Resolution Trust Corporation:

Status of Asset Manager System

IMTEC-92-34BR: Published: Mar 5, 1992. Publicly Released: Mar 5, 1992.

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Pursuant to a congressional request, GAO provided information on the Resolution Trust Corporation's (RTC) development of the Asset Manager System (AMS), a RTC-wide system for contractors who manage assets formerly held by failed thrifts.

GAO found that RTC: (1) has 184 contracts with about 100 contractors to manage about $37 billion in failed thrifts' assets; (2) plans to use AMS for automating the accounting and budgeting processes for all contractor-managed assets and for transferring funds to and from contractors; (3) has spent about $2 million and expects to spend an additional $6 million for AMS software development and enhancements; (4) must address AMS interface limitations, inadequate controls, and the lack of contractor performance monitoring capabilities if AMS is to provide the anticipated benefits; (5) has not clearly defined the specific processes that AMS is to automate; (6) did not obtain adequate input from contractors or oversight managers during AMS development; and (7) has experienced implementation delays because of inadequate project management. GAO also found that, to address AMS development and implementation problems, RTC: (1) has transferred systems development responsibilities to another division to emphasize systems development; (2) has formed a user group and tasked it with identifying, documenting, prioritizing, and communicating the business needs that AMS should address; (3) is evaluating options for modifying AMS accounting interfaces with contractors' systems; and (4) is taking steps to improve its electronic funds transfer controls.

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