Financial Management Maturity Self-Assessment

Bureau of the Fiscal Service

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Financial Management Maturity

Self-Assessment

Improving financial management requires an unrelenting focus across the enterprise. Chief Financial Officers 

(CFOs) must identify what is working well and where capabilities are lacking so they can target initiatives to 

raise the bar for federal financial management. To help CFOs shift from transition processing to becoming 

strategic partners within their agency’s leadership, Treasury has defined five areas that agencies can target 

when making plans for improvement.

Core Budget & Accounting Operations

Financial & Regulatory Controls

Data Management & Analytics

Communicating Results

Strategic Planning & Mission Support

The 5 Focus Areas of Financial Management Maturity
Financial Management Maturity Self-Assessment

Bureau of the Fiscal Service

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This self-assessment will help you rank your agency’s maturity in five Focus Areas, from “inadequate” to 

“leading.” The five focus areas directly align with Treasury’s The Future of Federal Financial Management.

Financial Management Self-Assessment Chart

Core Budget 

& Accounting 

Operations

Legacy, 

customized 

system with 

manual processes

Limited Automation, 

OMB-approved 

modernization plan 

in place

Modern system, 

no FISMA findings, 

mix of manual and 

automated processes

Automated end-toend processes, mix of 

batch and system-tosystem interfaces

Real-time system-tosystem interfaces, fully 

automated processes

Modified opinion 

(Disclaimer or 

Adverse) 

Modified opinion 

(Qualified), ad hoc 

risk management 

Unmodified opinion 

with risks identified 

and managed across 

the agency

No material 

weaknesses or 

significant deficiencies; 

enterprise risk 

program in place

Sustained (three 

years) unmodified 

opinion, proactive risk 

management culture 

and program

Standard reports, 

data unreliable

Standard reports, 

periodic data 

reconciliation and 

validation

Standard and ad hoc 

reporting with high 

quality data

Standard reports, 

periodic data 

reconciliation and 

validation

Advanced 

analytics capability 

with integrated 

agency-wide data

Ad hoc 

communications, 

Reporting 

non-compliant

Results 

communications 

limited to within 

organizational silos, 

reporting may not 

be compliant

Results 

communicated to 

agency personnel, 

Reporting compliant

Results 

communicated to 

agency personnel 

and customers, 

reporting compliant

Regular 

communications to 

agency personnel 

and customers, 

reporting compliant

Ad hoc planning Limited planning 

and analysis

Meeting some 

targets

Most targets met, 

detailed program 

analysis available

Year over year 

performance 

improvements, 

results drive

decisions

Focus Areas Inadequate Basic Capable Effective Leading

Financial & 

Regulatory 

Controls

Data 

Management 

& Analytics

Communicating 

Results

Strategic 

Planning 

& Mission 

Support

Why Take the Assessment? 

The Department of the Treasury has developed an FM Self-Assessment Tool to help CFOs and their staff 

self-assess the maturity of their agency’s financial management operations. It’s designed to be used internally, 

is easy to perform, and is based on current conditions and existing documentation common to every agency 

(as in, no new data calls).
Financial Management Maturity Self-Assessment

Bureau of the Fiscal Service

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For each of the five Financial Management Focus Areas, check the box that most closely matches the state of 

your agency’s operations.

Directions

Core Budget & Accounting Operations

Financial & Regulatory Controls

Data Management & Analytics

Communication Results

Strategic Planning & Mission Support

1.

2.

3.

4.

5.

Inadequate Basic Capable Effective Leading

Maturity Levels Focus Areas
Financial Management Maturity and Self-Assessment

Bureau of the Fiscal Service

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Core Budget & Accounting Operations

Select the box for the description that describes the current state of your core budget & accounting operations. 

Basic

Legacy, customized system

Limited automated interfaces

OMB-approved modernization plan

FISMA financial findings exist

Reliance on manual processes with efforts 

underway to automate

Limited customer service

Capable

Modern COTS product with limited 

customizations

Batch interfaces

No FISMA financial findings

Mix of manual and automated processes

Established customer service processes

Leading

Modern COTS product with no customization

Real-time system-to-system interfaces

No FISMA financial findings exist

Fully automated, real-time end-to-end 

processes

Self-service capabilities widely adopted

1 Inadequate

2

3

4

5

Legacy, customized system

Lack of automated interfaces requiring 

manual re-entry

No plans to modernize 

FISMA financial findings exist

Heavy reliance on manual processes that 

lead to rework

No customer service 

Effective

Modern COTS product with no customization

Mix of batch and real-time system-to-system 

interfaces

No FISMA financial findings

Strategic use of third party arrangements

Automated end-to-end processes with 

predominantly real-time interfaces

Self-service capabilities
Financial Management Maturity and Self-Assessment

Bureau of the Fiscal Service

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Financial & Regulatory Controls

Select the box for the description that describes the current state of your financial & regulatory controls.

Capable

Unmodified opinion with one or more 

material weaknesses

Non-compliant with one or more laws and 

regulations

Risks identified and managed across the agency

Management understands cross-cutting 

agency risks

Established mitigating controls minimize 

risk exposure

Inadequate

Modified opinion (Disclaimer or Adverse)

Risks occasionally discussed

No formal process to manage risks

Periodic mission failure due to lack of 

preparedness

Basic

Modified opinion (Qualified)

Non-compliant with one of more laws and 

regulations

Risks identified and managed in a siloed manner

Ad hoc process to identify and 

document risks

Major risks averted in a reactive, 

inefficient manner

Leading

Sustained (three years) unmodified opinion

No material weaknesses or significant 

deficiencies

Compliant with laws and regulations

Mature ERM program to identify, document 

and manage risks across the agency and with 

external stakeholders

Culture of proactive risk management

Agency routinely implements preventive 

controls and risks rarely become issues

Effective

Unmodified opinion with no material 

weaknesses or significant deficiencies

Compliant with laws and regulations

Formal ERM program to identify, document 

and manage risks across the agency

Mission programs inherently manage risk

Risk mitigation enhanced through diagnosis 

of lessons learned

1

2

3

4

5
Financial Management Maturity and Self-Assessment

Bureau of the Fiscal Service

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Data Management & Analytics

Select the box for the description that describes the current state of your data management & analytics.

Inadequate

Basic

Capable

Leading

Standard financial reports

Standard financial reports with limited 

ad hoc capability

Standard, ad hoc reporting capabilities for 

financial data

Standard, ad hoc, user-driven, analytic 

reporting capabilities

Agency-wide access to integrated financial 

and program-data

Data is unreliable

Data reconciled and validated periodically

High quality data reconciled and validated 

regularly

Ability to perform advanced analytics 

(ex. predictive, evidence based 

decision-making, etc.)

Effective

Standard, ad hoc, user-driven 

reporting capabilities

Integrated financial and program-data

1

2

3

4

5
Financial Management Maturity and Self-Assessment

Bureau of the Fiscal Service

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Communicating Results

Select the box for the description that describes the current state of your ability to communicate results.

Inadequate

Leading

No structured internal communication 

function

Organizational performance communicated 

to agency personnel and customers on a 

regular basis

Does not meet financial reporting deadlines

Meets financial reporting deadlines

Basic

Organizational goals and performance 

metrics communicated to FM personnel

May not meet financial reporting deadlines

Capable

Organizational performance 

communicated to agency personnel

Meets reporting deadlines

Effective

Organizational performance communicated 

to agency personnel and customers

Meets financial reporting deadlines

1

2

3

4

5
Financial Management Maturity and Self-Assessment

Bureau of the Fiscal Service

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Strategic Planning & Mission Support

Select the box for the description that describes the current state of your strategic planning & mission support.

Inadequate

Basic

Capable

Effective

Leading

No documented FM goals or 

performance metrics 

FM goals and performance metrics 

documented

No performance targets exist

Organizational performance 

communicated to agency personnel

FM goals and performance metrics 

documented

Performance targets exist

Most performance targets met

FM goals and performance metrics 

demonstrate year-over-year 

improvement

Performance targets updated annually

Unable to produce cost of agency programs

Produces macro level cost of agency 

programs with no insight on cost detail

Meets reporting deadlines

Regularly produces detailed cost 

of agency programs and leverages 

internal benchmarking

Detailed cost estimating, forecasting, 

and external benchmarking drive 

program decisions

1

2

3

4

5
Financial Management Maturity Self-Assessment

Bureau of the Fiscal Service

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Next Steps After the Assessment

You now have an objective view of how your internal financial management operations compare against the 

maturity scale. Previous Self-Assessment users reported that some of the results came as a surprise—which 

led to internal discussions and changes in priorities and planned investments. We hope your results also lead 

to more discussions and further planning. 

Contact Us

Email us at FIT@fiscal.treasury.gov for any questions or 

comments. Our mission is to support improvements in 

financial management across the federal government. 

We will consult with you on any identified areas for 

improvement and help you put together a plan to make 

changes. If we don’t have someone on staff who can help, 

we will connect you to experts across the government.

Additional Resources 

FIT Library of Articles and Blog Posts

Explore a range of topics related to improving financial 

management that includes process improvements 

and automation, technology innovation pilots, data 

management strategies, and standardization. 

Join the FIT mailing list at fiscal.treasury.gov/fit.

Get Connected

Financial Management Standards Committee

Deputy CFO-level leaders from across the federal 

government meet regularly to share solutions to common 

problems and learn about innovations happening in the 

government and private sector.

For a digital version of this assesment, visit our web site. 

fiscal.treasury.gov/fit/fm-self-assessment