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Comptroller’s Corner: Our Priorities for 2014
The beginning of a new year is a time when many resolve to achieve some kind of self-improvement. Rather than focus on my resolution to eat healthier, this time of year provides me with an opportunity to share with you our agency’s priorities for 2014.
The International Supervision Peer Review Project is an unprecedented effort among U.S. regulators, and applying the lessons of the review’s findings will be one priority this year.
In late 2013, a team of respected international financial regulators completed their review of our large and midsize bank supervision processes. Their report, made widely available, outlined recommendations in six areas: 1) our mission, vision, and strategic goals; 2) risk identification; 3) ratings systems; 4) staffing; 5) the scope and consistency of supervisory strategies; and 6) enterprise governance.
In the first quarter 2014, I will appoint cross-functional teams to evaluate these recommendations regarding feasibility and effectiveness. The teams will then develop implementation plans for accepted recommendations, which should be in place during the second quarter so that efforts to implement the workable ideas can commence soon thereafter. I fully expect that the actions we take will strengthen and improve the supervision of the large and midsize institutions we oversee.
The report reaffirmed many things we are already doing and, in particular, urged us to continue our efforts in enterprise governance. That effort will be a continuing priority for us in 2014 and will assist our business units with identifying processes to apply continuous improvement techniques to make us more efficient and effective.
Another priority for 2014 involves employee engagement. Our ranking in the Best Places to Work in the Federal Government proves that you have great pride and satisfaction in our agency, but our own employee engagement survey identified areas where we can and should do a better job. Employees and their managers are meeting at the local level to discuss the survey results and develop actions plans as appropriate to address opportunities within their workgroups. At the same time, work is occurring at the agency-wide level on crosscutting issues that apply to the OCC as a whole. I will meet with the Executive Committee next month to discuss what we can do to address these six agency-wide themes: cross-divisional teamwork, career development, leadership communications, business process improvements, employees’ confidence in the future of the OCC, and increasing confidence that people are held accountable for unethical or inappropriate behavior. Individual workgroup and agency-wide action plans will be in place by March 31, 2014, and these plans will be monitored to track progress.
Acting on these organizational priorities will make us a stronger OCC and your support is needed and appreciated.
As always, if you have a question or would like to drop me a line, please send it to the Ask the Comptroller mailbox. My goal is to respond to your inquiry within 10 business days.
Last Updated: 12/29/2014