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 and Deputy Chief Financial Officers of the largest Federal agencies, as well as senior officials of OMB and the Department of Treasury. The Council was established under the provisions of the CFO Act of 1990.
Cost Benchmarking: This initiative collects and analyzes cost information across agencies to use in improving program efficiency and effectiveness. Focus areas were informed by a recent study to identify savings opportunities.
Human Capital Transformation: This initiative supports the transition of the financial management function from its traditional role to a more strategic function. Key focus areas include: upgrading personnel competencies; improving recruitment; and training.
Financial Systems: Customer Control Boards have been established around key financial systems in the Federal Government to streamline requirements and enable government-wide sourcing opportunities. CFOC efforts continue to support staffing and initiatives of the Office of Financial Innovation and Transformation within the Department of Treasury.
Other Activities: A portion of CFOC funding will be used to pilot a new audit reporting model that provides greater transparency into government spending. CFOC continues to engage in activities to reduce waste, fraud and abuse, including an initiative focusing on reducing improper payments. Another effort will concentrate on Real Property in support of the President’s objectives in this area.