Memorandum M-10-26, Immediate Review of Financial Systems IT Projects†
Federal Information Technology (IT) projects too often cost more than they should, take longer than necessary to deploy, and deliver solutions that do not meet our business needs. Although these problems exist across our IT portfolio, financial systems modernization projects in particular have consistently underperformed in terms of cost, schedule, and performance.
To address these problems, the White House Chief of Staff and I today signed a Memorandum launching an IT project management reform effort. As part of this effort, OMB is concurrently issuing this guidance that requires all CFO Act agencies to immediately halt the issuance of new task orders or new procurements for all financial system projects pending review and approval from OMB. This guidance also:
- Sets forth guiding principles for the acquisition and project management of new financial systems;
- Specifies the procedures for an immediate review and evaluation of current financial system modernization projects; and
- Clarifies and updates OMB policies on financial management shared services, financial system standards, and financial software testing and certification.