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GGD-93-56R 1 (1993-08-05)

handle is hein.gao/gaobackjo0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548' General Government Divisionjjjj B-254049 149720 August 5, 1993 The Honorable Kenneth D. Brody Chairman U.S. Export-Import Bank Dear Mr. Brody: At the request of Senator David Pryor, Chairman of the Subcommittee on Federal Services, Post Office and Civil Service, Senate Committee on Governmental Affairs, we reviewed selected aspects of the management and operation of the U.S. Export-Import Bank's (Eximbank) Claims and Recovery Division (CRD). Specifically, we assessed (1) whether CRD has a strategy and management guidelines for its claims and recovery efforts, (2) whether CRD has internal control problems, and (3) what steps CRD is taking to improve its operations. As discussed with the Subcommittee, we are sending this letter to you to assist in your assessment of CRD's management and internal controls. BACKGROUND CRD's goal is to pay claims quickly and accurately and, in the most cost-effective manner, to recover monies from defaulted obligations. By virtue of its recovery efforts, CRD contributes to Eximbank's financial viability. Further, to aid its recovery efforts, CRD refers cases to the Justice Department for legal action when necessary. The Justice Department attempts through legal processes (e.g., default judgments) to assist CRD in collecting monies owed Eximbank. According to its 1992 Annual Report, CRD closed 358 cases out of a universe of 3,007 cases and recovered $150 million on defaulted obligations during fiscal year 1992. In our July 20, 1982, report,' we said that it was difficult to determine if CRD was paying or denying claims in a consistent manner and effectively minimizing financial 'Review of Selected Aspects of Claims Division Operations and Certain Allegations ConcerninQ Claims Payments and First-Class Travel (GAO/ID-82-49, July 20, 1982). GAO/GGD-93-56R Eximbank Claims and Recovery Efforts 0 sa7/ Iq97ZO

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