OPIC Investments Increased Chile’s Energy Capacity, but Weak Processes and Internal Controls Diminish OPIC’s Ability To Gauge Project Effects and Risks
Implement a process and related guidance for verifying and documenting that OPIC is not competing with the private market in a given country.
Revamp the development impact profile process to sufficiently capture and assess projects’ projected and actual effects, and report reliable data to Congress. This should include establishing clear criteria, requiring evidence, aligning application questions to obtain data needed, and documenting the process for determining actual effects.
Implement a formal process for consulting with USAID on its development impact profile criteria that includes the documentation of the consultations.
Implement a process and related guidance to verify and document how projects seeking approval complement U.S. development assistance objectives. It should include considerations for connecting to the Department of State’s integrated country strategies and for complementing the work of other U.S. Government agencies and other donors.
Implement a performance management framework that is in compliance with the act and enables OPIC to fully capture its goals and report on progress in achieving its mission.
Implement a process with a sound methodology for validating data provided by borrowers in the self-monitoring questionnaire, and strengthen procedures for timely submissions.
Update the Office of Investment Policy’s process for identifying and selecting projects for site visits, and for tracking and documenting planned and actual visits, so that it is streamlined and based on reliable data.
Modify Office of Investment Policy’s guidance to include relevant staff members’ roles and responsibilities for providing input into independent engineers’ scopes of work and documenting reviews of materials related to environmental and social protection.
Implement a formal process with defined roles for handling environmental and social concerns that various stakeholders refer to OPIC.
Conduct and document a baseline assessment of all policies and procedures to identify and update outdated material, and implement controls to ensure periodic reviews and updates.
Conduct and document a review of the Office of Investment Policy’s guidance to identify any gaps and check for consistency among other offices’ related guidance, and update as necessary.
Consistent with addressing National Archives and Records Administration’s recommendations, develop policies and corresponding training for complying with Federal Government records management requirements that define roles and responsibilities and require supervisory compliance reviews, periodic testing of the official records management system, and documentation of these review and testing results.
Conduct a baseline assessment to determine the information access needs of each office to accomplish their respective work, and develop protocols to ensure each office has access to needed information.
Implement a system to track the receipt, review, and certification of all project deliverables, including third-party reports.
Develop and implement a borrower evaluation system that contains information on performance, including violations, repayment history, compliance, and development impact. Develop a policy requiring this information to be used in the review process for future deals with reoccurring borrowers.
Formalize a process for capturing and disseminating lessons learned agencywide that acknowledges strengths and weaknesses associated with business practices, and modify relevant policies and procedures accordingly.