Financial Data Transformation

Goal Statement

Build a data-centric environment to promote public trust in financial management, transparency, and accountability of Federal dollars that meets user needs while minimizing reporting burden, and orients the business of government around data.

Challenges

• Agencies have historically implemented financial management, grants, and real property processes that are incompatible, operating in silos, and highly tailored to their specific needs and are unable to share or compare information, and continue to make duplicative investments. Perverse incentives result in reluctance to use programmatic data to promote transparency and accountability. Additionally, agencies are driven by compliance reporting burdens that do not support decision-making or management of the effectiveness and efficiency of Federal dollars.
• Demonstrating success in this area will require coalition building across a diverse set of stakeholders, including the Congress, agencies, the oversight community, and the public.

Opportunities

• Incentives promote value in our data and great accountability.
• A business operating model that supports a posture of agility that meets stakeholders needs while minimizing reporting burdens.
• Data is used to drive innovation in transparency and accountability for the Federal Government, including for policy-making, innovation, oversight, and learning.