The FDIC is subject to the requirements of the Government Performance and Results Act (GPRA) as modified by the GPRA Modernization Act of 2010. In accordance with the requirements of these statutes, the FDIC reviews and updates its Strategic Plan every four years, publishes Annual Performance Plans and Performance Reports, and conducts program evaluations to assess whether the agency's programs are achieving their stated purposes.
Annual Performance Plan and Report
The FDIC's Strategic Plan is implemented through annual performance plans. The annual plans identify annual performance goals, indicators, and targets for each strategic objective. The FDIC submits an Annual Report to Congress in February of each year that compares actual performance to the annual performance goals for the prior year. This report is also made available to FDIC stakeholders and the public through the FDIC's website.
The FDIC's long-term strategic goals and objectives are expressed in outcome terms, and selected outcome measures are included in the agency's annual performance plans. However, many of the performance indicators in these annual plans are process measures (for example, completing required examinations). It is often difficult to establish a direct causal relationship between the agency's activities and the outcomes experienced by insured institutions. The FDIC continues to work with the other regulatory agencies to improve its performance measures.
Corporate Planning and Performance Management Process
The FDIC establishes performance goals annually through an integrated planning and budgeting process. In formulating these performance goals, the agency considers the external economic environment, the condition of the banking and financial services industry (including potential risks), projected workload requirements, and other corporate priorities. The FDIC's plans also may be influenced by the results of program evaluations and management studies, prior year performance results, and other factors. Based on this information, planning guidance is established by senior management with input from program personnel.
After annual performance goals are established, a proposed annual corporate operating budget is developed, taking into account the financial, human capital, technological, and other resources required to accomplish the FDIC's core mission responsibilities and other annual performance goals. The budget is typically approved by the Board of Directors in December.
Annual performance goals are communicated to employees through established supervisory channels, the internal FDIC website, the FDIC News, and other means. Staff prepares progress reports, and senior management conducts performance reviews quarterly.
The FDIC requested comment from stakeholders and the public on a draft of this strategic plan through a posting on the FDIC website for a 14-day period in November - December 2017. All comments and suggestions were carefully reviewed and changes made to the plan where appropriate.
The Risk Management and Internal Control Branch in the Division of Finance coordinates the evaluation of the FDIC's programs and issues follow-up reports. Program evaluations are interdivisional, collaborative efforts, and they involve management and staff from all affected divisions and offices. Such participation is critical to fully understanding the program being evaluated. It also gives the divisions and offices a stake in the process. Division and office directors use the results of the program evaluations to assure the Chairman that operations are effective and efficient, financial data and reporting are reliable, laws and regulations are followed, and internal controls are adequate. These results also are considered in strategic planning for the FDIC. During the period covered by this Strategic Plan, the FDIC will continue to perform risk-based reviews in each strategic area of the agency.