The review will assess organisation's preparedness and reaction to the crisis, but "will not assess the effectiveness of the policy decisions which were taken," the Treasury said.
"The review will examine the Treasury’s capability on financial services ahead of the crisis; the pace at which the Treasury built its capability when the crisis hit; and whether the capability and senior management arrangements put in place to handle the crisis and the aftermath have been adequate," the Treasury said in a statement.
The review will help "inform decisions on organisational arrangements" of the Treasury and contain recommendations on how to retain skilled staff and manage risk, it said.
"[The review] will make recommendations with the aim of ensuring that the Treasury has the capability it needs going forward; improving the retention of people with the necessary skills, expertise and experience, having consideration to issues of Treasury culture and values, as well as remuneration; and ensuring that the Treasury has robust arrangements for risk management, contingency planning and knowledge management," the Treasury's statement said.
In 2008 the Public Accounts Committee said the Treasury needed to improve "financial professionalism" across the organisation, while the National Audit Office also said the "lack of financial skills and awareness amongst many non-finance staff remains a significant barrier to improving financial resource management across government".
The Treasury's review is being led by Sharon White, former Director General at the Ministry of Justice and Department for International Development. White will submit a final report of her findings to the Treasury by Easter next year, the Treasury said.