FEDERAL DEPOSIT INSURANCE CORPORATION 

FDIC Federal Data Strategy Annual Report 

Pursuant to the Foundations for Evidence-Based Policymaking Act of 2018 

February 2021 
 

 

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FEDERAi. DEPOSIT INSURANCE CORFORAJION 

Table of Contents 

INTRODUCTION 1 

DETAILED INFORMATION 2 

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FEDERAi. DEPOSIT INSURANCE CORFORAJION 

Introduction 

The Federal Deposit Insurance Corporation (FDIC) is submitting its first report to Congress, in accordance 

with the reporting requirement from the Foundations for Evidence-Based Policymaking Act of 2018 (Public 

Law No. 115-435). 

Since January 2020, the FDIC has worked with the Federal Chief Data Officers (CDO) Council to set up its 

governance structure. This includes building relationships with other intergovernmental groups, sharing 

best practices, lessons learned, and strategic planning. The FDIC is supporting other CDOs in their 

implementation of the Federal Data Strategy (FDS) Action Plans. This report highlights the activities and 

accomplishments of 2020. 

The FDIC is committed to promoting efficient operations, treating data as a strategic asset, and providing IT 

resources that support the FDIC mission. The FDIC actively works towards improving our engagement with 

regulated institutions and other stakeholders. To meet key needs in 2020, the FDIC: 

 Completed an Enterprise Architecture Target state which serves as the basis for developing FDIC’s 

future data environment. This will guide IT decision making and enable the FDIC to execute its 

mission. 

 Hired its first ever full-time Chief Data Officer and began resourcing (i.e., staff, budget) the 

organization. 

 Established the Enterprise Data Governance Framework and Enterprise Data Council (EDC). This will 

effectively manage data from a holistic perspective using FDIC ‘families of data’ rather than governing 

by offices and divisions. 

 Conducted a data literacy assessment of FDIC employees. The feedback was used to start developing 

and piloting a two-year plan which focuses on increasing data literacy across the Corporation. 

 Delivered the FDIC Artificial Intelligence (AI) strategy, roadmap, and initiative recommendations. 

 Identified the capabilities required in the Target Data Ecosystem. This is critical to treating data as a 

strategic asset. 

 Identified technical and non-technical requirements and conducted market research for an 

enterprise data catalog solution. From the market research, conducted a preliminary evaluation to 

position the FDIC to acquire a solution in 2021. 

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FEDER.Al. DEPOSIT INSURANCE CORPORATION 

Detailed Information – Aligned with the Federal Data Strategy 

Activity Federal Data Strategy Milestone FDIC Accomplishment 

2 

Publish agency data governance 

materials (membership, charter, and 

meeting cadence) on [agency].gov/data 

web page 

Enterprise Data Governance Framework and 

Enterprise Data Council Charter signed and 

published April 2020. 

2 Adopt a master data management 

program 

Functional and non-functional requirements for a 

data catalog completed and agreed upon. Received 

demos from nearly a dozen vendors. 

2 Put in place a data strategy or road map 

Completed December 2019. Target data ecosystem 

identified and plan established based on capabilities 

June 2020. 

2 

After you complete your assessment of 

current staff data skills and literacy (see 

Action 3), dedicate staff to support Data 

Governance Board 

Completed data literacy and skills assessment of all 

FDIC employees in April 2020. Analysis of results and 

recommendation completed May 2020. 

2 Document how the Data Governance 

Board receives its authority 

Formally chartered and authorized the FDIC 

Enterprise Data Council and Framework in April 2020. 

3 

Select an operational maturity 

assessment model for data and data 

infrastructure 

Adopted the FDIC Data Management Maturity Model 

(FDM3) based on the FDIC Data Principles (closely 

aligned with the Federal Data Principles) and the 

data characteristics (visible, trusted, 

understandable, accessible, interoperable, and 

responsive). 

3 Conduct and document the outcome of 

the initial data maturity assessment 

Completed initial data maturity assessment 

December 2019. 

4 Perform an assessment of current staff 

data literacy and data skills 

Completed data literacy and skills assessment of all 

FDIC employees in April 2020. 

4 

Conduct a gap analysis between the 

current staff’s skills and the skills that 

the agency requires 

Completed data literacy and skills assessment of all 

FDIC employees in April 2020. Performance plan 

established May 2020. 

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FEDER.Al. DEPOSIT INSURANCE CORPORATION 

Activity Federal Data Strategy Milestone FDIC Accomplishment 

4 

Based on the assessment, establish a 

baseline, and develop a performance 

plan to close the identified data skills 

and literacy gaps 

Completed data literacy and skills assessment of all 

FDIC employees in April 2020. Performance plan 

established May 2020. 

5 

Publish an Open Data Plan for sharing 

priority agency data assets that is 

developed with stakeholder 

engagement and includes data assets 

that support AI R&D (see Action 6) 

FDIC Open Government Plan: 

https://www.fdic.gov/open-government/index.html 

Data Resources and Tools: 

https://www.fdic.gov/resources/data-tools/ 

Datasets on data.gov: 

https://catalog.data.gov/organization/fdic-gov 

5 

Execute a process to evaluate and 

improve the timeliness, completeness, 

consistency, accuracy, usefulness, and 

availability of open Government data 

assets 

FDIC Open Government Plan: 

https://www.fdic.gov/open-government/index.html 

6 

Update comprehensive data inventories 

for overall completeness and priority 

data asset sprints 

Conducted a review and update of the FDIC 

comprehensive data inventory. 

6 Update comprehensive data inventory 

to conform to standard metadata 

Updated the FDIC data inventory to conform to 

standard metadata. 

8 

Pilot demonstration of how access to 

data that is useful for AI should be 

enhanced 

Completed pilot demonstrations on how access to 

data is useful for AI. 

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