Chief Financial Officers Council (CFOC)
The CFOC works collaboratively to improve financial management in the Federal 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 to "advise and coordinate the activities of the agencies of its members on such matters as consolidation and modernization of financial systems, improved quality of financial information, financial data and information standards, internal controls, legislation affecting financial operations and organizations, and any other financial management matters."
Data Analytics and Transparency: The CFOC is focused on methods and policies that encourage the use of data to inform decisions within agency financial management functions. The CFOC is collecting key measures of financial management processes for agencies and shared services providers to benchmark performance and cost. CFOC is also supporting data standardization efforts around grant management and improving the quality, utility, and transparency of financial information.
Shared Services: The CFOC supports initiatives to drive the expansion and adoption of federal financial shared services. Their support focuses on analysis and recommendations regarding the federal shared services marketplace, including pricing transparency, demand estimation, governance mechanisms, funding models, and standardization of federal financial IT systems.
Human Capital: The CFOC works to collectively strengthen the existing federal financial management workforce and to increase the availability of strong candidates for the future leadership of the function. Key focus areas include the Finance Fellows program, designed to cultivate and retain the next generation of federal finance leaders, and broad-based training programs to enhance the technical and strategic skills of the federal financial management workforce.