Mission

The Board's Office of Inspector General was established by Congress pursuant to the 1988 amendments to the Inspector General Act of 1978 (IG Act). The Act charged the OIG with the responsibility to prevent and detect fraud, waste, and abuse, and to promote economy and efficiency in the programs and operations of the Board. In general, the IG Act centralized the audit and investigative resources of the Board into one independent office.

Consistent with the IG Act, the mission of the OIG of the Board of is to

• conduct and supervise independent and objective audits, investigations, and other reviews of Board programs and operations;
• promote economy, efficiency, and effectiveness within the Board;
• help prevent and detect fraud, waste, and mismanagement in the Board's programs and operations;
• review existing and proposed legislation and regulations and make recommendations regarding possible improvements to the Board's programs and operations; and
• keep the Chairman and Congress fully and currently informed of problems.

Congress has also mandated additional responsibilities that influence where the OIG directs its resources. For example, section 38(k) of the Federal Deposit Insurance Act, as amended, 12 U.S.C. 1831o(k), requires the Board's OIG to review failed financial institutions supervised by the Board that result in a material loss to the bank insurance fund, and to produce, within six months of the loss, a report that includes possible suggestions for improvement in the Board's banking supervision practices. In the information technology arena, the Federal Information Security Management Act of 2002 (FISMA), Title III of Public Law 107-347, provides a comprehensive framework for ensuring the effectiveness of information security controls over information resources that support federal operations and assets. Consistent with FISMA's requirements, we perform an annual independent evaluation of the Board's information security program and practices, which includes evaluating the effectiveness of security controls and techniques for selected information systems.