The FDIC’s Procurement of Resolution and Receivership Services

Review existing financial advisory and consulting services Receivership Basic Ordering Agreements and take appropriate steps to establish an adequate supply of contractors with appropriate resources to address the FDIC’s future procurement needs in the event of financial institution failures and financial crises.

Establish a process to periodically review financial advisory and consulting services Receivership Basic Ordering Agreements to ensure sufficient contractor resources are available to meet the FDIC’s mission-critical needs.

Establish an upfront pricing framework or advanced pricing within all financial advisory and consulting service Receivership Basic Ordering Agreements.

Establish an emergency response acquisition team with appropriate FDIC personnel and ensure that a dedicated team of key individuals (including Technical Monitors) is available to carry out emergency procurement procedures.

Develop and implement periodic emergency procurement testing exercises for appropriate FDIC employees.

Establish a process for emergency procurements to document and maintain analysis, decisions, and commitments, to include, at a minimum, those identified in this report.

Develop and implement a process to analyze and determine when documented deliverables should be required on emergency service contracts to ensure contract personnel have the ability and resources to oversee contractor performance.

Perform retrospective reviews when the FDIC conducts or tests emergency acquisition procedures.

Review the work performed and information used by the four non-U.S. citizens and take appropriate action.

Provide training and guidance to its Executive Management and personnel reinforcing their roles and responsibilities in carrying out and overseeing the FDIC’s emergency acquisition procedures. This training and guidance should include, at a minimum, the following:
• understanding roles and responsibilities;
• initiating and performing emergency and expedited procedures; and
• initiating, modifying, approving, and submitting requirements packages.