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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2016

Strategic Pillar 1: Project Development and Resource Allocation

Goal: Improve project management capabilities and align resources to support current and emerging programs central to the Board's mission.


Objective 1.1: Establish effective processes and policies to manage priorities and enable resource allocation in support of current, expanded, or emergent mission priorities.

Under the direction of the Board, staff will develop and enhance processes and policies for prioritizing and allocating resources that allow the organization to respond quickly and effectively to new challenges as well as changes to existing requirements.

Projects and Initiatives
  • Continue to improve the effectiveness of the System's crisis-management tools.
  • Enhance the process for monitoring the consumer financial services marketplace to help identify risks and policy concerns and evaluate regulatory and supervisory policies for which the Federal Reserve has authority.
  • Enhance the oversight processes of Reserve Banks to ensure an appropriate risk focus.
  • Provide detailed financial and performance reports quarterly to the Executive Committee of the Board, the Committee on Board Affairs, and Board members.
  • Continue to refine and implement the annual planning and budget processes.
  • Begin to develop a Boardwide Enterprise Risk Management pilot program.

Objective 1.2: Develop and apply repeatable processes and project management capabilities.

The Board must be able to successfully execute new and ongoing projects. Staff will continue to develop project management capabilities and implement best practices.

Projects and Initiatives
  • Deploy project management capabilities to improve planning and execution of complex projects.
  • Leverage the Board's expense forecasting system to provide more detailed analytic and evaluation data to assist in resource decisions.
  • Continue to evolve and strengthen the investment review process for ongoing oversight and governance of large and significant strategic projects.
  • Expand the use of project management standards within the facilities function to all projects.

Objective 1.3: Foster coordination of substantive work and communication within and across divisions and the System.

The Board will continue to collaborate across divisions and the System and enhance communication through the use of shared tools and implementation of best practices.

Projects and Initiatives
  • Continue to provide analysis and support to the Board, the Federal Open Market Committee (FOMC), and the Chair about domestic and global economic and financial market developments that bear on U.S. monetary policy, financial stability, and mission priorities.
  • Evaluate potential long-run monetary policy implementation frameworks.
  • Enhance quantitative analysis for stress tests and Large Institution Supervision Coordinating Committee firms.
  • Work collaboratively across divisions to assess the effectiveness of macroprudential policies and their interaction with monetary policy.
  • Continue to develop the remaining major post-crisis regulatory reform rulemakings and guidance.
  • Implement resolution and recovery programs.
  • Develop and pilot a Systemwide initiative to encourage robust information exchange and analysis on issues that signal policy shifts, new market developments, or escalating events affecting consumers and communities.
  • Continue to execute on and enhance the System's supervisory program for financial market utilities, including coordinating with other federal supervisory agencies as appropriate.
Last update: February 24, 2016

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