Are Scope Management Controls in Place to Keep the New Financial Environment Project On Track?
One of our audits this reporting period focused on determining whether the FDIC had implemented adequate controls for ensuring that the scope of the NFE project was effectively managed and that any cost or schedule adjustments resulting from project scope changes were properly evaluated and controlled. We concluded that key scope management deliverables for the NFE project are significantly behind schedule. Improvements in project oversight could have minimized the impact of issues affecting the project deliverable schedule. Additionally, FDIC management did not adopt adequate time management practices to maximize project progress. As a result, the project is less likely to be deployed on schedule, which could increase the FDICs contracting costs and defer the benefits anticipated from an integrated financial system. We recommended that the CFO, in conjunction with the Director, Division of Finance, conduct a senior management review of the NFE project to establish metrics for measurin
