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Board of Governors of the Federal Reserve System
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Annual Performance Report 2012

Strategic Theme 5: Management Processes

Strengthen management processes to enable effective implementation of strategic themes, increase operating efficiencies, and reduce administrative burden.


Objectives

5.1 Focus on enterprise issues.

5.2 Strengthen financial planning accountability.

5.3 Reduce financial management administrative burden.

Success in implementing the first four strategic themes depends on redesigning management processes that improve operations, keep resources focused on the highest priorities, and reduce administrative burden. Accordingly, the Board is striving to better align the strategic framework to budgeting and financial performance management.

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Accomplishments

  • The Board was $14.4 million under budget for 2012, primarily due to expenses for goods and services which were $14.1 million lower than estimated in the operating plan. (See Figure 3.)
  • Engaged stakeholders responsible for implementing key elements of the strategic framework to discuss strategic objectives and related initiatives.
  • Developed the 2013 budget in accordance with the guidance in the framework.
  • Developed a charter, policies, and processes to establish a Strategic Performance Office (SPO) with responsibility for monitoring and reporting on the Board's progress in achieving the strategic objectives.
  • Designed and developed an automated system to track strategic projects associated with the Board's strategic objectives.

Figure 3. Board's 2012 and 2013 budgets: forecast vs. actual

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Planned Activities

  • Implement a more robust budget process to develop, monitor, and evaluate the annual budget.
  • Complete delegation of authority policy revisions to clarify decision rights and roles across the organization.
  • Establish a governance structure for evaluating significant initiatives and their impact on the overall Board budget.
  • Establish quarterly collaborative meetings with key stakeholders to assess progress towards achieving strategic goals, identify risks, and monitor financial performance.
  • Complete the rollout of software for tracking strategic projects.
  • Implement a communications plan regarding cost initiatives.

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Last update: May 17, 2013

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