Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 8
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37F
R
I
SEC O
R
R
OURTH
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
to focus on specific areas (i.e., enhanced review and monitoring to prevent and detect
potential issues in a timely fashion), enhancing efficiency, and effectiveness.
FSSP Transition
As discussed in the Third Report to Congress, the SEC’s migration to the Department of
Transportation’s FSSP was undertaken to gain a modernized technology infrastructure and
associated business function improvements. The transition enables the SEC to shift its focus
from front-end data entry, system maintenance, and processing to more sophisticated monitoring
and data analysis. Ten months into implementation, SEC improvements include the following:
• Several standard financial functions (e.g., invoice processing and monthly reporting of
cash receipts and disbursements to Treasury) are now performed by the FSSP. Enhanced
internal controls and streamlining of business processes have resulted in time savings for
OFM staff and decreased the risk of error in these transactions. OFM formed an account
analysis branch to enhance these functions.
• The SEC is integrating the FSSP system with other key data feeder systems. Using FSSP
as an automated interface between the procurement and financial systems has
strengthened the agency’s controls over the timeliness and accuracy of recording
obligations.
Further, the FSSP has a fully integrated purchase card program that
increases the timeliness of – and reduces errors in – recording purchase card transactions.
Internal Controls
In FY12, the SEC achieved substantial financial management control improvements by
successfully remediating three deficiencies previously identified by the General Accountability
Office (GAO) as significant: (1) financial reporting and accounting processes, (2) information
security, and (3) registrant deposits and filing fees. Initiatives are ongoing to enhance financial
controls and improve efficiencies to remediate deficiencies in the areas of budgetary resources,
property and equipment. Progress since the last report includes the following:
• OFM designated staff to focus solely on internal controls, enabling the SEC to
proactively isolate and mitigate operational risks.
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