Federal Reserve Banks: Areas for Improvement in Computer Controls
AIMD-99-6
Published: Oct 14, 1998. Publicly Released: Oct 14, 1998.
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Highlights
Pursuant to a legislative requirement, GAO reviewed the general and application computer controls over key Financial Management Service (FMS) and Bureau of the Public Debt (BPD) financial systems maintained and operated by the 12 Federal Reserve Banks (FRB).
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Board of Governors | To improve areas of vulnerability in general controls and application controls cited in GAO's limited official use version of this report, the Chairman of the Board of Governors of the Federal Reserve System should: (1) assign cognizant FRB officials responsibility and accountability for correcting each individual vulnerability that GAO identified and communicated to FRB management during GAO's testing; and (2) direct the Director of the Division Reserve Bank Operations and Payment Systems to monitor the status of all vulnerabilities, including actions taken to correct them. |
Closed – Implemented
FRB officials have taken actions to address the remaining 6 open vulnerabilities identified during GAO's fiscal year 1997 testing.
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Topics
Computer securityConfidential communicationsData integrityFederal agency accounting systemsFinancial management systemsFinancial statement auditsInternal controlsFinancial applicationsFinancial systemsFinancial management