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Search Tags: Financial management
In part 3 of our special report, Shared Services Revisited, Federal News Radio explores the administration's plans to ensure success in consolidating and standardizing financial systems this time around. Beth Angerman, director of Treasury's Office of Financial Innovation and Transformation (OFIT), said the goal is creating a repeatable, sustainable process for agencies to move to federal financial management providers. Over the next six months, Treasury and OMB must answer many of the outstanding questions about how this initiative will truly work.
Tags: technology , financial management , Shared Services Revisited , Treasury , OMB , Sylvia Burwell , Beth Angerman , Carlos Otal , Grant Thornton , Association of Government Accountants , Jason Miller
In our special report, Shared Services Revisited, OMB still must solve long-standing challenges to ensure federal providers are capable of bringing on large, cabinet level agencies. The role of the private sector is leaving some vendors unhappy, but officials say history shows their success rate with financial management system implementation to be poor.
Tags: management , financial management , Shared Services Revisited , OMB , Norman Dong , Treasury , Beth Angerman , Lisa Kazor , Savantage , Reid Jackson , Compusearch , Kevin Greer , Accenture , Joe Ward , Interior Business Center , Jason Miller
In part 1 of Federal News Radio's special report, this second attempt by OMB to move agencies to financial management shared services is fraught with the same obstacles of a decade ago. But OMB believes this attempt at shared services is different. The administration says budget concerns and technology advancements will help overcome these long-standing barriers.
Tags: management , technology , shared services , Beth Angerman , Treasury , OMB , Norman Dong , GSA , Lisa Kazor , Oracle , Reid Jackson , Carlos Otal , Grant Thornton , financial management , Jason Miller , Shared Services Revisited , Aaron Cornfeld
The Defense Department estimates its major acquisition programs are costing $1.6 trillion, slightly less than previously estimates.
The Army hopes to follow behind the Marine Corps in successfully passing a partial audit of its financial statements. While the service acknowledges it's unlikely to get a clean opinion on the first go-round, it is confident enough in its internal controls to give it a try.
Despite the billions spent investing in systems, financial processes are such that when you add up all the layers, it takes something akin to archaeology for a citizen to unearth a specific fact about where and how money was spent, says Federal News Radio host Tom Temin.
The entire military must pass a financial audit by 2017, and the military services have made slow, uneven progress toward that goal. The Pentagon plans to conduct a partial audit of the entire department next year to identify weaknesses and areas in which it should focus its energy.
Rafael Borras spent the last four years as the undersecretary of management for the Homeland Security Department before leaving Feb. 7. He said his goal was to make DHS more business-like by making it easier to apply data to decisions. Under Borras' leadership, DHS launched the Management Cube and received its first-ever clean financial audit opinion.
Host Francis Rose talked to Mark Easton, deputy chief financial officer at the Defense Department, about DoD's efforts to reach auditability.
Members of the military are burdened by credit card debt, loans and mortgages, but they still seem to be handling their finances better than their civilian counterparts, according to a report by the Financial Industry Regulatory Authority (FINRA) Foundation.