New integrated financial, procurement, and asset management system improves DHS resource management
WASHINGTON, D.C. — The Department of Homeland Security (DHS) Management Directorate announced that the United States Coast Guard (USCG) has recently transitioned to an updated integrated financial, procurement, and asset management system, called the Financial System Modernization Solution (FSMS). The new system 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 USCG in overseeing their 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 Department of Homeland Security (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.”
The DHS Financial Systems Modernization initiative works by updating legacy financial systems to provide greater security, data integrity, efficiency, and flexibility. 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 & Chief Financial Officer, 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. In October 2019, the Countering Weapons of Mass Destruction Office (CWMD) made the transition, and in October of 2020, the Transportation Security Administration (TSA) also successfully transitioned to the new system.