Evolution of Expenditure Controls and Automation in Treasury Management
This content explores the impact of automation on treasury management, focusing on the evolution of expenditure controls and key IT development trends in treasury budget execution. It discusses the benefits, challenges, and initiatives related to digital transformation, cybersecurity risks, integration of IT systems, electronic document issuance, data transparency, and the active use of cloud technologies in budget management.
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Presentation Transcript
TCOP PEMPAL Plenary Session Evolution of Expenditure Controls Azerbaijan, Belarus, Georgia, Kazakhstan, Uzbekistan, Ukraine Budapest (Hungary), June 5-7, 2019 1
Has automation changed the treasurys thinking about central controls? If so, in what way? (what initiatives are under discussion)? Digitization new global development trend Digitization has taken over IT and computer revolution Digitization enhances economic performance Development of digital technologies is associated with rapid implementation of modern forms and technologies in any organization Digitization is an objective and unavoidable phenomenon that can t be stopped Digital transformation creates multiple benefits however better quality, speed, affordable interaction and lower cost come with extra risks Cyber attacks are a basic global technology risk 2
Has automation changed the treasurys thinking about central controls? If so, in what way? (what initiatives are under discussion)? Key IT development trends enabling treasury budget execution Integration of IT Treasury systems with various public sector IT systems (tax, public procurement, banking) Issuing primary electronic documents (contracts, invoices, acceptance and-delivery acts) with e- signature Disclosure of information on budget preparation and execution to ensure transparency and accountability and citizens budget Active use of cloud technologies when building data warehouses 3
Has automation changed the treasurys thinking about central controls? If so, in what way? (what initiatives are under discussion)? Treasury Budget Execution: Benefits of IT Application Generation of structured information allows single data input Documents are processes faster, with fewer errors Digital information exchange between budget agents via customer gates Automation of certain types of treasury controls 4
Has automation changed the treasurys thinking about central controls? If so, in what way? (what initiatives are under discussion)? Automation of Treasury Controls Control of cash free from contract obligations is supported by software (in all countries within the group) Control of powers to sign off payment documents is supported by e-signature (in all countries within the group) Standard contract types and their uploading into e-treasury (in place in Azerbaijan, Kazakhstan and Uzbekistan) Issuing electronic primary documents and their submission to Treasury (in place in Azerbaijan, Kazakhstan and Uzbekistan) 5
Which spending control evolution trends are observed in your group? Evolution of control mechanisms Control over budget use is shifting towards the earlier stage, i.e. public procurement stage In Azerbaijan, the Ministry of Development and Procurement is undergoing a reform; it is expected to introduce budget commitments for public procurement Belarus, as of July 1, 2019 will put in place a software to obtain electronic contracts and structured information. As of January 1, 2020 commitments will be introduced for procurement In 2019, Uzbekistan will integrate e-treasury and e- procurement systems. Treasury admintiration of construction projects is also planned Kazakhstan has integrated public procurement, e-invoices, and treasury systems. 6
Which spending control evolution trends are observed in your group? Evolution of control mechanisms Transition to risk-based ex-ante controls Analytical work and use of other types of controls (monitoring) to check expenditure validity 7
