Distributed by the Export-Import Bank of the United States
on behalf of the
independent Office of Inspector General
June 24, 2009
Media contact: Office of Inspector General (202) 565-3908
The Office of Inspector General, Export-Import Bank of the United States (Ex-Im Bank), has released the following two reports:
A performance audit report, titled "Medium Term Export Credit Program - Information Technology (IT) Systems, Support and Governance," which includes management's response, is available here. The audit was undertaken at the request of Ex-Im Bank's Chairman.
The Fourth Semiannual Report to Congress of the Office of Inspector General, which is available here. This report highlights the actions taken by the Office of Inspector General (OIG) during the period of September 30, 2008, through March 31, 2009, to execute the OIG mission of advancing the efficiency and effectiveness of Ex-Im Bank programs and fighting fraud, waste and abuse. The accomplishments noted in this Semiannual Report include:
- The OIG completed its initial phase of hiring during the period by adding four experienced special agents and two experienced auditors, bringing the OIG headcount to a total of eleven, compared to one, the Inspector General, as of March 31, 2008.
- The auditing team completed four significant engagements during the period: the annual audit of Ex-Im Bank's financial statements, an audit of the security of the Bank's IT systems responding to the Federal Information Security Management Act of 2002 (FISMA) and a performance audit and related evaluation report examining credit and fraud risk management and business process improvement in the Bank's medium term export credit insurance and guarantee programs.
- In a notable early success, an OIG investigator helped save the Bank, and taxpayers, more than $1 million during the reporting period by moving quickly to develop evidence that conclusively established that asserted exports of equipment purportedly covered by the Bank's insurance had not occurred.
As of March 31, 2009, the OIG had open 35 investigations arising out of allegations of fraud representing more than $230 million of claims paid by the Bank relating to 241 separate transactions approved between 1998 and 2008. The OIG evaluates all reports that it receives of possible fraud or illegality affecting Ex-Im Bank. Such reports are provided by a variety of sources - Ex-Im Bank employees, the Ex-Im Bank Office of General Counsel, participants in Ex-Im Bank transactions, other government agencies or the Ex-Im Bank OIG Hotline. The OIG is working actively with the Bank's staff, the Department of Justice and with other law enforcement offices to investigate, indict and convict the responsible parties.
Contact the Ex-Im Bank OIG at (202) 565-3908 if you have any questions or would like a hard copy of this report.
The Ex-Im Bank OIG receives and investigates complaints and information concerning violations of law, rules or regulations, fraud against Ex-Im Bank, mismanagement, waste of funds and abuse of authority connected with the Bank's programs and operations. Complaints can be made:
At the Office of Inspector General
811 Vermont Avenue, NW, Room 978
Washington, D.C. 20571
By telephone: 1-888-OIG-EXIM (1-888-644-3946) (Hotline)
Office of Inspector General
811 Vermont Avenue, NW
Washington, D.C. 20571
By E-mail: IGhotline@exim.gov
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. For more information, visit www.exim.gov.