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Audit Consulting Services Review of OSFI s Training and Development Framework TD

Training and Development Review Report Index Page. Background 3 Review objectives 4 Scope of the review 5 Key lines of inquiry 7 Outline of the T

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Audit Consulting Services Review of OSFI s Training and Development Framework TD

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    1. Audit & Consulting Services Review of OSFI’s Training and Development Framework (T&D)

    3. Background In view of the complexity of the financial industry and the evolving regulatory environment, OSFI staff must remain abreast of current knowledge and must be equipped with effective tools and techniques to review, among other things, the operations of financial institutions. OFSI has committed in its Report on Plans and Priorities (2005/06 –2007/08) to enhance training options in key areas and to enhance its succession planning process, which is linked closely to some of its training and development needs. OSFI has in place a variety of training and development frameworks, programs and activities designed to help support staff in the achievement of their objectives.

    4. Review objectives To assess the adequacy of OSFI’s current T&D framework and processes; and To assess the degree to which the T&D framework and processes support an alignment between T&D programs and OSFI’s strategic & operational requirements.

    5. Scope of the review The work focused on OSFI’s Training and Development framework and related processes. Due to the nature of the review, the work was high-level in nature The scope of this review encompassed the following: The activities of the Professional Development and Training (PD&T) group Sectoral and Divisional responsibilities for T&D programs Corporate planning processes Items considered out of scope included: The effectiveness of OSFI’s training and development programs and delivery of them is out of scope of this review. This review provides the foundation for such a review or audit.

    6. Scope of the review: Timeline This review covered the period from April / 05 through November / 05. We also took a forward-looking view to consider improvements that are being made to the training and development (T&D) framework and related processes as well corporate planning processes with respect to T&D processes.

    7. Key lines of inquiry Accountability Framework: Is accountability for training and development (T&D) within OSFI clearly articulated and understood? Planning for Training and Development: How effectively are OSFI’s corporate needs identified, planned for and translated into meaningful T&D strategies? How effectively are individuals’ (staff) needs identified, planned for and translated into meaningful T&D strategies? Outcomes Monitoring: How effectively is OSFI monitoring its T&D framework for relevance and performance?

    8. Outline of the Training and Development framework and criteria for the review

    9. Review methodology The review was conducted in compliance with the Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing, consistent with the Treasury Board Policy on Internal Audit Review Planning: Review criteria were formulated based on a review of best HR training and development practices and established standards and were agreed to by the Senior Director, Human Resources. Review Conduct: Interviews were held with representatives from the following groups: Corporate Services Sector: HR Senior Director, Professional Development & Training (PD&T) Group, Project Management Group, Office Management and Technical Services Division, Finance and Informatics Division Regulation Sector: Legislation and Approvals Division, Capital Accounting and Research Division, Private Pension Plans (Pensions) Supervision Sector: Financial Conglomerate Group, Financial Institutions Group, Regulatory and Supervisory Practices Division, Strategic Initiatives Strategic Planning and Performance Measurement Review of material and documents provided by representatives of the above groups The A&CS Reporting Protocol was followed in planning, conducting and reporting on the review.

    10. Review methodology Current practices were assessed using the following scale:

    11. Structure of this report An overall assessment of the training and development framework and related processes is provided This assessment is supported by a review of each framework element including: Assessment by component area / criteria Overall findings & observations Recommendations

    12. Overall assessment of the T&D framework

    13. Results & Recommendations by framework element

    14. Accountability Framework: Review criteria & assessments

    15. 1. Accountability Framework Overall findings

    16. 1. Accountability Framework Recommendations

    17. 2. Planning for T&D Needs: Review criteria & assessments

    18. 2. Planning for T&D Needs: Overall findings Notes on the importance of Integrated Planning: The alignment of training plans and business plans is equally important to ensure that all of OSFI’s key strategic, operational and project objectives are adequately supported by training and development. OSFI has acknowledged that it is a key enabler of successful change management through the development of formal training strategies around major initiatives (e.g., EDMS, etc.). This alignment is equally important to ensure that the training dollars being invested are being invested in the right areas – namely those areas that are of priority to the organization, as outlined in strategic and operational plans. Notes on the importance of Integrated Planning: The alignment of training plans and business plans is equally important to ensure that all of OSFI’s key strategic, operational and project objectives are adequately supported by training and development. OSFI has acknowledged that it is a key enabler of successful change management through the development of formal training strategies around major initiatives (e.g., EDMS, etc.). This alignment is equally important to ensure that the training dollars being invested are being invested in the right areas – namely those areas that are of priority to the organization, as outlined in strategic and operational plans.

    19. 2. Planning for T&D Needs: Overall findings, cont’d.

    20. 2. Planning for T&D Needs: Recommendations

    21. 3. Monitoring of outcomes: Review criteria and assessment

    22. 3. Monitoring of outcomes: Overall findings

    23. 3. Monitoring of outcomes: Overall findings

    24. 3. Monitoring of outcomes Overall findings, cont’d.

    25. 3. Monitoring of outcomes: Recommendation

    26. Management response and action plan to the T&D review recommendations

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