The nature of these reforms requires RTC to monitor them to ensure that appropriate future actions it must take are initiated when necessary. (Reform 6). RTC has completed three reforms, and has work in progress to implement two other reforms. Furthermore, actions have been taken to implement the remaining 16 reforms. These categories are: (1) RTC general management functions; (2) RTC resolution and disposition activities; (3) RTC contracting, including related MWOB activities; and (4) the Oversight Board reform. In June 1994, RTC completed initial data quality action plans for its 17 critical information systems. Since the RTC Completion Act became law, RTC has ensured that all its field offices had client responsiveness units. This program is discussed under reform 7. Additional Details on Actions Taken by the Thrift Depositor Protection Oversight Board to Implement Its Reform

	Reform 8: Audit Committee

Requirements of the Reform: This reform requires the Oversight Board to establish and maintain an audit committee whose duties include (1) monitoring RTC’s internal controls; (2) monitoring the audit findings and recommendations of RTC’s IG, the Comptroller General of the United States, and RTC’s response to the findings and recommendations; (3) maintaining a close working relationship with RTC’s IG and the Comptroller General; (4) regularly reporting any of its findings and recommendations to RTC and the Oversight Board; and (5) monitoring RTC’s financial operations and reporting any incipient problem identified to RTC and the Oversight Board. Resolution Trust Corporation: Oversight of SAMDA Property Management Contractors Needs Improvement (GAO/GGD-94-5, Nov. 30, 1993).
Why GAO Did This Study

Pursuant to a legislative requirement, GAO reviewed the Resolution Trust Corporation's (RTC) efforts to implement management reforms required under the RTC Completion Act, focusing on: (1) how RTC and the Thrift Depositor Protection Oversight Board are implementing the reforms; and (2) RTC progress toward achieving full compliance with the requirements.

What GAO Found

GAO found that: (1) RTC has completed actions on three reforms, and has made progress towards implementing the remaining 17 reforms; (2) RTC has taken action on six reforms involving RTC general managment functions; (3) RTC should monitor these reforms to ensure that appropriate future actions are taken when necessary; (4) in 1993, RTC created the Division of Minority and Women's programs, appointed a Chief Financial Officer, and created a client responsiveness unit in RTC field offices; (5) monitoring of RTC resolution and disposition activities is needed to ensure full compliance; (6) the Oversight Board has established an audit committee to monitor RTC audit activities; and (7) planned actions to enhance RTC information systems and develop draft guidelines to improve specific RTC contracting procedures have not been completed.