4.1: Assessments and Oversight

Produce high-quality assessments and oversight of Federal Reserve System strategies, projects, and operations, including adoption of technology to the business and operational needs of the Federal Reserve.

Other Information:

The oversight process and outputs should help Federal Reserve management foster and strengthen sound internal control systems, efficient and reliable operations, effective performance, and sound project management, and also should assist the Board in the effective discharge of its oversight responsibilities. The Board will continue efforts to integrate its approach to Reserve Bank oversight across individual programs, strengthen off-site monitoring capabilities, and focus attention primarily on strategic Federal Reserve District and System initiatives and key processes and controls. This objective will be pursued in part through the following actions: • Oversee strategic infrastructure projects, including Reserve Bank check restructuring, cash distribution, and web-based application development. Board staff is overseeing the Reserve Banks’ strategies to return to and sustain full cost recovery, including efforts to reduce costs and improve efficiency by restructuring their physical check processing infrastructure. In addition, Board staff is assessing ways to most efficiently distribute and process cash within the economy and to oversee the development of web-based applications to support the delivery of Reserve Bank financial services. • Oversee implementation of enhanced COSO and evolving information security policy, controls, and risk management processes. Board staff will monitor and evaluate the results of the external audit of the Reserve Banks' control assertions consistent with the requirements of Sarbanes-Oxley. Board staff will continue to monitor the Reserve Banks’ migration to the new information security manual (nISM), refinements to information systems governance, and compliance with the Federal Information Security Management Act, as applicable.

Indicator(s):

Indicator:1

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