Meeting the Strategic Challenges

Meeting the challenges in the four areas described in the previous section requires appropriate levels of Board resources and investments in people, data, and facilities. Meeting these challenges also requires management processes for hiring, developing, and re-allocating expertise and coordination across the organization.

The following six themes will guide investment and action over the 2012-15 planning period:

• continuing to build a robust infrastructure for regulation, supervision, and monitoring risks to financial stability
• redesigning data governance and management processes to enhance the Board's data environment
• ensuring a modern, safe work environment that emphasizes the need to maintain data quality and integrity and the importance of enhanced collaboration within the organization and with the public
• creating a work environment built on market-oriented compensation and support for academic and personal achievement that allows the Board to attract and retain top talent while reinforcing collegiality
• strengthening management processes to enable effective implementation of strategic themes, increasing operating efficiencies, and reducing administrative burden
• establishing a cost-reduction approach and a budgetary growth target that maintains an effective and efficient use of financial resources

Strategic investments in these areas above those required for day-to-day operations are necessary for the Board to meet the supervisory expectations of it under the Dodd-Frank Act while continuing to enhance its ability to promote stable prices, full employment, and financial stability. The strategic investments are also accompanied by an agenda of management process changes that will keep major investments on track, identify additional opportunities for cost savings, and improve overall operations.

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