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Tuesday, June 01, 2010

OMB Issues Draft Memo Regarding Significant Financial Management Systems Project Changes

According to multiple sources, a draft memorandum from OMB was sent to CFO Act agencies late last week for comment regarding an immediate review of high-risk financial systems IT projects.

Included in this guidance is a requirement that all CFO Act agencies immediately halt the issuance of new task orders or new procurements for all financial system projects pending review and approval from OMB.

The final guidance will also:

  • Set forth guiding principles for the acquisition and project management of new financial systems;
  • Specify the procedures for an immediate review and evaluation of current financial system modernization projects; and
  • Clarify and updates OMB policies on financial management shared services, financial system standards, and financial software testing and certification.

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