GAO discussed the Resolution Trust Corporation's (RTC) management of its Real Estate Owned Asset Management System, which tracks RTC management and disposal of real estate assets. GAO noted that: (1) RTC strengthened its information resources management (IRM) activities by developing strategic IRM principles and systems architecture; (2) the absence of adequate management planning and controls could result in cost overruns, schedule delays, and delivery of systems that do not meet mission needs; and (3) a broad contract could lock RTC into a technology solution before it completes its strategic IRM planning and formulation of systems architecture. GAO believes that: (1) RTC actions to develop its IRM framework are steps in the right direction; (2) the broad scope of the contract could prematurely establish the foundation for all RTC systems; and (3) sound management principles would minimize the risk of incurring unnecessary costs, long delays, and elusive benefits.
Recommendations for Executive Action
|Resolution Trust Corporation||1. Before awarding the Real Estate Owned Asset Management System contract, RTC should develop a strategic IRM plan and systems architecture to meet its information needs.|
|Resolution Trust Corporation||2. Before awarding the Real Estate Owned Asset Management System contract, RTC should ensure that the system requirements and technical approach for automating its real estate asset information and other information needs are in accordance with this plan and architecture.|
|Resolution Trust Corporation||3. Before awarding the Real Estate Owned Asset Management System contract, RTC should establish a project management process for tracking the contractor's progress, providing direction to the contractor's efforts, and formally accepting the system.|