EY

  • Booth: 505

The EY Public Financial Management (PFM) framework focuses on the “new finance agenda” facing government finance leadership and is centered on three key questions:

How effectively are funds allocated across programs? The US government has a finite amount of capital and has to decide how best to allocate it across different programs. Spending should be allocated to areas that are best aligned to an agency’s overall mission and that earn the maximum possible return for citizens.

Are funds rigorously and visibly accounted for? Federal agencies need better visibility and understanding of their costs if they are to control them. It is not enough to record costs; there needs to be better understanding of what drives these costs in order to identify areas of improvement.

Are finance activities supported by an effective and efficient operating model? To keep pace with new demands, federal agencies must invest in their finance organizations, processes, technology and measurement systems. New finance operating models — including shared services and alternative delivery models — must be flexible enough to deal with constant change.

Learn more at ey.com/govpublicsector.

Insights and resources:

How data, technology and process enhance government performance - insights from public sector leaders on transforming government. Read the report here.


 Videos

EY Public Financial Management

 Press Releases

  • In an era of increased accountability, public sector agencies must help maximize the value of federal grants while streamlining administrative processes, according to a study released today by the Government Business Council (GBC), the research division of Government Executive Media Group, and sponsored by Ernst & Young LLP. These grants are used by the federal government to invest approximately $766 billion each year in mission-critical needs for taxpayers. For further discussion of the study, visit "How government organizations are overcoming the challenges of grants management."1

    Based on a survey of US federal, state and local employees who work with grantees and oversee grant administration, this study outlines how organizations can overcome the challenges of grants management.

    Among others, key findings include:

    • Government-wide coordination and information sharing on grants management have improved over the past decade.
    • Successfully measuring grantee performance remains a challenge.
    • Government agencies have not widely adopted risk management systems.
    • A major opportunity exists to leverage data for improved decision-making.

    The study recommends that agencies start prioritizing data analytics to provide insights and improve operations. Accessing quality data, along with the technology needed to analyze it, is a top challenge for agencies. Better data analytics will help agencies monitor risk and performance of grantees. While the Office of Management and Budget drives an enterprise-wide approach to data standardization, agencies can simultaneously implement smaller, incremental approaches to data improvements. For each analytics challenge, it is advisable that an agency apply a strong data and analytics transformation framework.

    "Increasing sophistication of data analytics has created an unprecedented opportunity for the government to manage grants in a different way and improve outcomes for the people impacted by these grants," said Bill Colbert, Ernst & Young LLP Partner and the Financial Management Practice Leader for the firm's Government & Public Sector group. "Government doesn't need to wait to make progress for comprehensive solutions. Agencies can start to put into place the building blocks for better data and analytics now."

    About Ernst & Young LLP's Government & Public Sector
    From strategy to execution, the Government & Public Sector practice of Ernst & Young LLP provides a full range of advisory and audit services to help our federal, state and local clients implement new ideas to help achieve their mission outcomes. We deliver real change and measurable results through our diverse, high-performing teams, quality work at the highest professional standards, operational know-how from across our global organization, and creative and bold ideas that drive innovation. We enable our government clients to achieve their mission of protecting the nation and serving the people; increasing public safety; improving health care for our military, veterans and citizens; delivering essential public services; and helping those in need. We are ready to help our government build a better working world. Learn more at ey.com/govpublicsector.

    About EY
    EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

    EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visit ey.com.

    This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.

    1 The full study is "Improving Grants Management for Government: Insights from Public Sector Leaders," Government Business Council.


 Products

  • PFM Framework
    The EY Public Financial Management (PFM) Framework provides Finance Executives a structured approach to diagnosing and improving their Finance environment....

  • With ever increasing demands for improvements in efficiency, effectiveness and transparency, Public Sector Finance Executives are constantly balancing the internal dimensions of their people and knowledge, processes, organization, and technology to address changing regulationand a greater emphasis on accountability for the investments of taxpayer dollars.

    The EY Public Financial Management (PFM) Framework provides Finance Executives a structured approach to diagnosing and improving their Finance environment. With the interests of your Agency at the center, PFM provides a disciplined approached to managing change in today’s complex environment.

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