Treasury Department Building

Financial Innovation & Transformation (FIT)

Government-wide Financial Management Strategy Study

The Bureau of the Fiscal Service (Fiscal Service) conducted a strategic study to explore how the federal government can improve the way it manages its finances by understanding global trends and challenges impacting federal operations.

The study, carried out by Fiscal Service’s Office of Financial Innovation and Transformation (FIT), culminated in a government-wide strategic vision for federal financial management and a corresponding set of government-wide initiatives that will shape the course of federal financial management over the next several years.

FIT conducted a similar study in 2010 that led to the deployment of common technology solutions and a broader use of shared services to improve the efficiency of administrative operations government-wide.

John Hill, Assistant Commissioner of FIT says of the study, “Since 2010, FIT has championed a number of innovations that have transformed federal financial management. It was time to again scan the horizon to identify emerging trends and technologies and develop a strategy for the next five years.”

To support this effort, Fiscal Service identified emerging trends and technologies and developed the financial management vision and strategy. FIT worked closely with the federal financial management community and other business areas to ensure a wide range of perspectives were considered and incorporated.

“These efforts helped improve our understanding of what’s occurring at institutions from both inside and outside of the federal government, from the ground up. Treasury is committed to innovation and is always seeking to lead the transformation of financial management,” added Hill.

In the near future, FIT will share the vision and a corresponding set of government-wide initiatives to achieve the vision. FIT anticipates the initiatives will fall into three major priorities, Digitize, Reduce, and Innovate.

Quick References

OMB 16-11, Improving Administrative Functions Through Shared Services

Circular No. A-123 Appendix D, Compliance with the Federal Financial Management Improvement Act of l996

OMB M 13-08, Improving Financial Systems Through Shared Services

OMB M 10-26, Immediate Review of Financial Systems IT Projects

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