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About the OIG
Mission
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Mission
Consistent with the Inspector General Act of 1978 (IG
Act), as amended, the Office of Inspector General (OIG) of the Board of
Governors of the Federal Reserve System (Board) will
- conduct and supervise independent and objective audits, investigations,
inspections, evaluations, and other reviews of Board programs and
operations;
- promote economy, efficiency, and effectiveness within Board programs
and operations;
- prevent and detect fraud, waste, and mismanagement in the Board's
programs and operations;
- review existing and proposed legislation relating to the Board's
programs and operations and make recommendations regarding possible
improvements in such programs and operations; and
- keep the Chairman and Congress fully and currently informed of
problems.
Congress has also mandated additional responsibilities that have a significant
impact on our resources and workloads. For example, the Federal Deposit
Insurance Act (as amended) requires the Board's OIG to review Board supervision
of failed financial institutions that result in a material loss to the
bank insurance funds and produce, within six months of the loss, a report
that includes possible suggestions for improvement in the Board's banking
supervision practices. In the information technology arena, the Federal
Information Security Management Act of 2002 (FISMA) provides a comprehensive
framework for ensuring the effectiveness of security controls over information
resources that support federal operations and assets. Consistent with
FISMA requirements, we perform an annual independent evaluation of the
Board's information security program and practices to include evaluating
the effectiveness of security controls and techniques for selected information
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