The Board of Governors of the Federal Reserve System is updating a system of records known as the FRB—360 Assessment Records. This updated system will include 360-degree assessment questionnaires filled out by employees and their evaluators, along with feedback reports. The system's name has been changed, and there are new contractors involved in this process. The records will be kept until they are replaced, one year after the evaluated employee leaves, or for three years, whichever comes first. The update aims to improve record management and security while adhering to legal requirements.
Simple Explanation
The Federal Reserve is changing how they keep track of feedback about their employees. They are using new tools and helpers to make sure the feedback is kept safe and used correctly.