OMB designates Treasury as Financial Management Quality Service Management Office
June 30, 2020
On June 29, 2020, the Office of Management and Budget (OMB) designated the Department of the Treasury (Treasury) as the Quality Service Management Office for core financial management (FM QSMO). Treasury's Bureau of the Fiscal Service (Fiscal Service), a leader in transforming the future of federal financial management, is poised to provide agencies with access to innovative and proven financial management solutions and expert guidance that will standardize processes, shrink the federal technology footprint, and advance government-wide financial management goals, including improved transparency and better use of data for decision making---all while reducing government-wide operating costs for financial systems and supporting activities.
"The establishment of the Financial Management Quality Service Management Office at Treasury supports our tradition and long-standing commitment to improving financial management throughout the government," said David Lebryk, the Fiscal Assistant Secretary at the U.S. Department of the Treasury. "Our efforts will focus on developing a customer-centric marketplace for modern solutions that will move agencies away from outdated systems and improve government operations and performance."
The FM QSMO designation directly aligns with the President's Management Agenda's focus on Sharing Quality Services, Cross Agency Priority Goal 5, as well as Treasury's 10-year Vision for the Future of Federal Financial Management. As FM QSMO, Treasury will offer a new approach to shared services and federal financial management, establishing a marketplace of systems and services that will drive innovation, compliance with federal policies, standardization, and automation. This initiative will also help to transform the role of an agency's Chief Financial Officer to increasingly emphasize analysis, performance, and thought leadership and focus less on transaction processing and maintaining systems.
This effort will be customer-centric and will strive to incorporate the voice of the customer in establishing and maintaining a marketplace offering flexibility and choice of standards-based solutions and services.
"The FM QSMO itself will not be a provider in the marketplace--that role will be served by commercial and federal entities. The FM QSMO will facilitate or broker agency access to a marketplace of standards-based solutions," said Fiscal Service Commissioner Tim Gribben.
"This will achieve long-term cost savings based on efficiencies and economies of scale."