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FMBS Update on Other Related Initiatives

FMBS Update on Other Related Initiatives. October 29, 2008. Financial Shared Services. November 2007 Direction to proceed with FSSC in parallel with New ERP Implementation Staffing and planning had begun . October 2008 FSSC has been postponed ERP being implemented independent of FSSC.

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FMBS Update on Other Related Initiatives

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  1. FMBS Update on Other Related Initiatives October 29, 2008

  2. Financial Shared Services • November 2007 • Direction to proceed with FSSC in parallel with New ERP Implementation • Staffing and planning had begun • October 2008 • FSSC has been postponed • ERP being implemented independent of FSSC

  3. What does this mean? ERP implementation needs to move ahead.......but this is being done with an awareness that in the future the GNWT still plans to move to FSSC

  4. What is the new direction? January 2008 FMB made a decision to postpone the implementation of the FSSC . The direction is to come back to FMB with a plan that would implement FSSC once the new financial is successfully implemented.

  5. What are we doing? FMBS continues to include the implementation of FSSC in its Business Plan Recognition that as we move closer to the “go live” date of the new financial system we need to develop and bring forward to FMB an implementation plan.

  6. And in the mean time? The new financial system is an enabler of FSSC. Over and above keeping FSSC in mind when we implement the new financial system, best practice will result in consistent treatment of financial information and standardized business processes. Both are important first steps in moving to FSSC. Q&A from 2007 conference to be posted and built upon.

  7. More to come? Summer 2009 seems far away . BUT... Lots needs to happen between now and then. We will utilize the communication tools being put in place now to keep you updated once we have more news.

  8. Support in Place The Oversight for FSSC is already in place. DM Steering Committee Business Advisory Committee DFA Community

  9. A continued priority for FMBS Modern Management

  10. Modernization of the FAA FAM modernization and update New financial system Risk Management Training to address gaps has started Presently Underway

  11. FMBS continues to include Modern Management as an important initiative of the Comptroller General within its Business Plan Ongoing initiatives will continue through the next fiscal year Additional financial training to be developed Various options will be investigated to support other identified priorities Next steps

  12. Internal Control Policy Based upon COSO

  13. What will this do for the GNWT? • By adopting an Internal Control Standard we will have benchmarks that we can use in assessing our existing internal controls and in developing new controls. • Important tool for developing appropriate business processes and policies to support the new financial system • Important tool in guiding decisions around the security requirements of the new financial system.

  14. What we are basing this upon? • COSO – for public sector • Contains a matrix to help in assessments • Very detailed information readily available • Covers the various building blocks that make up the matrix as well as more specific topics

  15. Future updates Communicated through Departmental DFAs and Project Communication Tools where appropriate and tied to the FIS Replacement Targeted email – finance group

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