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Letter From the Chief Financial Officer

Kathy Murphy

Senior Deputy Comptroller for Management and Chief Financial Officer

I am pleased to present the Office of the Comptroller of the Currency's (OCC’s) financial statements as an integral part of the 2017 Annual Report. The agency’s independent auditors have again rendered an unmodified opinion for FY 2017.

While the OCC has long prided itself on its consistent record of unmodified opinions on its financial statements, this sustained achievement is something it does not take for granted. The OCC’s comprehensive internal control program includes a separate financial statement assurance process that is predicated on the concepts and requirements outlined in Office of Management and Budget (OMB) Circular A-123, “Management’s Responsibility for Enterprise Risk Management and Internal Control.” Annually, the OCC conducts a risk assessment of the financial statements and tests controls. This process has earned the OCC its unmodified opinion and gives assurance that its internal controls over financial reporting are operating effectively, with no material weaknesses found in their design or operation.

The OCC continues to be a responsible steward of agency funds and remains dedicated to sound financial management practices. In 2017, the agency continued its efforts to operate more effectively and manage its resources prudently to fulfill its mission. The OCC’s operating budget for 2017 totaled approximately $1,182.1 million, an increase of $48.8 million (4.3 percent) from 2016. Actual 2017 spending totaled approximately $1,103.1 million.

This year, the OCC adopted a more disciplined process for reviewing and identifying the agency’s workforce needs, which is being used to inform our enterprise workforce strategies and the FY 2018 budget. Although the OCC has done workforce planning in various business units for several years, a formal enterprise-wide effort was instituted for 2017. The agency aims to build on the 2017 process and develop and maintain mature organizational workforce planning in the future.

Looking forward, the OCC will continue to emphasize its commitment to transparency, accountability, and stewardship by sustaining a robust internal control program that will allow it to identify and mitigate financial, operational, and compliance risks as it grows its enterprise risk management program. The agency also will continue to effectively allocate resources to achieve its mission, while building its future through the enterprise workforce planning efforts.

It is our workforce, the men and women of the OCC, to whom I would like to express my sincere appreciation. Through their tremendous work every day, the OCC has been able to operate more effectively. Their consistent effort to manage the agency’s resources provides the foundation for our strong stewardship.

Kathy K. Murphy

Senior Deputy Comptroller for Management and Chief Financial Officer