Annual Performance Report 2012
The 2007-09 financial crisis and the resulting statutory changes called for fundamental changes in the way the Board conducts its operations.
To meet its responsibilities, the Board must make strategic investments in its people, data, and facilities, and enhance its management processes to boost productivity and make coordination more effective across the organization. At the same time, the Board must also continue to manage its resources effectively by capturing cost savings and operational efficiencies.
The Board has defined its priorities for the next four years within the scope of its strategic plan:
- continue building a robust interdisciplinary infrastructure for regulation, supervision, and financial stability
- redesign data governance and management processes to enhance the Board's data environment
- establish a modern, safe work environment that emphasizes the need to maintain data quality and integrity and the importance of enhanced collaboration within the organization and with the public
- create a work environment built on market-oriented compensation and support for academic and personal achievement that attracts and retains top talent, while maintaining a highly collegial atmosphere
- strengthen management processes to enable effective implementation of strategic themes, increase operating efficiencies, and reduce administrative burden
- establish a cost-reduction approach and a budgetary growth target that maintains an effective and efficient use of financial resources
The Board will use this framework to align resources and to implement changes through 2015. Throughout the implementation, priorities will be reassessed to take into account changing circumstances, environmental factors, and trends. Likewise, funding for these initiatives will be reviewed and offset, to the extent possible, by savings initiatives and efficiency gains.
As the Board implements this framework and makes the necessary investments in people, data, and facilities, the Board recognizes the importance of its long-standing efforts to promote equal employment opportunity and diversity and to foster diversity in procurement.