About FM QSMO
On June 29, 2020, the Department of the Treasury was designated as the Financial Management Quality Service Management Office (FM QSMO) for core financial management by the Office of Management and Budget (OMB).
Agency QSMO's were set up as part of OMB's new approach to shared services. This strategy was outlined in OMB Memorandum 19-16, Centralized Mission Support Capabilities for the Federal Government, released on April 26, 2019.
The agency QSMOs, will offer solutions for federal agencies that, over time, will standardize processes, shrink the technology footprint and cut government-wide operating costs.
The FM QSMO will create a marketplace of solutions and services to help agencies meet their financial management needs and shared government-wide goals. Agencies will have access to a marketplace of commercial and federal providers; there will be choice and flexibility available for services and solutions through government-wide contract vehicles.
FM QSMO Objectives
- Offer and manage a marketplace of high-performing and cost-effective solutions to respond to agency needs;
- Partner with agencies to determine strategies and solutions that will help them reach agreed-upon government-wide goals;
- Guide and govern the long-term sustainability of core financial management services and solutions;
- Institute a customer and provider engagement and feedback model that allows for continuous improvement and performance management of solutions; and
- Work with customers and providers to adopt standards and comply with regulation and policy.
FM QSMO Stakeholders and Partners
- Industry (commercial providers of financial management software solutions and service providers)
- Legacy Federal Shared Service Providers
- Other Stakeholders and Partners (OMB, GSA, governance councils)
Core Financial Systems1
- Pre-configured financial systems with a baseline configuration
- Offered by commercial providers
- Compliant with federal policies and standards
- Offered in a FedRamp authorized cloud environment
- Highly integrated with Treasury services
- Able to support modular approaches to software integrations
FM Services and Solutions2
- Extends the functionality of the Core Financial Systems
- Provides integration, engineering, project management, and strategic consulting services
- Uses standard data exchange and integrations
- Designed to meet agency demand and needs
- Offered by commercial providers and Federal Share Service Providers (FSSPs)
Treasury Centralized Services3
- Include services and programs offered by the Fiscal Service
- Are available today to agencies and FSSPs
- Include both required and value-added services
- Will be integrated with the core financial system, as appropriate
1 Financial management software suites that will be offered in a FedRAMP environment.
2 Services, applications, and modules that help agencies adopt FM QSMO solutions and are complementary to Core FS services.
3 Solutions offered by the Fiscal Service to meet a range of financial management needs.