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Board of Governors of the Federal Reserve System
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Office of Inspector General

Figure: Overview of the OIG's Strategic Plan

The flow chart shows that the Office of Inspector General's overall strategic plan is built around five key components: (1) the mission, expressed as expected outcomes; (2) the set of values that guide the OIG's work; (3) the three goals the OIG focuses on to achieve its expected outcomes; (4) the objectives and strategies used to achieve each of its goals; and (5) the OIG's five main business lines (audits, inspections and evaluations, investigations, legal services, and communications and quality assurance).

At the top of the chart, a box labeled "Mission" describes the OIG's five core missions. They are to: (1) Conduct independent and objective audits, investigations, and reviews; (2) Promote economy, efficiency, and effectiveness within the Board; (3) Prevent and detect fraud, waste, and mismanagement; (4)Review existing and proposed laws and regulations relating to the Board; (5)Keep the Chairman and Congress fully and currently informed of problems.

Below the "Mission" box is a box labeled "Values" which lists the four core values the OIG embraces. They are: quality service, continuous improvement, objectivity and integrity, and teamwork and information sharing during.

Below the "Values" box are the three goals designed to help achieve the OIG's mission: Goal one is to provide timely and high-quality services that foster the Board's mission goals, and values; goal two is to enhance coordination, communication, and information sharing with internal and external stakeholders; and goal three is to enhance the efficiency and effectiveness of the OIG's internal operations. Each goal is displayed within an inverted pentagonal shape pointing at a set of objectives and strategies for achieving the goal.

The chart then lists the objectives and strategies for accomplishing each of the three goals above. For goal one, the objectives are: (1) mandated work; (2) self-initiated projects; and (3) requests from internal and external stakeholders. For goal one, the strategies are: (1)new business lines in compliance with revised standards; (2)use a quarterly planning model; and (3)continuously monitor all efforts. For goal two, the objectives are: (1) internal communications; (2) external communications; and (3) community leadership. For goal two, the strategies are: (1) develop new communication products; (2) establish protocols; (3) capitalize on technology; and (4) community participation. For goal three, the objectives are: (1) enhance human capital; (2) improve business processes and enhance technology infrastructure. For goal three, the strategies are: (1) training and development; (2) enhanced quality assurance; (3) new tools and techniques; and (4) software replacement enhancements.

Last update: August 2, 2013