The Treasury Information Management System (TIMS), is working to automate treasury operations at Azerbaijan’s Ministry of Finance, resulting in greatly enhanced transparency and accountability and automates the management and execution of the state budget and enhance key business areas in treasury functions. In particular, the TIMS project will computerize the treasury operations throughout Azerbaijan by means of introduction and implementation treasury information management software, built on best international practices, for the Central Treasury and the 86 nationwide regional treasury offices. The TIMS implementation was jointly funded by USAID and the World Bank.
R.I.S.K. Company was chosen to accomplish subcontracting works on modernization a nationwide hardware and data communications system to allow remote online access for users from the 86 treasuries as a company successfully delivered for already 13 years state-of art IT/ICT solutions. The Ministry of Finance of Azerbaijan Republic is the central executive authority organ carrying out state financial policy and organizing the management of state financing. The system of the Ministry of Finance consists of the Ministry of Finance of Nakhichevan Autonomous Republic, city (district) finance bodies (branches), treasury department on central bodies, State Chamber of Standards, Information Technologies Center, and the Finance Scientific-Training Center.
Despite some improvements occurred occasionally, treasury operations in Azerbaijan were still hindered by the absence of an adequate Information Technology (IT) framework to enable the Ministry of Finance to accurately determine its current expenditures, commitments, and cash position. Decentralized data base run by each regional offices separately, lack of control and transparency of documents and money flow, absence of computer infrastructure in some offices and manual processing of the operations are some of the examples of the system management previously existed.
This resulted in lack of control over daily operations, lack of timely access to data, significant accumulation of arrears, poor fiscal forecasting, and a considerable lag time in the collection and preparation of financial reports.
R.I.S.K. Company became a winner of the announced bidding for the database management system, and the needed nation-wide hardware and the wide area data communication network system. The company had also performed needs assessment, feasibility studies, and provided technical specifications and sizing for the final nationwide hardware, RDBMS, and satellite based data communications system; and also training programs in Azerbaijan and overseas for over thirty functional and technical staff on software treasury applications and industry best practices.
R.I.S.K. Company, a 13 year experienced system integrator and applications developer in information technology field, is a partner of many international companies in USA and Europe. Today R.I.S.K. is more than 160 qualified professionals and five major activity directions: IT-consulting and system integration, applications development, geo-information systems, sales and service.