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Tuesday, October 4, 2016

OIG 2016 List of Major Management Challenges for the CFPB

According to a recent report from the OIG, the CFPB faces four major challenges that, if not addressed, may hamper its ability to meet its strategic objectives. For 2016, the challenges involve information security, comprehensive policies and procedures, human capital and workspace management.

Ensuring effective information security presents a challenge to the CFPB, the OIG said, due to the advanced persistent threat to IT infrastructures. Despite taking steps to mature its information security program, the bureau faces challenges in fully implementing its information security continuous monitoring program, including a comprehensive data loss prevention system and overseeing the security of contractor-operated information systems.

Internal control activities, implemented through policies and procedures, help management efficiently and effectively achieve program goals and objectives. Over the past year, the OIG has reported that the bureau does not have a comprehensive set of policies and procedures for some program areas. The work of both the OIG and GAO show that the CFPB did not fully ensure that its staff members were aware of and complied with its existing policies and procedures.

An agency's human capital management activities, including workforce planning and performance management, have a direct effect on its ability to efficiently and effectively carry out its mission. Since beginning operations in 2011, the CFPB has worked to build its human capital programs and develop a high-performing and engaged workforce. The CFPB now needs to mature its human capital programs by strengthening its workforce planning, which includes succession planning and fully implementing its new performance management system.

Finally, the CFPB is currently renovating its headquarters. Renovations of large buildings can be multiyear projects, posing several challenges that could affect an organization's ability to efficiently and effectively provide office space for its staff. Potential risks for the CFPB include project delays and increased project costs. Additionally, the CFPB will need to ensure that it has sufficient information to determine its future space needs.

Read the report.

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