Improving the Federal Government's Financial Management Systems


Book Description

Since the enactment of key financial mgmt. (FM) reforms, the fed. gov¿t. has devoted significant resources to improving FM activities and practices. Yet continuing attention is needed to address persistent, long-standing accountability problems and to redefine success for fed. FM. Many gov¿t. agency FM systems do not produce the accurate, timely, and meaningful info. needed for mgmt. decision making. This forum brought together FM leaders from the fed. gov¿t., incl. the CFO, CIO, and IG communities, and other officials with extensive experience in FM from both the public and private sectors. The forum addressed: the future of fed. FM; applying lessons learned from fed. FM system implementations; and strategies for transforming fed. FM culture.




Financial Management


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Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance


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This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.




Improving Federal Financial Management


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Review of the President's Fiscal Year 2009 Budget for the Defense Health Program's Private Sector Care Budget Activity Group


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The Pres¿s. budget request for the DoD Defense Health Program has increased steadily in recent years. For ex., from FY 2005 to FY 2009, the budget request for the program increased from $17.6 billion to $23.6 billion, an increase of 34%. DoD has attributed a majority of this increase to growth in medical care, dental care, and pharmaceuticals provided in the private sector to active duty personnel and other eligible beneficiaries. These private sector expenses are funded through the Defense Health Program¿s Private Sector Care Budget Activity Group (BAG). From FY 2005 to FY 2009, the budget request for BAG increased by 36% -- from $9.0 billion to $12.2 billion. This report is a review of the FY 2009 budget request for the BAG. Charts and tables.