The FDIC instituted a separate Investment Budget in 2003. It has a disciplined process for reviewing proposed new investment projects and managing the construction and implementation of approved projects. Proposed IT projects are carefully reviewed to ensure that they are consistent with the FDIC’s enterprise architecture. The project approval and monitoring processes also enable the FDIC to be aware of risks to the major capital investment projects and facilitate appropriate, timely intervention to address these risks throughout the development process. An investment portfolio performance review is provided to the FDIC’s Board of Directors quarterly.
The FDIC made significant capital investments during the 2003–2012 period, the largest of which was the expansion of its Virginia Square office facility. Most other projects involved the development and implementation of major IT systems. Investment spending totaled $288 million during this period, peaking at $108 million in 2004. Spending for investment projects in 2012 totaled approximately $14 million. For 2013, investment spending is estimated at $28 million.
Investment Spending 2003–2012
Dollars in Millions