Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Compliance topic
No spam. Unsubscribe anytime.
CalPERS committees approve FY2627 compliance and audit plans after public call for clearer action steps
Summary
The Risk & Audit Committee approved the enterprise compliance roadmap and two audit plans for fiscal year 2627 after staff presentations; a public commenter urged the board to require concrete action steps and measurable accountability. Roll-call votes carried the motions to approve.
CalPERS staff presented a multi‑year compliance and risk roadmap for fiscal year 2627 emphasizing people, processes and technology, and told the committee the technology implementation track is now closed and future work will prioritize process, governance and training. The committee then voted to approve the enterprise compliance plan and two related audit plans.
Cammy E Bank, Deputy Chief Compliance Officer, described three initiatives that will guide the offices work: broad rollout of risk and control self‑assessments and a regulatory change management framework; strengthened assurance, monitoring and issues‑remediation including a conflicts‑of‑interest policy; and expanded training and a compliance liaison program to embed awareness in program areas.
A public commenter, JJ Galinsk (RPA), told the committee the presentation lacked concrete, measurable steps. "A plan with no action steps is unlikely to achieve its goals," he said, urging the committee to reject the plan and direct staff to return with an actionable implementation plan.
Committee members debated and then moved the plans to a vote. Item 5A (enterprise compliance and risk initiatives) was moved by Mr. Balky and seconded by Troy Johnson; the motion passed by roll call. The Office of Audit Services proposed, risk‑based audit plan for fiscal 2627 (item 5B) was presented as an action item and approved after Mr. Paly moved and Mr. Johnson seconded the motion. The board also heard from external auditors and approved the independent auditor plan (item 5C) presented by Plante Moran.
Why it matters: The approved plans set the compliance and internal‑audit priorities for the next fiscal year, including employer compliance reviews and data‑driven selection of audit targets. Public comment highlighted a persistent implementation gap: members of the public and stakeholders expect detailed, measurable steps and timelines so the board can track accountability and outcomes.
What comes next: Staff will implement the audit cycles and compliance initiatives described in the plans and report status to the committee through quarterly updates. Public commenters requested follow‑up reporting on older audit findings and clarity on timelines for remediation.
