Management Control: A Risk-Based Approach
This topic covers several concepts relating to financial management in the public sector, and focuses on a risk-based approach to management controls. Students learn about the frameworks and processes for management control and are introduced to a number of concepts related to the identification and management of risks. This topic deals with the key policies and procedures in place to respond to management issues, and to help ensure appropriate financial management.
Topic Learning Outcome: Students who have mastered this topic will understand the importance of risk identification and management in public management, and will be aware of the frameworks and processes that exist for management control. Students will also be able to define the following core concepts.
Core Concepts Associated with this Topic: Due Diligence, Risk Identification, Risk Management, Accounting Controls, Financial Management, Management Practices and Controls
Graham, Andrew. Canadian Public Sector Financial Management. Kingston: McGill-Queen’s University Press, 2014 (2nd Edition) or 2007 (1st Edition). Ch. 8.
Sample Assessment Questions
1.) What is risk management, and why is it an important concept in public management?
2.) Why is managerial control an important topic in the field of public administration? What types of problems are management control processes designed to prevent or address?
3.) What are some of the key policies and procedures that exist in Canada to respond to management issues and help ensure effective and appropriate financial management?
Page Created By: Katherine Valiquette, 20 March 2015; edited by Ben Eisen.