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Wednesday, April 10, 2013

CFOs relying more on data, managing risk to find budget efficiencies

If Congress initiated the CFO Act in 1990 and the assorted laws and regulations that followed over the next 23 years to create a governmentwide foundation, then data, risk and the need to continually be the catalyst to find efficiencies are making up the next level of the federal chief financial officers' house.

A new online and exclusive Federal News Radio survey of federal CFOs finds this next stage is taking hold more quickly and having a bigger affect than previously imagined.
Three-quarters of the respondents say their agency uses data to make risk based decisions and more than 60 percent say the use of financial data to help them make budget, program and personnel decisions.

"We are modeling different budget formulation schedules. We have used data to create a cost allocation methodology. We are using HR data and salary data to do workforce planning," wrote one respondent. "We are using a management suite of metrics to manage our bureaus toward goals in multiple areas such as procurement, HR, IT and cybersecurity. We are using Employee Viewpoint Survey data to understand how we can improve diversity and inclusion, and leadership."

As part of Federal News Radio's week-long series, the Rise of the Money People: Financial management moves front and center as agencies make final assault on wasted billions, we surveyed 88 federal CFOs, deputy CFOs and other senior financial managers over a three week period in March, and received a response rate of 17 percent. We received responses from eight cabinet level, five large agency and two small agency CFOs, deputy CFOs and senior financial managers with all but one being a career employee.

-Jason Miller, FederalNewsRadio.com

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