5.1: Financial Resources
Implement an enhanced cost management program and explore the use of performance scorecards Other Information:
The FDIC’s operational expenses are largely paid from the insurance funds, and the Corporation seeks to operate cost effectively
in fulfillment of its fiduciary responsibility to the funds. To that end, the Corporation engages in a rigorous planning and
budgeting process that is designed to ensure that budgeted resources are properly aligned with projected workload. The Corporation
also reviews spending variances on a continuous basis and provides an analysis of spending variances to the FDIC Board of
Directors on a quarterly basis. The FDIC will implement an enhanced cost management program in 2005 that will provide managers
with additional cost information, including the fully loaded cost of key business processes. The FDIC has also begun to benchmark
the cost of selected business processes with those of peer organizations and to use that information to identify possible
business process improvements. During the period covered by this plan, the Corporation will explore the use of performance
scorecards to assess performance against appropriate cost, timeliness, quality and customer service standards. Approximately
65 percent of the Corporation’s annual operating expenses are for salaries and other compensation for FDIC employees. For
that reason, the Corporation carefully reviews staffing and workload on an ongoing basis and makes appropriate adjustments
to authorized staffing, as needed. As indicated below, the FDIC is actively planning for a smaller, more flexible workforce
in the future.
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