As part of its overall IT modernization efforts, the U.S. Coast Guard has transitioned to an updated integrated financial, procurement, and asset management system.
In a press release, the Department of Homeland Security (DHS) Management Directorate said the new “state-of-the-art” system – dubbed the Financial System Modernization Solution (FSMS) – includes automated and integrated controls, a common appropriations structure and accounting line, standard business practices, up-to-date security, and functionality that will assist the Coast Guard in overseeing its annual budget of more than $12 billion “more efficiently and effectively.”
“Modernizing our financial support systems is vital to the Department of Homeland Security and is one of our top priorities,” said DHS Acting Chief Financial Officer Stacy Marcott. “The new system will vastly improve the U.S. Coast Guard’s business systems, help employees be more productive, and allow them to achieve more reliable results when paying bills, procuring goods and services, reporting and managing budgets, and much more.”
DHS explained that the broader DHS Financial Systems Modernization initiative works by updating legacy financial systems to provide greater security, data integrity, efficiency, and flexibility. In a press release, the department added that “these improvements will lead to more accurate reporting, therefore improving transparency and accountability.”
“This is truly the beginning of a new era for the United States Coast Guard’s Financial Management and Procurement Services,” says Rear Admiral Mark Fedor, assistant commandant for resources and chief financial officer for the U.S. Coast Guard. “I’m honored to help lead the Coast Guard through this financial transformation and confident the Service will be more efficient, adaptable to our dynamic operational environment, and better stewards of the taxpayers’ dollars. Hundreds of people have invested thousands of hours to make this vision a reality, so it’s fitting to celebrate this milestone achievement.”
USCG is the third DHS component to transition to FSMS. The Countering Weapons of Mass Destruction Office transitioned in October 2019 and the Transportation Security Administration (TSA) transitioned to the new system in October 2020.