Transcription
Financial SystemsModernization (FSM)UpdatePresented BySusan Crowder, Chief Financial Officer andKhatrina Higgs, Chief Financial Systems Program ManagerJanuary 24, 2022Federal Retirement Thrift Investment Boardtsp.govtsp4gov @
AgendaTopicSlideAnnouncement: FSM is Live!!!3What was achieved?4FSM Implementation by the numbers5FSM Benefits Realization Timeline7Questions82
AnnouncementFSM ISLIVE!!!FSM Implementation Team3
FRTIB’s Financial System Modernization (FSM)On January 14th, 2022, FSM went live with 3 components – Oracle Federal Financials (OFF), PRISM, and E2 (eTravel) replacing multiplesiloed legacy systems: AAS, OTIS, Contracts Database, and SAGE 300.W H AT W A S A C H I E V E D ?Seamless integration among 3 secure systems:OFF, PRISM, and E2Increased automation and reduced data errorsAccess to a single source of truthComponents of the FinancialSystem Modernization (FSM)Improved collaboration across the AgencyStandardized processes to support transparencyFaster technological innovation ral(E2)Financials (OFF)Managed by:The Department of Interior (DOI)’sInterior Business Center (IBC)
FSM Implementation by the numbers:149400 Agencyrequirementsmet byFinancial SystemsModernization(FSM)Acquisition andfinance recordswere cleansedduring the dataconversion process200 Scenarios testedacross PRISM, OFF,and E2 by testersrepresenting alloffices40 Agency staffparticipated inPRISM, OFF, and E2training sessions100 Superusersacross FRTIB areprepared to assistothers in navigatingPRISM, OFF, and E2
FSM Implementation by the numbers (continued):30 4Measurable FSMBenefits Realized(aligned tostrategic goals)Legacy siloedsystems arereplaced by 3integratedapplicationsMonths fromKick-off toGo-LiveJanuary 14, 2022151Agencies with astronger managedservice partnership(FRTIB and IBC)2Accomplishedgoal to modernizeFRTIB’s FinancialSystems
FSM Benefits Realization TimelineTransition1)2)3)CaMI ExtractSecure FSMSystemsData Cleansingvia ManualEntry intoPRISM (HandsOn Experience)At Go-Live4)5)6)7)8)9)10)11)12)13)14)Adopt a Shared ServiceFinancial Management SystemA single source of truth foragency account, with addedad-hoc reporting capabilitiesStreamlining of the AccountsPayable ProcessHigher level budgetingIntegration with Fixed AssetModelFiscal and Calendar YearLedgersIntegration with CaMI and GLAutomated Payroll to FinanceInterfaceElectronic Signature CapabilityTransitioned from hostingapplications to a FSSPSingle Sign On (SSO) for PRISMand E215) Implement a full lifecycleAcquisition System (PRISM)16) Embedded Procurementanalytics and dashboards17) Implement a vendor portal(FedConnect)18) PRISM and OFF integration19) Improved frequency of buysbeing delivered on time orahead of schedule20) Increase efficiency in buildingreports that contain Budgetand Contract Information21) Automated Acquisition SystemUpdates22) Acquisition Workflows andRouting23) Baseline and track the travelauthorization approvalprocessPost Go-Live24) Baseline and track the travelvoucher process25) Provide visibility into travelbudget, unused funds, andde-obligation26) Provide visibility into out-ofpolicy lodging requests27) Increase the ease of bookingtravel28) Implement E2 Service29) Automation of travelvoucher process30) Allow users to complete E2workflows through multipleplatforms31) E2 workflows are integratedwith Oracle32) Streamline the Citibankreconciliation process33) Insight Platform Capabilities(i.e. Dashboards)35) Single Sign On(SSO) for OFFKey: Benefit StatusRealizedOn TrackBenefit has beenrealizedOn Schedule forrealizing benefit
Questions?8
Increased automation and reduced data errors . FSM went live with 3 components - Oracle Federal Financials (OFF), PRISM, and E2 (eTravel) replacing multiple siloed legacy systems: AAS, OTIS, Contracts Database, and SAGE 300. . Streamlining of the Accounts Payable Process 7) Higher level budgeting 8) Integration with Fixed Asset Model 9 .
