“The Treasury Department is only a few months into the process of drawing up governmentwide standards for core financial management systems and shared services, but the official in charge of the effort says one thing is already clear: The job is about more than just picking technology to track how an agency’s money comes and goes.”
“Because core financial management systems share data with so many others inside an agency, they have to seamlessly integrate with all that technology, or else the cleanup is more complicated than the installation. Treasury has found that financial systems “usually fail” during the integration process, and oftentimes chief financial officers (CFOs) are left handling technology improvements, which isn’t in their job description, Fiscal Assistant Secretary David Lebryk told FedScoop in an interview.”
“’Today each agency is really pretty much on their own in this process and therefore, not surprisingly, there have been various outcomes,’ Lebryk said. ‘Some have been successful, and some have not been so successful implementing core financial systems or replacing core financial systems.’”
“Treasury started working on the standards in June, after being designated as the quality services management office (QSMO) for modernizing financial management shared services. The department itself will rely on the standards, as will any other agency looking to upgrade its systems without having to stand up its own. Other technology available through QSMO-created marketplaces will include…” Read the full article here.
Source: Inside Treasury’s modernization of governmentwide financial shared services – By Dave Nyczepir, September 15, 2020. FedScoop.