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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2015

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.

In this Section:

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
  • Complete the 2016-19 Board Strategic Plan and establish an implementation methodology.
  • Establish an efficient repeatable process for reporting quarterly and annual strategic and financial performance reports.
  • Develop operating plans for each division to facilitate resource allocation based on the objectives identified in the 2016-19 Strategic Plan.
    • Develop a process that assists divisions or functional areas in creating operating plans.
  • Explore integrating the Investment Review Board monitoring process with the budget and strategic reporting processes.

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Objective 5.2: Strengthen financial planning accountability.

In this Section:

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 more robust multiyear forecasting tool and associated processes to inform guidance for developing the 2016 budget.

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Objective 5.3: Reduce financial management administrative burden.

In this Section:

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

Projects and Initiatives
  • Enhance reporting capabilities for the divisions to gain efficiencies and reduce custom reports.
  • Continue phasing in the procurement reengineering effort to include a strategic and operational review, staff training and development, and enhanced automation support.

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Last update: June 8, 2015

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