Strategic Theme 5: Management Processes

Strengthen management processes to enable effective implementation of strategic themes, increase operating efficiencies, and reduce administrative burden.

Objective 5.1: Focus on enterprise issues.

Staff will focus on enhancing operational processes that support effective implementation of the Board's objectives, increase operating efficiencies, and reduce administrative burden.

Projects and Initiatives

• Begin planning for the 2016-18 period by conducting facilitated discussions with governors and division directors to identify broad strategic goals. Engage stakeholder groups to refine objectives and initiatives for inclusion in the revised strategic plan.
• Revise existing strategic performance and financial management reports to provide a more uniform and integrated reporting structure.
• Implement fully the Investment Review Board to support effective project management for significant projects.

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Objective 5.2: Strengthen financial planning accountability.

Staff will work with key stakeholders to develop and implement changes to the planning and budget process. Staff will also propose enhancements to financial performance reporting to focus on the Board's fiduciary responsibility as a trusted steward of public funds.

Projects and Initiatives

• Implement a reporting framework that maps budgets and actual expenses to the Board's primary mission areas to provide greater comparability for reporting across the Federal Reserve System.
• Implement a multiyear forecasting tool and associated processes to inform guidance for developing the 2015 budget.
• Evaluate the current approach for budgeting staffing requirements and tracking personnel expenses.

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Objective 5.3: Reduce financial management administrative burden.

Staff will engage a variety of stakeholders to identify opportunities to reduce administrative burden.

Projects and Initiatives

• Identify and implement additional automated reporting tools to assist divisions in monitoring expenses.
• Continue procurement reengineering efforts. Implement automated processes to assist divisions in developing statements of work.

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