The major management challenges represent what we believe to be the areas that, if not addressed, are most likely to hamper the Board’s and the CFPB’s accomplishment of their strategic objectives. We identified these challenges by assessing key themes from our discussions with management and our knowledge of the agencies’ programs and operations.
For the Board, the major management challenges, in order of significance, are as follows:
- Strengthening Organizational Governance and Enterprise Risk Management
- Managing Hybrid Work and Workforce Planning, Updating the Human Capital System, and Advancing Diversity Initiatives
- Remaining Adaptable While Supervising Financial Institutions
- Enhancing Oversight of Cybersecurity at Supervised Financial Institutions and Service Providers
- Ensuring an Effective Information Security Program
- Evolving With Financial Sector Innovations
- Monitoring COVID-19 Pandemic Emergency Lending Facilities and Underlying Loan Portfolios
- Ensuring That Physical Infrastructure Effectively Meets Mission Needs
For the CFPB, the major management challenges, in order of significance, are as follows:
- Ensuring an Effective Information Security Program
- Managing Human Capital to Maintain a Talented, Diverse, Inclusive, and Engaged Workforce
- Continuing to Refine the Supervision and Enforcement Strategy
- Managing Consumer Complaints
