Virtual Cyber & Technology Risk Management Forum

Confidential – Not for Public Distribution

Interagency IT: High Priority Initiative

• The legacy technology used by agencies today is complex and will be nearing end Ͳ of Ͳ life over the next few years. Cloud Ͳ based capabilities, low code platforms and artificial intelligence provide the opportunity for transformational business and technology change. • The Fed has a strong vision for technology and the FDIC and CSBS are looking for active partnerships that could help propel these strategies further than if the Fed were to go it alone • The business case for using shared technology is aspirational and represents a multi Ͳ year strategy. It would require executive Ͳ level commitment from the Fed, FDIC and CSBS. An appropriate implementation strategy would be to start small, fail quickly and deliver value incrementally in alignment with a long Ͳ term vision.

Themes

• Historically, reaching agreement on interagency technology has been challenging and resulted in sub Ͳ optimal tools. • Managing expectations will be difficult (we can’t boil the ocean). • Agency processes and legacy technology are ingrained and would be difficult to unwind. • Long runway needed to achieve business outcomes – multiyear vision

1. Deploy Supervision Central for interagency use on joint events in 2021. 2. Evaluate CBO activities that could benefit from common technology tools across agencies (80%) 3. Investigate options and develop a business case for new technology investments across agencies. 4. Determine executive support from the Fed, FDIC and CSBS for the business case and set direction.

Scope

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Challenges

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