Office of Financial Innovation and Transformation

  • Treasury’s OFIT squelches the FSIO rumor

    The director of the new Office of Financial Innovation and Transformation at Treasury, Adam Goldberg, busts a myth for Federal News Radio. He says his office won’t be taking on the work of the old Federal Systems Integration Office.

  • CFOs remain tepid on financial shared services

    An exclusive Federal News Radio survey of federal CFOs and deputy CFOs finds 55 percent of the respondents rated spending money more wisely as their top priority. But at the same time, 36 percent rated moving to the Internet Payment Portal or other financial management shared services as their fourth highest priority. CFOs also say they are using data to make better decisions and budget reductions, not sequestration, is their biggest concern.

  • OMB gives agencies more control over financial management systems

    The White House updates Circular A-123 to include a new appendix to address federal financial management systems. OMB expects the new regulations to let agencies focus on a smaller-scale, risk-based approach to improving financial systems.

  • Treasury overhauling qualifications for financial shared services providers

    Treasury’s Office of Financial Innovation Transformation (OFIT) issued a draft set of requirements that agencies must meet if they want to be federal shared services providers. The requirements should be finalized this fall, and a new set of providers will be in place in the coming months.

  • How CXOs can close the value-proposition gap

    The Treasury Department has developed a financial management maturity model to help agencies understand mission value of the CFO’s office.