BANK DEPARTMENT ADDS 'EFFICIENCY'

TO MISSION STATEMENT

 

"Mission Statements. Agency officials expressed support for efficiency as a concept, though few mission statements include the term. Each agency should include the word efficiency in their mission statement and post it online in an easily accessible format.  Policy Foundation, Arkansas Efficiency Project, Recommendation #1, 3Q-2016

 

(February 2017) The Arkansas State Bank Department has amended its mission statement to include efficiency after a Policy Foundation report recommended the action. The revised statement explains the Bank Department's mission is to "efficiently allocate Department resources to maintain a legal and regulatory structure for Arkansas that provides the public with convenient, safe and competitive banking, which allows for economic development within this State."

 

A citizen volunteer for the Policy Foundation's Efficiency Project found only four of 21 state agencies surveyed included the concept of 'efficiency' in their mission statements.  The Project recommended agencies amend their statements to include an 'efficiency' reference, and the issue was discussed by Gov. Asa Hutchinson's cabinet at a meeting in late 2016.

 

The State Bank Department, in a statement1 to the Foundation, noted:

 

"Verification of the success of the Department's effort to maximize efficiency is found in the following data.  In the 10 years from June 30, 2006, through June 30, 2016, the assets of Department-supervised commercial banks increased by 118.56 percent.  During this same time period, the number of authorized Department positions decreased by five, while the number of filled positions decreased by one."

 

Other agencies are reviewing their mission statements.


1  The Bank Department statement also noted: "To fulfill this mission, the Department attempts to optimize human and financial resources to meet its operating objectives.  These objectives include:  the timely completion and delivery of reports of examination in accordance with Arkansas law; the timely review of applications submitted by regulated entities in accordance with Department guidelines and Arkansas law; the timely processing of requests for information from bankers and others, and of consumer complaints; and the cross-training of staff to promote the professional development of every employee.

 

"Examples of the Department's priority to operate efficiently and cost effectively include:  the scheduling of examinations so that personnel in the four commercial examination groups - including one each in northeast and northwest Arkansas - can be pooled at examinations of large, complex banks; the increased use of off-site examination procedures to reduce travel expenses and examiner presence on site; and the implementation of a new automated examination tool.

 

"In summary, ensuring the safety and soundness of Arkansas state-chartered banks, and promoting economic development throughout the state are critical functions of the Arkansas State Bank Department.  Just as critical is the Department's effort to undertake these obligations efficiently and effectively."