US Coast Guard Transition to New Financial Management System – MeriTalk

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As part of its global computer modernization efforts, the U.S. Coast Guard has transitioned an updated integrated finance, procurement and asset management system.

In a press release, the management branch of the Department of Homeland Security (DHS) said the new “state of the art” system – dubbed the Financial System Modernization Solution (FSMS) – includes automated and integrated controls, a common appropriation and accounting structure, standard business practices, up-to-date security and functionality that will help the Coast Guard oversee its annual budget of over $ 12 billion “more effectively and efficiently.”

“Modernizing our financial support systems is vital to the Department of Homeland Security and is one of our top priorities,” said Acting DHS Chief Financial Officer Stacy Marcott. “The new system will dramatically improve the US Coast Guard’s business systems, help employees be more productive, and allow them to achieve more reliable results when paying bills, purchasing goods and services, creating reports and budget management, and much more.

DHS explained that the broader DHS Financial Systems Modernization initiative works by updating existing financial systems to provide increased security, data integrity, efficiency and flexibility. In a press release, the ministry added that “these improvements will lead to more accurate reporting, thus improving transparency and accountability.”

“This is truly the start of a new era for the US Coast Guard’s financial management and procurement services,” said Rear Admiral Mark Fedor, Deputy Commander of Resources and Chief Financial Officer of the US Coast Guard. . “I am honored to help lead the Coast Guard through this financial transformation and have confidence that the Service will be more efficient, adaptable to our dynamic operating environment and better steward of taxpayer dollars. Hundreds of people have invested thousands of hours to make this vision a reality, so it is fitting to celebrate this landmark achievement.

USCG is the third component of DHS to move to FSMS. The Office of Combating Weapons of Mass Destruction transitioned in October 2019 and the Transportation Security Administration (TSA) transitioned to the new system in October 2020.

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