The SEC may be short of funds, as the agency argues, but it seems to have no shortage of syllables.

That’s the impression left by a report the Securities and Exchange Commission issued Monday on its progress implementing the recommendations of a management consulting firm.

The verbiage would make a consultant proud.

“The agency will focus on assessing the schedule, costs, and management bandwidth required for each initiative; identifying cross-work-stream integration points; and developing a detailed prioritization and implementation plan that sequences the various implementation activities,” the SEC said in the report to Congress.

“(T)he process will likely focus on thinking strategically and prioritizing the various initiatives. It is critically important to conduct the analysis of the recommendations at the same time: otherwise, the cross-workstream overlaps, integration points and dependencies may not be detected,” the report said.

Under the landmark Dodd-Frank legislation Congress passed last year in response to the financial crisis, the SEC was required to hire a consulting firm to assess the organization. It was also required to tell Congress every six months what it is doing about the recommendations.

The study by Boston Consulting Group, completed at a cost of about $5 million and released in March, spoke in a similar voice. Among its findings:

* The SEC “has significant opportunity to further optimize its available resources . . . .”

* Congress “should reflect on whether or not such optimization adequately meets its expectations for the agency’s efficiency and effectiveness.”

* “The SEC should engage in a rigorous assessment of its highest-priority needs in regulatory policy and operations, and reallocate resources accordingly.”

And so it begins.

One of the SEC’s first steps, the agency reported Monday, was to figure out what to call the process of following up on the BCG study.

“In order for the agency to adopt and ‘own’ the implementation of agreed-upon BCG recommendations, a program name (moving away from ‘BCG Study’ or ‘BCG Recommendations’) was developed to give an identity to the initiative as well as set the stage for the multi-year program,” the SEC said. “With the adoption of an identity and vision, the program was formally designated the ‘Mission Advancement Program’ (MAP).”

It’s still early in the process, the SEC said.

“Over the past six months, the primary focus of each workstream has been to analyze the assigned recommendations and determine an initial approach to analysis,” the agency reported.

The full 25-page report can be found here.