skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content

Annual Performance Report 2014

Introduction

In 2012, the Board established a strategic framework that sought to identify key areas where the Board would need to make significant investments over the 2012 to 2015 four-year period in order to best advance its mission. The Annual Performance Plan 2014, available at www.federalreserve.gov/publications/gpra/files/2014-gpra-performance-plan.pdf, described the specific actions that the Board planned to take during 2014 in furtherance of its longer-term effort to accomplish the objectives laid out in the strategic framework. This report summarizes the progress that was made during 2014 in that regard.

The Board identified the following six themes in the strategic framework and uses these themes to guide investment and action during the four-year planning period:

  1. Continue building a robust interdisciplinary infrastructure for supervision, regulation, and monitoring risks to financial stability.
  2. Redesign data governance and management processes to enhance the Board's data environment.
  3. Establish a modern, safe work environment that emphasizes the need to maintain data quality and integrity and the importance of enhanced collaboration within the organization and with the public.
  4. Create a work environment built on market-oriented compensation and support for professional and personal achievement that allows the Board to attract and retain top talent, while re-enforcing collegiality.
  5. Strengthen management processes to enable effective implementation of strategic themes, increase operating efficiencies, and reduce administrative burden.
  6. Establish a cost-reduction approach and a budgetary growth target that maintains an effective and efficient use of financial resources.

Throughout the strategic planning period, senior leadership reassess priorities to take into account changing circumstances, environmental factors, and trends and aligns resources and implements changes based on these changing priorities. The Board also reviews initiatives and offsets funding, to the extent possible, through cost-saving strategies and efficiency gains identified as part of the ongoing strategic review. Strategic investments also accompany an agenda of management process changes that keeps major investments on track, identifies additional opportunities for cost savings, and improves overall operations.

Throughout 2014, the Board continued to make progress toward implementing provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), including finalizing amendments to Regulation HH risk-management standards for designated financial market utilities; issued the final U.S. liquidity coverage ratio rule effective January 1, 2015; and completed the quarterly Quantitative Surveillance Assessment of Financial Stability reports.

The Board also made progress in the area of data governance through the development of the enterprise data governance framework and beginning data governance policy development efforts. The Board's large capital projects--the relocation of the Data Center and the William McChesney Martin, Jr. Building (Martin Building) renovation are on schedule for completion in 2015 and 2018, respectively.

During the year, the Board made progress toward achieving its human capital objectives, including continuing to roll out a new performance management program, holding succession planning discussions, and reviewing the compensation structure. Progress was made, and work continues, in the administrative functions to revise business processes, increase operating efficiencies, and reduce administrative burden, while continuing to focus on cost-management strategies and resource allocation.

In addition to identifying key accomplishments, this report also provides information regarding the progress made toward filling the positions outlined in the strategic framework. As part of the strategic framework, the Board approved staff increases for divisions supporting strategic theme 1 (Supervision, Regulation, and Financial Stability) and theme 2 (Data Governance). Through year-end 2014, the Board approved 164 new positions in the divisions of Research and Statistics, Monetary Affairs, Office of Financial Stability, International Finance, Banking Supervision and Regulation, Reserve Bank Operations, Legal, and the Office of the Chief Operating Officer. The table below shows the number of strategic positions approved and the progress made toward the hiring of these approved positions.

Strategic positions authorized for 2012-14 and filled through December 31, 2014
Position alignment Approved for 2012-14 Total hired in 2012-14 Offers accepted/start date post-12/31/14 Unfilled strategic positions as of 12/31/14
Theme 1 144 116 6 22
Theme 2 20 12 1 7
Total 164 128 7 29

Including offers accepted, the Board filled 82 percent of the approved strategic framework positions through December 31, 2014. For 2015, the Board authorized an additional 28 strategic framework positions. As the Board implements this strategic framework and makes the necessary investments in people, data, and facilities, the Board recognizes the importance of its long-standing efforts to promote equal employment opportunity and diversity and to foster diversity in procurement.

The remainder of this report lists the six strategic themes, the underlying objectives for each theme, the planned activities for 2014, and the corresponding accomplishments.

Last update: June 3, 2015

Back to Top