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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2013

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 work on enhancing operational processes that support effective implementation of strategic themes, increase operating efficiencies, and reduce administrative burden.

Projects and Initiatives
  • Complete the set-up of the Strategic Performance Office.
  • Provide periodic reports on achievement of strategic objectives to the Committee on Board Affairs, the Executive Committee of the Board, Chief Operating Officer, and Chief Financial Officer.
  • Seek opportunities for enhancing operational processes.
  • Integrate an Investment Review Board (IRB) into the ongoing oversight and governance of large and significant strategic projects.

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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
  • Provide quarterly reports on budgeted expenses and other financial performance to the Committee on Board Affairs, the Executive Committee of the Board, Chief Operating Officer, and Chief Financial Officer.
  • Implement quarterly division budget reviews and integrate them into budget forecasts.

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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 in the planning and budget processes.

Projects and Initiatives
  • Formalize the process for evaluating strategic initiatives utilizing quarterly meetings and other methodologies.
  • Formalize and document the annual budget process.
  • Enhance automated tools for providing financial management information to division administrative staff and other key decisionmakers.

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Last update: June 14, 2013

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