fdic contract awards 2021

The winners have been unveiled of the annual awards for the users of FIDIC contracts. A risk management process would identify, measure, monitor, report, and mitigate the operational and procurement risks for acquired Critical Functions. Ultimately, the GAO concluded that without guidance for documenting and updating the planned Federal oversight personnel needed, and identifying oversight tasks, DHS cannot mitigate the risks associated with service contracts in need of heightened management attention. The partnership brings new innovations, tools and technologies that will help FDIC drive operational efficiencies, control IT costs and improve the user experience. ERM provides transparency and accountability in business practices, reporting, and governance, which can improve stakeholder confidence in the agencys work. The SPPS BOA also includes SLAs, which carry monetary penalties when the vendor defaults and include an incentive for the vendor to earn a contract extension by successfully proposing a conversion of their time-and-material work to firm-fixed-priced. ; OMB: The source identified this item; GAO: The source identified this item; Industry Standard: The source identified this item; Select Federal Agencies: The source identified this item; OMB Guidance. The policy letter adopted the definition of an Inherently Governmental Function based on the established statutory definition in the Federal Activities Inventory Reform Act (FAIR Act),15 and it eliminated variations of this definition found in other documents. FDICs Execution and Oversight of the Blue Canopy Contracts. Footnote: 10 The FDIC separated the information security support services into two contracts to potentially increase the number of vendors that placed bids and to attract higher quality bids by vendors that specialized in only one set of services. Since then, the procured services have been re-competed and re-issued twice. A CIOO official also stated that the contractor was responsible for ensuring uninterrupted support of services, if the FDIC determined that Blue Canopy provided services essential or critical to the FDIC mission. Ultimately, if an agency fails to ensure proper management and oversight of procured Critical Functions, contractors may take actions that are not based on informed, independent judgments made by Government officials. https://www.fdicoig.gov/sites/default/files/publications/19-004AUD_0.pdf. As a result, the FDIC also did not implement heightened contract monitoring activities for Critical Functions as stated in OMBs Policy Letter 11-01, and best practices identified and used by other government agencies. In the first 18 months of contract performance, if the initial vendor is not successfully performing, both the MSSP and SPPS BOAs permit a quick transition to another vendor on the contract without a recompetition. However, it did not address how the Contracting Officer and Oversight Manager would assess the FDICs over-reliance on Blue Canopy or identify and implement corrective actions. FDIC is an independent agency created by Congress to maintain stability and public confidence in the nations financial system. Contracting Officer with help of oversight Manager and Technical Monitor manage contract and contractor performance. The FDIC did not have a process for identifying Critical Functions in procurements at the outset, and this gap created a cascading effect of shortfalls in overseeing Critical Functions. These planning discussions should consider the resources and the expertise required to perform the functions and manage the procurement. system. In addition, GSA, NASA, USDA, DOE, OCC, NCUA, and CFPB have procedures to oversee the contractors performance and their own personnels oversight of a contractor. OIGs may also use evaluations to share best practices and approaches. Critical Functions, on the other hand, are broader and cover all functions that are necessary to the agency being able to effectively perform and maintain control of its mission and operations. Areas of review include contractor and agency personnel performance, and human capital planning. ; Expected Completion Date: June 30, 2022; Monetary Benefits: $0; Resolved-a - Yes or No: No; Open or Closed-b: Closed; Row 8: ; Rec. [Text box - Prior OIG report. State Department, FDIC Working on New User Technologies Using Novel Recommendation 1: Incorporate the provisions of OMB Policy Letter 11-01 guidance into the FDIC Acquisition Policy Manual (August 2008) and Acquisition Procedures, Guidance and Information document (January 2020). Oversight Manager and Contracting Officer develop Contract Management Plan. Board Reporting. According to the FDICs Financial Institution Letter titled Third-Party Risk Guidance for Managing Third-Party Risk (FIL-44-2008) (June 2008), the key to the effective use of a third party in any capacity is for management to appropriately assess, measure, monitor, and control the risks associated with a contractual relationship. In addition to current practices, the FDIC plans to further address this recommendation through the study and actions described in our response to Recommendation 1. requirements for contractors to have emergency plans for providing services to FDIC in the event of a disruption of normal operations, and participation in FDIC business continuity testing, training, and exercises. Such actions by contractors create risks that governance and decisions of significant public interest are not made by Government officials who are accountable to the President and bound by laws controlling the conduct and performance of Federal employees. The interactive forecast dashboard statistically predicts when contracts will be signed. By separating the support services, the FDIC could have reduced reliance on one contractor for both sets of services. endstream endobj 528 0 obj <>stream As discussed in this report on Critical Functions, the procedures are not adequate to ensure that periodic reviews are performed to assess the contractor for over-reliance and to identify and implement corrective actions. For our evaluation, we identified best practices for procuring Critical Functions by reviewing OMB Policy Letter 11-01, GAO reports, industry standards,18 and interviewing officials at several other Federal agencies.19 We compared these best practices with the FDIC's existing procurement process, using Blue Canopy as an example, to determine the extent to which the FDIC incorporated these best practices into its process. In the OIG report, Contract Oversight Management (EVAL-20-001) (October 2019), the OIG reported concerns about CIOO contract oversight. The oversight manager ensures that the contractor delivers the required goods or performs the work according to the contract and the delivery schedule, monitors the expenditure of funds, and approves invoices. February 23, 2021 FDIC-Insured Institutions Reported Net Income of $59.9 Billion In Fourth Quarter 2020 February 22, 2021 Joint Release/Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Texas Winter Storms Conduct periodic reviews of controls and processes. An official website of the United States government. 2i/y/v&ki35$PRr#{ GsN7?Zv|R@$"'* endstream endobj 520 0 obj <>stream documentation of laws and regulations, information on conferences and events. An effective third-party risk management process has four elements: o Due diligence in selecting a third-party service provider. Management should also ensure that the statement of work recognizes the procurement of Critical Functions. The contracts contained SLAs that required the contractor to meet FDIC-defined standards. For 2019, Blue Canopy services comprised 38.3 percent ($16.2 million) of the FDICs annual operating expenses for Information Security ($42.3 million). stability and public confidence in the nations financial A CIOO official confirmed that Blue Canopy was not required to submit routine financial and operational reports, as noted above. In this section, we show which sub-agencies of Federal Deposit Insurance Corporation (FDIC) have issued awards through different types of contracts or financial assistance and how much each sub-agency has obligated (promised to spend). hTmo0+ib~IB The failure to establish or maintain a proper control environment jeopardizes the reasonable assurance that an entitys objectives will be achieved, and may affect the ability of an entity to maintain control of it mission and operations. Following the FDICs study discussed in response to recommendation 1, the CIOO will assess whether any additional enhancements to the management oversight strategy for the MSSP and SPPS BOAs and task orders are needed beyond those already incorporated. While the Award Profile Reports described the procured services, assessed contractor performance, tracked fund utilization/allocation, and assessed FDIC contract oversight, the FDIC did not identify Blue Canopys procured services as Critical Functions.

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