The Future of Federal Financial Management - - PowerPoint PPT Presentation

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The Future of Federal Financial Management

fmvision.fiscal.treasury.gov

“The American citizen expects that:

• 1. the government is an efficient steward of

its financial resources;

• 2. the financial information provided by the

government is accurate;

• 3. their financial interactions with the

government are modern, seamless and secure.”

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The Destination Leadership How We’ll Get There

Engaging the Federal Financial Management Community

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CFO Refocus

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A New Role for Agency CFOs

SOURCE: “Annual CFO Survey: Navigating Disruption,” Association of Government Accountants, January 2018.

CFO Survey: Current Responsibilities

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Financial Reporting Financial Accounting Operations Financial Systems

87% 75% 82%

 Thought leadership  Data analytics  Performance monitoring and management

From Financial Transaction Processing To Strategic Partner

Budget Formulation

75%

Budget Execution

74%

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Core Budget & Accounting Operations Communicating Results Strategic Planning & Mission Support Financial & Regulatory Controls Data Management & Analytics

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CFOs are harnessing program and cost data to support agencies in achieving their missions.

Levels of a 21st Century Federal Finance Organization—Maturity Model

Toward Data-Driven Decision Making

A Focus on Data

Value Proposition: The Why

Improved Financial Services

By focusing on standardized, government-wide solutions, it is possible to provide better

• utcomes compared to

narrowly-tailored, one-off solutions.

CFO Strategic Focus

By centralizing financial management functions, agencies can better focus on the strategic matters, especially relating to their core missions.

Cost Savings

By eliminating redundant and

• utdated solutions in favor of a

more limited number of solutions that work government-wide, agency costs can be dramatically lowered.

To improve services, allow CFO strategic focus, and reduce the estimated $11 billion annual expense of government financial management operations.

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Optimize Federal Disbursing Transform Federal Collections Strengthen Financial Reporting Expand Services Available to Agencies

Cost Savings Improved Service Agency Focus

Translating the Vision into Action

FOCUS ON FOUR KEY PROCESSES

Standardize > Consolidate > Automate

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Details of Treasury Initiatives

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Details of Treasury Initiatives

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Details of Treasury Initiatives

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P R E S I D E N T ’ S MANAGEMENT A G E N D A

• Leveraging Data as a Strategic Asset
• Improving the Customer Experience with Federal Services
• Sharing Quality Services
• Shifting from Low-Value to High-Value work
• Getting Payments Right

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Innovation Approach

Identify

What emerging technology can improve Federal financial management? How?

Incubate

How can this technology address an FM need? How can we improve and strengthen this concept?

Deploy

How can this innovation be deployed cross- government?

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Innovation Approach

FEASIBILITY

Distributed ledger technology Next Gen analytics Eliminate low-value reports Re-imagine Shared Services Online FM Academy Robotic process automation U.S. Finance Corps

Cost savings, efficiency savings, potential to advance outcomes

$0-100M $100-200M $200M+ LOW MEDIUM HIGH

Increase productivity Reduce waste Improve effectiveness Economies of scale

OPPORTUNITY LEGEND

Common authentication process Single gov’t financial statement SaaS Budget Tool

IMPACT

Natural language generation Management data alignment

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Innovation Approach

IMPACT FEASIBILITY

Distributed ledger technology Next Gen analytics Eliminate low-value reports Robotic process automation

Cost savings, efficiency savings, potential to advance outcomes

Increase productivity Reduce waste Improve effectiveness Economies of scale

$0-100M $100-200M $200M+ LOW MEDIUM HIGH OPPORTUNITY LEGEND

Common authentication process