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Strategic Plan2013–2016

Strategic Plan 2013–2016Message from the Inspector GeneralI am pleased to present the Strategic Plan 2013–2016 for the Office ofInspector General (OIG) of the Board of Governors of the Federal ReserveSystem (Board) and the Consumer Financial Protection Bureau (CFPB).Mark BialekInspector GeneralThe Strategic Plan 2013–2016 provides an overview of our organizationalgoals and objectives for the next three years and the indicators we will useto measure our performance. As part of this strategic planning process, wedeveloped a new vision: “To be the trusted oversight organization of theBoard and the CFPB.” This vision stems directly from our commitmentto provide independent, objective, and effective oversight and to be theprimary organization responsible for addressing questions from the publicand Congress regarding the accountability of the Board and the CFPB.Accordingly, our overriding strategic goal is to provide timely, high-qualityproducts that promote improvement within the Board and the CFPB. Ourother goals focus on developing our workforce, optimizing our engagementwith our stakeholders, and enhancing the capacity of our office to accomplishour oversight duties and maximize our own operational effectiveness.The plan is the culmination of a months-long process that included athorough functional assessment and organizational review of the OIG, as wellas outreach to our stakeholders at the Board, the CFPB, and Congress, to gaintheir perspectives on how we can provide value and achieve results.Much has changed since our last strategic plan was issued, including myappointment as Inspector General. Both the Board and the CFPB haveunveiled their new strategic plans for the coming years, and the effectivenessof our oversight depends on having a strategic plan that aligns with those ofthe Board and the CFPB and with the challenges they face. Our plan mustremain dynamic; it must position us not only to adapt to changes at the Boardand the CFPB but also to anticipate them.My thanks go to the OIG staff for their dedication and tireless effort to bringpositive change to the agencies we oversee. I look forward to working with mystaff to make the OIG the trusted oversight organization of the Board and theCFPB.Mark BialekInspector GeneralOffice of Inspector GeneralBoard of Governors of the Federal Reserve System Consumer Financial Protection Bureau

Strategic Plan 2013–2016Mission, Vision, and ValuesMissionThe Office of Inspector General (OIG) provides independentoversight by conducting audits, evaluations, investigations, and otherreviews of the programs and operations of the Board of Governorsof the Federal Reserve System (Board) and the Consumer FinancialProtection Bureau (CFPB) and demonstrates leadership by makingrecommendations to improve economy, efficiency, and effectiveness andby preventing and detecting fraud, waste, and abuse.“To be thetrusted oversightorganization ofthe Board and theCFPB.”VisionTo be the trusted oversight organization of the Board and the CFPB.We will realize our vision by beingDynamic.We are proactive and adaptable to changingcircumstances while striving to continuously improve.Insightful.We understand complex issues from various perspectivesand provide valuable, meaningful information to our stakeholders.Value Added.We provide products and services that exceedexpectations and produce positive, useful results.Engaged. We are committed to our strategic direction and tobuilding trust with each other and with our stakeholders. We areempowered to make a positive impact.1Office of Inspector GeneralBoard of Governors of the Federal Reserve System Consumer Financial Protection Bureau

ValuesIntegrity.standards.We hold ourselves and each other to the highest ethicalObjectivity and Independence.We conduct our work basedon supportable facts without bias or undue influence.Respect.We treat each other and our stakeholders withconsideration, professionalism, and dignity.Excellence.We are committed to achieving the highest quality ineverything we do.Collaboration and Teamwork.Our success lies in workingtogether; fostering an inclusive and mutually supportive environment;and affording each team member the opportunity to contribute, learn,develop, and grow.2

Strategic Plan 2013–2016Strategic Plan Environmental FactorsVarious environmental factors impact the OIG’s services, businessprocesses, and organizational structure. The following summarizesthe external and internal environmental factors that influenced thedevelopment of the OIG’s Strategic Plan 2013–2016.External FactorsIncreased Scrutiny of the Board and the CFPB.Giventheir critical roles in the nation’s economy, the Board and the CFPBhave come under increased scrutiny in the years since the financial crisis.Therefore, as the OIG for both agencies, we are receiving increasedrequests and inquiries for timely information from Congress and otherstakeholders.Fewer State Member Bank Failures. The Federal DepositInsurance Act, as amended, requires that the OIG review failures offinancial institutions supervised by the Board. Given the decline in thenumber of state member bank failures over the past two years, we arefocusing more resources on Board and CFPB high-risk areas.Information Technology Trends.Because of the Board’sand the CFPB’s increased use of IT resources and big data (large andcomplex collections of data sets), as well as emerging cybersecuritythreats, we are increasing our focus on IT issues.3Office of Inspector GeneralBoard of Governors of the Federal Reserve System Consumer Financial Protection Bureau

Internal FactorsWorkforce and Strategic Initiatives.Our organization hasgrown significantly since our oversight responsibilities were expandedto include the CFPB and new Board responsibilities. As a result, themajority of our staff is relatively new. We have undertaken severalinitiatives, such as workforce planning and succession planning, toenable us to manage our growth effectively.Internal Operations.The growth of our organization due toour expanded oversight responsibility has required that we integrate anew middle-management level to better handle a growing workload,improve policies and procedures and administrative support, and buildour staff ’s expertise in complex subject-matter areas.Reorganization.During the last year, we conducted a completefunctional assessment and organizational review of the OIG. Thisreview highlighted the need for adjustments to our organizationalframework to ensure that we effectively adapt to changingcircumstances, provide consistent and timely oversight of the Boardand the CFPB, improve our internal operations, and develop expertisein key oversight areas. The results of the functional assessment andorganizational review informed our reorganization.4

Focus Areas and Strategic GoalsOur strategic plan addresses four focus areas that are paramount toour success as an organization. Each focus area has a single goal withobjectives and performance indicators. The objectives detail specificoutcomes that we must achieve to realize our goals and execute ourstrategy, and the performance indicators are the mechanisms by whichwe will assess our progress in attaining our objectives and goals.13Products and ServicesDeliver timely, high-qualityproducts and servicesthat promote agencyimprovement.StakeholdersOptimize stakeholderengagement.52Workforce4Capacity and OperationsIncrease employeeengagement; cultivateleadership; and foster askilled, knowledgeableworkforce.Enhance the capacity ofthe OIG to accomplishexpanded oversight whileimproving operationaleffectiveness.

Strategic Plan 2013–20161Focus Area: Products and ServicesWe conduct audits, evaluations, investigations, and other reviewsof Board and CFPB programs and operations to promote theirimprovement and to detect and prevent fraud, waste, and abuse. Thesuccess of our work depends on its timeliness, quality, and measurableimpact on agency programs and operations.Strategic Goal:Deliver timely, high-quality products and services thatpromote agency improvement.ObjectivesPerformance IndicatorsReduce the completion timeof engagementsPercentage of audits andevaluations completed withinannual performance targetsEnhance quality standardsand streamline the reportdrafting and quality reviewprocess for OIG productsReduction in the report drafting andquality review timelineFocus OIG resourceson critical agencyprograms, operations, andmanagement challengesPercentage of audits and evaluationsfocusing on major managementchallenges and high-risk areasImplement effective projectmanagement approaches inall OIG functionsEffective performance metricsdashboard for OIG functionsReduced project completion timesSurvey responses and stakeholderfeedback on OIG reportsEstablish a process tomeasure the impact ofOIG products6Percentage of corrective actionrecommendations acceptedand implementedCost savings or measurableimprovements in efficiencyor effectiveness of agencyprograms or operationsOffice of Inspector GeneralBoard of Governors of the Federal Reserve System Consumer Financial Protection Bureau

2Focus Area: WorkforceOur employees must be fully engaged for our organization to reachits full potential. We believe that effective leadership fosters employeeengagement and that employee engagement increases organizationalperformance.Strategic Goal:Increase employee engagement; cultivate leadership;and foster a skilled, knowledgeable workforce.ObjectivesPromote a culture ofinvolvement, continuousfeedback, and recognitionImprove message content,delivery methods, andtimeliness of internalcommunicationsPerformance IndicatorsImprovement in annual employee surveyand focus group resultsImprovement in annual employee surveyand focus group resultsDevelopment and implementation ofcareer and training map models forImplement an effectiveauditors, investigators, and other OIGframework for careerstaff based on OIG competenciesdevelopmentImprovement in annual employee surveyand focus group resultsDevelopment and implementationIncrease interaction amongof written procedures formalizingvarious OIG functional areasinteractions among OIG functional areasEstablish an effectiveIncreased use of the establishedknowledge managementknowledge management systemsystem7

3Focus Area: StakeholdersWe have a variety of stakeholders, including the agencies we oversee;Congress; and, ultimately, the public. To effectively engage all ourstakeholders, the work we undertake should reflect their concerns andinput, and the results of our work should be communicated as timelyand effectively as possible.Strategic Goal:Optimize stakeholder engagement.ObjectivesPromote a cultureof engagement withstakeholders8Performance IndicatorsAnnual assessment of quantity andquality of stakeholder outreachEncourage stakeholderinputAnnual assessment of stakeholderinput on OIG workImprove message content,delivery methods, andtimeliness of externalcommunicationsAnnual survey of stakeholders onthe effectiveness of our externalcommunications