Financial Services

The Financial Services investment provides the following benefits to NRC: automates manual processes; provides timely and accurate authoritative financial data and financial performance information; standardizes coding structures across NRC investments for use by all financial management functions; consolidates new and existing functions into enterprise-wide solutions; eliminates redundant systems across organizations; establishes the ability to compare budget formulation and execution data in the current fiscal year at the agency, business line, and office levels; and provides the ability for an office to monitor their FTE burn rate in the current fiscal year and three subsequent out years. In addition, it supports the compensation of employees and special government employees; the billing and cost recovery programs; the formulation and execution of budgets; the management of project resources and costs; and the analysis, reporting, and distribution of time and labor data. The investment provides internal controls and transparency over NRC financial management activities. External to Agency, it provides precise and accurate reporting of the agency's budget formulation to OMB for annual Performance and Congressional Justification Budget Requests books; provides the ability to reconcile OMB IT Portfolio Summary and Major IT Business Case submissions with annual Performance and Congressional Justification Budget Requests books; provides resource confirmation for Congressional inquiries; and facilitates OMB MAX submissions on a timely basis. The Financial Services investment is near completion of shifting all investment components to FedRAMP certified Platform as a Service (PaaS) and Software as a Service (SaaS) environments. FedRAMP platforms have resulted in a 30% reduction in annual hosting costs and a 15% reduction in annual cybersecurity costs for each investment component. CACS is the final component to migrate from NRC's on-premise hosting environment to NRC's IaaS infrastructure environment, with the implementation scheduled to begin in FY23.

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