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Diane Publishing Books
Financial Management Systems: OMBís Financial Management Line of Business Initiative continues but Future Success Remains Uncertain
Kay L. Daly (au); Naba Barkakati (au)
In March 2004, the Office of Mgmt. and Budget (OMB) launched the financial mgmt. line of business (FMLOB) initiative, in part, to reduce the cost and improve the quality and performance of fed. financial mgmt. systems by leveraging shared service solutions and implementing other reforms. In March 2006, it was reported that OMB's approach did not fully integrate certain fundamental system implementation-related concepts and recommended OMB take specific actions. This report discusses: (1) OMB's progress in addressing prior FMLOB recommendations and implementation challenges; and (2) the effectiveness of OMB's monitoring of financial mgmt. system modernization projects and their costs. Includes recommendations. Illustrations.
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