Deloitte writes and compiles a regular stream of Federal CFO-centric content and timely features—research, topical digests, perspectives, and insights and technical analyses—which appear in a separate module of CFO Journal, an online publication from The Wall Street Journal. Articles are published the second Friday of every month or to view recent articles, click here. Note: The Wall Street Journal News Department is not involved in the creation of Deloitte content.
Federal CFOs are challenged by ever-increasing demands as their role expands and evolves. Deloitte’s content is designed to help them manage the complexities of their roles, tackle their company’s most compelling challenges, and adapt to strategic shifts in the market. Visit the Deloitte Module in CFO Journal for brief articles on a range of issues of interest to CFOs.
Featured Federal CFO articles
|Expanding role requires strong communication, relationships
The federal CFO's role has become broader than the financial management functions contemplated in the CFO Act of 1990. Many agency CFOs also have budget, performance management, risk management and strategic planning in their portfolios. This expanded portfolio has thrust federal CFOs into a more strategic role that requires communication and relationship-building skills to foster business partnering with agency leaders.
|A mission-centric approach to cybersecurity
For federal agencies, cybersecurity is not just a technology problem; it's a mission problem. Emerging trends around information technology and digital assets are creating new cybersecurity risks for federal agencies, as well as opportunities for enhanced performance and improved efficiency. A mission-centric approach can help CFOs build a heat map that identifies their agency's major cyber risks and prioritize the funding of cybersecurity efforts.
|The role of IT in boosting user confidence in e-Discovery tools
Some federal agencies using e-discovery technologies are finding their internal processes and skill sets do not sufficiently support all of the capabilities of these tools, which could undermine efforts to streamline discovery processes. Involving legal staff in the selection and implementation of technologies for managing electronically stored information can help overcome internal resistance to e-discovery initiatives, likely saving the agency money on litigation costs.
|Making the move to shared services
The move to shared services can greatly improve operational efficiencies and help federal CFOs meet increasing demands to do more with less. However, the transition plan should take into effect all organizational, operational and technology requirements and impacts on the department or agency. The CFO is well positioned to help the organization prepare for a smooth transition and avoid the pitfalls on the journey to shared services.
|How to drive innovations for long-term savings
Government agencies are under continuing pressure to do more with less, but many are finding it difficult to fulfill their missions on reduced budgets. The Hon. Tom Davis, a former Congressman, now director of Federal Government Affairs at Deloitte LLP, discusses innovative approaches that can help federal agencies find long-term savings. He also offers insights on how federal CFOs and other federal executives can help to establish a more innovative culture at the federal agency level.
|How finance analytics can drive insight
The power of finance analytics for federal agencies lies in the opportunity to distill data accessible within the organization into actionable insights that can help improve the quality and timeliness of decision-making across the agency. Learn how federal CFOs and agency executives can leverage finance analytics to better align decisions with mission objectives and understand where to get the highest return on increasingly limited investments.
|Strategies for managing sequestration
While approaches such as freezing discretionary expenditures can mitigate the impact of sequestration on a short-term basis, federal agency leaders need to develop a more strategic approach to allocating increasingly limited funds. Learn how innovative program financing models, frameworks and tools can improve the efficacy of agency investments and help agencies perform their missions in an environment of increasing budgetary constraints.
|Transitioning to a shared services finance model
The mandate that federal agencies transition to a shared-services provider when updating financial management systems entails significant implementation risks. The upside: It could free up CFOs to focus on providing value-added insights. Clarence Crawford, leader of Deloitte’s Federal Financial Management Solutions Center and former CFO, Office of Personnel Management, discusses how federal CFOs can address implementation challenges such as change management.
|Managing sequestration for sustained savings
Cost pressures will be the “new normal” for federal finance chiefs for the foreseeable future, according to Janet Hale, a director at Deloitte Services LP and former undersecretary for management at the U.S. Department of Homeland Security. Learn steps federal executives can take to help recover costs and lower their cost-basis in a sustained way while managing risks.
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