Annual Performance Report 2015
PrintStrategic 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:
2015 Initiatives and Accomplishments
Complete the Board's Strategic Plan 2016-19 and establish an implementation methodology.
- Developed and refined objectives and performance indicators for the Strategic Plan 2016-19, engaging six workgroups made up of more than 80 senior leaders representing all divisions and offices as well as senior leadership and stakeholder groups.
- Presented the Strategic Plan 2016-19 to Board members and received unanimous approval. Published the Strategic Plan 2016-19 on the public website on October 1, 2015.
- Hosted panel discussions and published internal articles and videos communicating to staff the linkage between the strategic planning process and performance evaluation process.
- Developed the Performance Plan 2016 that identifies the initiatives and projects the Board will focus on in 2016 to support the organization's strategic priorities.
- Developed a process and template for divisions to create individual operating plans that facilitate resource allocation based on the objectives identified in the Strategic Plan 2016-19.
Establish an efficient, repeatable process for reporting quarterly and annual strategic and financial performance reports.
- Presented quarterly performance and financial reports to the Board's senior management and Board members.
- Published the Board's Annual Performance Report 2014 and Annual Performance Plan 2015 on the public website.
Explore integrating the Investment Review Board (IRB) monitoring process with the budget and strategic reporting processes.
- Integrated the IRB into the budget and oversight process so that all significant projects are reviewed prior to budget approval.
Objective 5.2: Strengthen financial planning accountability.
In this Section:
2015 Initiatives and Accomplishments
Implement a reporting framework that maps budgets and actual expenses to the Board's primary mission areas to provide greater comparability for reporting across the Federal Reserve System.
- Began the transition to use the mapping of accounts and operating units to align the Board's budgets and actual expenses to areas similar to those of the Federal Reserve Banks.
Implement a more robust multiyear forecasting tool and associated processes to inform guidance for developing the 2016 budget.
- Implemented a multiyear expense-forecasting application, which will help inform budget development, provide forecast information, and allow for greater comparability within the Federal Reserve System.
Objective 5.3: Reduce financial management administrative burden.
In this Section:
2015 Initiatives and Accomplishments
Enhance reporting capabilities for the divisions to gain efficiencies and increase uniformity of reporting.
- Implemented a new expense budget and forecasting system, which will help the Board reduce administrative functions and leverage the system's repeatable, automated processes.
Continue phasing in procurement reengineering efforts to include a strategic and operational review, staff training and development, and enhanced automation support.
- Developed the requirements and began the request-for-proposal process to secure a consultant to review procurement, focusing on the operation, competency development and training, and strategic acquisition development.
