by the Chairman prior to full implementation.

As of March 2013, recommendations and implementation plans have been completed for 16 of the 20 initiatives examined, and the implementation phase is complete or in process for each.  For the remaining four initiatives, the workstreams will continue to work through the analysis and provide recommendations for final approval where appropriate. This document is the last of four agency reports to Congress required pursuant to the requirements of section 967(c) of the Dodd-Frank Act.

Overall
 Status  / Section    Workstream Description

Workstream Decision Process Complete, and ESC Approved
1   2A:  Redesign the Office of Administrative Services (OAS)
2   2A:  Redesign the Office of Financial Management (OFM)
3   2A:  Redesign the Office of Human Resources (OHR)
4   2A:  Stand-up the Office of the Chief Data Officer (OCDO)
5   2E:  Implement a Continuous Improvement Program
6   3A:  Transform OIT and Enhance Technology Capabilities
7   3C:  Create a Technology Center of Excellence
8   3F:   Create a surge capacity plan
9   3H:   Hire Staff for Priority Positions
10  3G:  Enhance Market Risk Management
11  2B:  Conduct a regional Organizational Assessment

Workstream Decision Process Completed Outside the ESC Governance Process
12  2C:   Seek flexibility from Congress on Dodd-Frank-mandated Offices
13  3E:   Accelerate roll out of the SEC's EBPM system
14  5A:    Conduct an Outcome-Oriented Performance Measures Feasibility Study
15  3H:    Hire Staff for Priority Positions–Administrative Skills
16  3G:    Operational Risk Management
17  1A/B:  Mission Activity Prioritization
18  2D:     Review Commission / staff interaction processes and Delegations of Authority
19  3D:     Restructure OHR (Workforce Planning)
20  4ABC: Enhance Self Regulating Organizations (SRO) Oversight
 

[SEC Organization Recommendations, 4/30/13]