ACT-IAC Releases Federal Financial Management Systems Report
ACT-IAC released a report on how to improve sustainability of Federal financial management systems at the request of the Office of Management and Budget’s Office of Federal Financial Management.
The working group recommended consideration of a strategy with four key elements:
- Leverage portfolio management to address agency needs and clearly define the long-range business architecture.
- Employ standard “decision criteria” to determine the viability of an existing system.
- Increase communication among executive leadership, agency program managers and the vendor community and create a new management role for the active management and analysis of emerging requirements.
- Continually assess new technologies, deployment methods and business models to improve the Federal financial management processes.
IAC assembled a working group of experienced subject matter experts from 22 companies in the financial and information technology industries. The final report was a consensus document with recommendations that were unanimously supported by all members of the working group. The 73 page report was officially submitted to OMB on June 24.