Financial Management
Investment ID: 029-777777501
Overview
Program Title
Financial Management
Description
Financial Management will provide a modern integrated financial management and acquisition solution with transformative business processes and capabilities that enable VA to meet its goals and objectives in compliance with financial management legislation and directives ultimately enhancing service to the Veterans.
Type of Program
Major IT Investments
Multi-Agency Category
Financial Management
Associated Websites
https://www.va.gov/oei/docs/va-strategic-plan-2022-2028.pdf
Investment Detail
Financial Management will result in both internal and external benefits. Program goals include capitalizing on opportunities for business process improvements and standardization to resolve systemic and procedural issues, leveraging economies of scale to increase efficiencies, and reducing audit issues by automating internal controls and improving data quality. In addition, the program aims for improvements standardizing, integrating, and streamlining financial and acquisition processes including budgeting, procurement, accounting, resource management, and financial reporting. These improvements provide management with stronger analytics to make informed projections for planning purposes and alignment of operations to VA's strategic goals. By standardizing and automating numerous business processes, the expected return on investment will be through reduced manual and duplicative efforts, program and operations alignment with VA strategic goals, and easier reconciliation. The Financial Management investment will be an Integrated Financial and Acquisition Management System (iFAMS), allowing VA to leverage CGI's Software-as-a-Service (SaaS) model that includes systems and interface analysis; security (internal and external); Section 508 compliance; cloud services; and data management, cleansing, and conversion. Implementation of iFAMS will facilitate a reduction in use of legacy systems.