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Countries' updates - Amy Edwards, United States Treasury


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This presentation was made by Amy Edwards, United States Treasury, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019

Published in: Government & Nonprofit
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Countries' updates - Amy Edwards, United States Treasury

  1. 1. 1 The Future of Federal Financial Management Amy B. Edwards U.S. Department of the Treasury
  2. 2. 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. 2
  3. 3. CFO Refocus 33 A New Role for Agency Chief Financial Officers (CFO) SOURCE: “Annual CFO Survey: Navigating Disruption,” Association of Government Accountants, January 2018. CFO Survey: Current Responsibilities 3 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%
  4. 4. 4 Core Budget & Accounting Operations Communicating Results Strategic Planning & Mission Support Financial & Regulatory Controls Data Management & Analytics 1 2 3 4 5 Government Chief Financial Officers 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
  5. 5. Value Proposition: The Why Improved Financial Services By focusing on standardized, government-wide solutions, it is possible to provide better outcomes 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 Cost Savings By eliminating redundant and outdated solutions in favor of a more limited number of solutions that work government-wide, agency costs can be dramatically lowered.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. 5
  6. 6. 6 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
  7. 7. • Launched in 2018 • Online Guide to Federal Finances in 2019 • Pilot a Trial-Balance Audit with Government- wide Data in 2020 • Developing a Data Strategy to Inform Decision-Making 7 Strengthen Financial Reporting
  8. 8. 8
  9. 9. Online Guide to Federal Finances 9