Perot to manage FDIC system
- By Dibya Sarkar
- Aug 18, 2004
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corp. (FDIC) awarded a Perot Systems Corp. subsidiary a two-year contract to help manage the agency's legal information.
Perot Systems Government Services Inc. will provide project management, systems integration, training, maintenance and operational support for the FDIC's Legal Information Management System (LIMS) in the Washington, D.C., area.
In addition to the initial two-year contract, FDIC officials have five one-year renewal options. The deal is worth more than $4 million if all options are exercised, said John Power, the company's vice president of Internet data solutions.
LIMS is a new system that supports the FDIC's corporate legal processes related to auditing, law enforcement and asset disposal of properties over which the agency has jurisdiction, Power said.
For example, there are extensive business rules based on each jurisdiction in which the FDIC operates, alerting personnel to contacts, addresses and deadlines for when depositions and summaries need to be filed in a certain court district.
"What's unique is that while there are niche providers out there for Fortune 500 corporate legal departments, there is nothing that's tailored for the government," he said.
The system will have interfaces with a half dozen other major FDIC systems, such as human resources and asset management systems, Power said. One other function tracks attorneys' time and attendance so they don't need to fill out time sheets, he said.
Officials at other federal financial organizations, such as the Federal Reserve Board and the Commodities Future Trade Corp., are looking at similar solutions, Power said. There appears to be a trend to modernize case management systems at inspector general offices and general counsel offices, too, he added.
The FDIC insures deposits in banks and thrift institutions for up to $100,000. According to its Web site, the agency insures more than $3 trillion of deposits in U.S. banks and thrifts. It also directly examines and supervises about 5,300 banks and savings banks, which represent more than half the country's banking institutions.