With billions at stake, Farm Credit insurance group looks for cloud solution
By
Nick Wakeman
The Farm Credit Administration manages billions in financial assets and wants a cloud-based solution to help its insurance entity protect them.
The Farm Credit Administration manages billions in assets and it relies on its own insurance entity to protect them.
With that in mind, the Farm Credit Systems Insurance Corporation is looking for a cloud-based software-as-a-service system to manage and streamline its processes.
Solicitation documents indicate the corporation wants financial reporting and business intelligence capabilities, government and risk management capabilities and the ability to produce weekly, monthly, quarterly and annual reports.
The Farm Credit System Insurance Corporation protects investors who buy Farm Credit System debt obligations. It operates with a small staff that it supplements with contractors and support services.
The software-as-a-services solution will be used to manage and story all work processes, supporting documents and evidence, and tracking and monitoring functions. It will extract data from Excel reports and other inputs and transform the data into formats that comply with reporting requirements.
Under this new contract, the government is looking for implementation services and managed solutions services. The system also needs a FedRAMP authorization to operate.
Many of the Farm Credit System Insurance Corporation processes are currently manual, which increases the risk of errors.
A solicitation was released to Beta.Sam.gov on Jan 6. Proposals are due Jan. 27. The notice ID is FCSIC2020-01.