New treasury system on the cards at AOFM

Australian Office of Financial Management considers ditching Sungard's Quantum/QRisk

The Australian Office of Financial Management (AOFM) is looking to replace its existing treasury system as it considers a move toward owning and operating its own treasury system.

In AOFM documents, the agency, which is responsible for the management of Australian Government debt, said it was testing the treasury system market for a suitable replacement for its current Sungard-based system, Quantum/QRisk.

According to the AOFM documents, the move to a new treasury system would be a major undertaking.

“AOFM’s business operations are highly dependent on its treasury system, which is the critical system supporting deal entry, portfolio management and reporting, settlements and accounting,” the documents read.

In addition to funding the budget through the issuance of debt, the AOFM is also responsible for managing the Australian Government’s daily cash balances and supporting the operation of Australia’s financial system.