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GAO-20-502PR 1 (2020-04-14)

handle is hein.gao/gaobaeayu0001 and id is 1 raw text is: A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States April 14, 2020 The Honorable Jay Clayton Chairman, Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 Priority Open Recommendations: Securities and Exchange Commission Dear Mr. Chairman: The purpose of this letter is to provide an update on the overall status of the Securities and Exchange Commission's (SEC) implementation of GAO's recommendations and to call your continued personal attention to areas where open recommendations should be given high priority. 1 In November 2019, we reported that on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.2 As of March 2020, SEC's 4-year implementation rate was 100 percent. Overall, SEC had 18 open recommendations. Fully implementing these open recommendations could significantly improve SEC's operations. Since our April 2019 priority recommendation letter, SEC has implemented five of our six open priority recommendations. SEC has begun a new, more comprehensive workforce and succession planning process, which includes elements of guidance from the Office of Personnel Management. SEC also has taken action to implement communication and collaboration best practices that could benefit SEC. As a result of these efforts, SEC has improved its workforce and succession planning and improved communication and collaboration. In addition, to more effectively manage its information security program, SEC has updated its systems security plans with network diagrams and has created a hardware asset inventory. We ask your continued attention to the one remaining open priority recommendation we identified in the 2019 letter, as well as an additional priority recommendation we are adding this year. (See the enclosure for the list of these recommendations.) The two priority recommendations relate to performance management for SEC employees. Both priority recommendations would help enhance the credibility of SEC's performance management system among its staff, including the ratings, recognition, or feedback that they receive as a result. In July 2013, we recommended that SEC conduct periodic validations (with staff input) of the performance management system and make changes, as appropriate, based 1Priority recommendations are those that GAO believes warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operation, for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. 2GAO, Performance and Accountability Report: Fiscal Year 2019. GAO-20=1 SP (Washington, D.C.: Nov. 19, 2019). GAO-20-502PR SEC Priority Open Recommendations Page 1

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