In accordance with Title XIV of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010, the Federal Housing Finance Agency (“FHFA”) Office of the Inspector General contracted with BDO USA LLP (“BDO”), a professional services firm, to: (i) provide an independent assessment of potential financial, operational, compliance, and strategic risks confronting the FHFA and the housing Government-Sponsored Enterprises; and (ii) identify areas where FHFA audit, evaluation, and investigation activities may be warranted. The risk assessment focuses on financial risk, operational risk, compliance risk and strategic risk.