A third-party review released on Tuesday by the Office of the Comptroller of the Currency details the actions taken by the office to improve supervision of large financial institutions.
After receiving recommendations in 2013 from the International Peer Review’s assessment of the agency’s supervisory efforts, the office spent three years putting many of the regulators’ insights into practice.
“After three years of hard work implementing many of the recommendations made by our international peers, we invited the team back to evaluate our efforts,” Comptroller of the Currency Thomas J. Curry said. “Assessing the results of our efforts is part of our continuous improvement and a hallmark of a world-class organization. While pleased with the team’s findings, we must sustain the changes we’ve made and complete our efforts still underway.”
Notable actions taken by the office include strengthening the quality assurance program, creating new processes to identify systemic risk, and providing new career development opportunities for staff.
“The review team believes that large and midsize bank supervision at the OCC is more effective now than three years ago,” the authors of the review said. “While implementation of some recommendations has proceeded further than others, the overall recommendation of the review team is that the OCC continue along the path it is headed.”