Introduction

This report summarizes the Board's 2013 accomplishments that contributed to achieving the strategic themes and objectives identified in the Strategic Framework 2012-15 (framework) and referenced in the Annual Performance Plan 2013.¹ The Annual Performance Plan 2013 describes the projects, initiatives, and activities that the Board would focus on during the calendar year in support of the framework's long-term objectives. Staff reported quarterly to Board members and senior executives on progress toward achieving the annual plan, and the significant accomplishments for the year are highlighted in this report.

The following six themes were identified in the framework and are used by the Board to guide investment and action during the four-year planning period:

• Continue building a robust inter-disciplinary infrastructure for regulation, supervision, and monitoring risks to financial stability.
• Redesign data governance and management processes to enhance the Board's data environment.
• Establish 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.
• Create a work environment built on market-oriented compensation and support for professional and personal achievement that allows the Board to attract and retain top talent, while reinforcing collegiality.
• Strengthen management processes to enable effective implementation of strategic themes, increase operating efficiencies, and reduce administrative burden.
• Establish a cost-reduction approach and a budgetary-growth target that maintains an effective and efficient use of financial resources.

Throughout the strategic planning period, senior leadership will reassess priorities to take into account changing circumstances, environmental factors, and trends, and the Board will align resources and implement changes based on these changing priorities. The Board will also review and offset funding for these initiatives, to the extent possible, through cost-saving strategies and efficiency gains identified as part of the ongoing strategic review. Strategic investments will also accompany an agenda of management process changes that will keep major investments on track, identify additional opportunities for cost savings, and improve overall operations.

The Board continued to make progress toward implementing provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act), including finalizing the U.S. regulatory capital rule, issuing final regulations implementing the "Volcker rule," and issuing the final rule amending Regulation HH under Title VIII of the Dodd-Frank Act. The Board also made progress in the area of data governance, as evidenced by the hiring of a chief data officer (CDO) and initiating the establishment of the infrastructure to support the CDO's activities. The large capital projects--the relocation of the Board's Data Center and the Martin Building renovation--experienced minimal schedule delays during 2013. These projects are scheduled for completion in 2015 and 2018, respectively. The attraction of talent needed to fulfill the Board's mission continued to be a key challenge in 2013, although the Board made progress toward achieving its human capital objectives, including piloting a new performance management program, beginning succession-planning discussions, and reviewing the compensation structure. Progress was made, and work continues, in the administrative functions to revise business processes, increase operating efficiencies, and reduce administrative burden, while continuing to focus on cost-management strategies and resource allocation.

In addition to identifying key accomplishments, this report also provides information regarding the progress made in 2013 toward filling the positions outlined in the strategic framework. As part of the framework, the Board approved staff increases for divisions supporting strategic theme 1 (Supervision, Regulation, and Financial Stability) and theme 2 (Data Governance). As part of the 2012 and 2013 budget processes, the Board approved 98 new framework positions in the divisions of Research and Statistics, Monetary Affairs, Office of Financial Stability, International Finance, Banking Supervision and Regulation, Reserve Bank Operations, Legal, and the Office of the Chief Data Officer. The table below shows the number of strategic positions approved in 2012 and 2013 and the progress made in 2013 toward the hiring of these approved positions.

Strategic positions authorized for 2012 and 2013 and filled through December 31, 2013

Position alignment	Approved for 2012 and 2013	Total hired in 2012 and 2013	Offers accepted/start date post-12/31/13	Unfilled strategic positions as of 12/31/13
Theme 1	95	73	3	19
Theme 2	3	2	0	1
Total	98	75	3	20

Including offers accepted, the Board filled 80 percent of the approved framework positions through December 31, 2013. For 2014, the Board authorized an additional 66 framework positions for these eight divisions. As the Board implements this framework and makes the necessary investments in people, data, and facilities, the Board recognizes the importance of its long-standing efforts to promote equal employment opportunity and diversity and to foster diversity in procurement.

The remainder of this report lists the six strategic themes, the underlying objectives for each theme, the planned activities for 2013, and the corresponding accomplishments.

References

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