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2009 Annual Report
III. Performance Results Summary
The Corporation's 2009 Annual Performance Plan contained several objectives aimed at ensuring that the FDIC would continue to address key corporate issues, including continuing work on the Temporary Liquidity Guarantee Program, issues relating to contract oversight management, anticipated increases in bank failures and continuous improvements to the FDIC's core business functions.
During 2009, in direct response to challenges associated with the financial crisis, the FDIC created six internal organizations and working groups to address areas of increased risk to ensure that both the FDIC's core businesses and new responsibilities were being managed as effectively as possible. The six initiatives were tied to: 1) Legacy Loans; 2) Systemic Resolution Authority; 3) Temporary Liquidity Guarantee Program; 4) Loss Sharing Agreements; 5) Contract Management Oversight; and 6) Resource Management. Each team identified key issues and risks associated with their area of challenge, developed action plans and performance metrics as necessary, and briefed the Chairman on at least a monthly basis. In many cases, enhancements to operating procedures and automated systems of support were made as a direct result of this heightened management attention. Significantly, all identified program needs have been coordinated with those persons responsible for planning, budgeting, staffing and ensuring the adequacy of infrastructure support.
These and other actions were taken in addition to evaluations that are part of the Corporation's ongoing efforts to seek continuous improvements in its programs and operations. Some of these 2009 initiatives included: reviews of financial management and controls governing receiverships; scrutiny of our increased volume of procurement card and convenience check activity; coordination with the FDIC's OIG on Material Loss Reviews to identify any needed improvements in the Corporation's bank examination programs; improved monitoring of the performance and availability of the FDIC's critical automated systems; and the identification of operations where backlogs could present problems if not properly monitored.
It is anticipated that program evaluation energies in 2010 will again focus on progress in the above six initiatives, as well as on controls associated with financial reporting throughout the Corporation, systems development efforts, and key operations supporting the Corporate response to the financial crisis.
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