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ASF completed the first step of the institutional restructuring and reorganisation process

Bucharest, 26 February 2015 – The Financial Supervisory Authority (ASF) concluded this month the internal competition stage for non-managerial positions. At the end of November 2014, the internal competition for managerial positions was finalized (for manager and head of office positions). Over 300 employees participated in the selection interviews.

As a result of this process, ASF's staff was reduced to 382 employees holding non-managerial positions, 46 heads of service and 10 executives, and 42 positions remained vacant. At the same time, the Policyholders’ Guarantee Fund has now 28 employees. After 1 March 2015, ASF shall actually have 466 employees, a reduction of 143 employees as compared to March 2014 and less with 252 by reference to the total of 718 employees as transferred in 2013 from NSC, ISC and PPSSC by GEO No. 93/2012.

The 42 vacancies will be put out for competition – both with external and internal participation ­­– which means a renewal of the team with approximately 10%. In fact, the interviews to assess the skills and abilities of candidates are presently being conducted for five of the managerial positions.

The restructuring process was mainly focused on increasing the organisational efficiency through the reorganisation of ASF’s processes and activities:

-    Reduction of hierarchical levels from 5 to 3 – by eliminating the position of Head of Department (6 positions) and Deputy manager (24 positions);
-    Reduction of the number of organisational structures by eliminating or merging divisions from 25 to 17 and offices from 106 to 53;
-    Reduction of the number of managerial positions with approximately 60%, from 161 to 70 positions;
-    Increase of non-managerial positions in total staff to approximately 86% in 2015 as compared to 74% in 2014

ASF’s Development strategy established a general framework for the institutional reorganisation process, carried out with the involvement of external consultants such as: the World Bank, PricewaterhouseCoopers, Deloitte, and Hay Group. As a result of an extensive analysis of the organisational structure - from the merger of the three authorities - three main lines of action were identified:

-    The organisational structure and governance – through the integration of certain directorates and offices of the three sectors, optimisation of the number of employees and introduction of an effective performance management system;
-     Processes and organisational effectiveness – through the standardisation of processes and procedures to achieve synergies within the organisation;
-     Cost structure optimisation – through the review of the compensation and benefits system, the standardisation and simplification of the IT architecture, in-depth analysis of the structure of income and expenses.

 Along with rethinking the new organisational structure, the institutional operational framework was also restructured in 2014 as follows:

-    Recruitment and Selection Policy for filling the positions of ASF’s organisational structure;
-    ASF’s Organisation and Operation Regulation (with its annexes, organisational chart and ASF’s new List of positions);
-    ASF’s Internal Regulation, approved by Decision No. 88/21.11.2014 of ASF’s Board;
-    ASF’s Board Organisation and Operation Regulation;
-    Code of Ethics and Integrity of ASF’s staff.

Once this first stage is completed, ASF will further develop together with the World Bank projects on three major lines of action: a diagnosis-analysis of the operations and duties of non-managerial staff, correlation of such duties with remuneration, as well as skills development and vocational training.

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 About ASF

The Financial Supervisory Authority (ASF) is the institution that authorises, regulates, supervises and controls the entities operating on the non-banking financial market in Romania.

Established in 2013 through assuming and reorganising all powers and prerogatives of the National Securities Commission (CNVM), Insurance Supervisory Commission (CSA) and Private Pension System Supervisory Commission (CSSPP), ASF contributes to strengthening an integrated operational and supervisory frame on three markets amounting to more than 10 million participants.