OVERSIGHT AND MONITORING (ARRA)
American Recovery and Reinvestment Act (ARRA) Compliance Burden
On top of the $1.13 trillion in discretionary budget, the federal government is now responsible for managing compliance requirements for an additional $787 billion in stimulus funds. The American Recovery and Reinvestment Act (ARRA) and Office of Management and Budget (OMB) compliance requirements necessitate an evermore systematic, automated and sophisticated capability for accounting, monitoring and reporting funding performance.
These new complexities make fraud, misuse and abuse increasingly difficult to determine and manage.
ARRA Oversight and Monitoring
The mechanisms necessary to monitor and mitigate the unique implementation risks prescribed by ARRA are specifically addressed within Oversight Systems advanced analytical algorithms. These purpose built Integrity Checks™ provide accountability, transparency, and fraud mitigation reports in an out-of-the-box application.
Three key areas of ARRA and OMB requirements are met by Oversight’s continuous controls monitoring solution:
- Integrated budget and performance execution
- Grants management, reconciliation, and controls monitoring
- Improper payments and financial reporting
Oversight provides the mandated stewardship and spending analysis to effectively integrate the stimulus program’s performance with budget planning and formulation.
ARRA Solution Overview
Oversight’s integrity checks incorporate a rich library of accounting operations and budget execution principles to substantiate and legitimize each individual financial transaction associated with each specific stimulus program. These continuously monitored transactions and controls are then cross-referenced against agency metrics ensuring progress towards recovery goals.
By aligning performance data with budget execution data, agencies can now effectively conduct real-time program assessments. Oversight facilitates performance resolution and process improvement through workflow-enabled investigation, reconciliation, and compliance. Our management dashboard empowers managers to effectively use available resources to improve results.
Oversight Benefits:
- Automate compilation of OMB data
- Link policy and mission to Recovery Act and OMB regulations
- Eliminate duplicates and improper payments
- Monitor federal financial management lifecycle
- Provide transparency and accountability into stimulus performance
- Enforce, monitor, and reconcile Recovery funds in real-time
- Deter fraud by actively auditing each, individual, transaction
- Get out-of-the box Recovery and OMB integrity checks
- Ensure stimulus performance objectives are properly enforced
- Receive cost-effective problem resolution through workflow-enabled audit trail
- Installs quickly— get full operational capacity within a matter of months
Oversight Systems is the only solution designed specifically for the federal government to prevent instances of fraud, waste, and abuse while delivering extraordinary financial program performance improvements to agencies and its citizens.
