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Chief Financial Officers Council (CFOC)

The CFOC works collaboratively to improve financial management in the U.S. Government. The Council is composed of the Chief Financial Officers (CFOs) and Deputy Chief Financial Officers (DCFOs) of the largest federal agencies and senior officials of OMB and Treasury. The Council was established under the provisions of the CFO Act of 1990.

INITIATIVES:

Data Analytics and Transparency: This initiative focuses on using data to drive improved performance decisions.  Building off the CFOC’s earlier successes of leveraging data to drive improvement in both debt management and payment accuracy through the implementation of a Federal Do-Not-Pay system, the CFOC plans to continue to expand the Federal Government’s ability to use data to bring about improved management decisions.

Human Capital Initiative: This initiative supports the transition of the financial management function from its traditional role to a more strategic function. Key focus areas include the establishment of a Finance Fellows program, training programs for employees within the financial community, and other efforts to strengthen the federal financial management workforce.

Financial Systems Initiative: The CFOC continues to support efforts to improve Federal Government’s financial systems.  This includes the development of a more flexible requirement framework for financial systems that can help avoid costly customization and reduce overall development cost.  The CFOC is also working on ways to broaden the adoption of lower-cost shared services models when appropriate, including benchmarking price and quality of shared services for key financial management processes.  

Other Activities: CFOC is engaged in activities to reduce waste, fraud and abuse across federal government.  These include a continued focus on administrative savings, which aims to reduce costs by eliminating wasteful practices, driving efficiencies and streamlining operations; reducing improper payments; and redirecting savings resulting from reductions in administrative costs.

 


Chief Financial Officers Council (CFOC)