Farm credit agency moving financial reporting to cloud
- By Mark Rockwell
- Jan 07, 2020
The Farm Credit System Insurance Corporation (FCSIC), a small agency that oversees financial firms that loan money to the nation’s farmers, wants to push its business intelligence and compliance reporting to the cloud.
In a Jan. 6 solicitation, the FCSIC said it is “looking for a 100% cloud-based solution” to help it facilitate, automate and streamline its financial reporting and improve efficiency and quality of mandated reporting to its auditors, the Office of Management and Budget and the Government Accountability Office.
The turnkey service the agency wants will pull data from Excel financial reports, meld it into the chart, table, graphics and text formats necessary for financial reporting and audit management, as well as track changes, provide comment capabilities and generate reports.
The FCSIC wants the software-as-a-service tools to replace its tedious, manual process of compiling weekly, monthly and annual business intelligence reports from financial data. The agency called its current process "inefficient and risky" because of its "limited audit tracking and control management."
The system will support 15 users, with customizable administrative and user roles, but the software itself should be managed by the ultimate vendor. The agency wants the solution to have Federal Risk and Authorization Management Program (FedRAMP) moderate approval and be ready to go six to nine weeks after contract award.
Bids are due Jan. 27.
This article was first posted to FCW, a sibling site to GCN.
Mark Rockwell is a senior staff writer at FCW, whose beat focuses on acquisition, the Department of Homeland Security and the Department of Energy.
Before joining FCW, Rockwell was Washington correspondent for Government Security News, where he covered all aspects of homeland security from IT to detection dogs and border security. Over the last 25 years in Washington as a reporter, editor and correspondent, he has covered an increasingly wide array of high-tech issues for publications like Communications Week, Internet Week, Fiber Optics News, tele.com magazine and Wireless Week.
Rockwell received a Jesse H. Neal Award for his work covering telecommunications issues, and is a graduate of James Madison University.
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