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The report includes feedback from a survey conducted in 2018 of 656 staff members, which found that only 48% of those surveyed thought that APRA was open to new ways of working and that 28% believed that decisions were made on time.
& # 39; Small budget & # 39;
Employees describe APRA as an "immature organization" with a "modest budget." They say that the regulator has "a poor track record in change management" and that "conflicting views are often seen as attacks on the person".
An employee speaking on condition of anonymity stated that the main problem of the regulator was that there were "too many underperforming managers".
Survey quotations reveal that management is sensitive to challenges, with less than half of employees convinced that the resulting problems or concerns would not negatively affect their careers, causing many employees to bite their language on important issues rather than risking their career.
"In some parts of APRA, staff do not really trust that their managers will" support "them, that it would be prudent to make a mistake or that the career results are fair," says the report.
While the report's employees and authors commend the regulator for its strong technical expertise, they believe that these strengths are outweighed by serious shortcomings in key management skills such as change management, culture and accountability.
The inability of the regulator to make quick decisions is frequently mentioned in the report, with the authors noting the propensity for decisions to be "frozen for long periods of time before decisions are made".
A sample of decisions rendered under the regulator's decision-making protocol revealed that the average time to resolution of a problem of average complexity was 71 days.
In addition, the structure that sees the regulator divided into two main teams called the Division of Specialized Institutions (SID) and Division of Diverse Institutions (DID) was not working with the review, recommending to restructure them according to the sectors of 39; activity.
Five levels of management
APRA staff said divisions were reluctant to work with those working in APRA's back office, fighting for front-line divisions to cooperate and join the group's projects.
"Thematic reviews can take too much time, poorly organized, working group members have too much work at the same time," said one employee.
The authors of the report also criticized a very heavy management structure, including former Westpac leader Diane Smith-Gander and former RBNZ deputy governor Grant Spencer.
The report revealed that it existed up to five management levels deemed excessive, with managers having only a few direct reports each.
"Close control fields are usually badociated with the fact that managers spend too much time doing the same type of work as their reporting staff, under-investing in systems and automation," the report says.
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