Management Control System
What is a Management Control System?
A management control system is:
- A way managers can document their organization's objectives
- A way managers can document their organizational strategies or policies
- A way to assess the performance of internal corporate processes
- A way to show performance in relation to declared objectives and policies
This indication provides managers with the knowledge they need to take decisions and corrective actions where necessary in their organization, and this translates to management control.
Objective Controls is a management control system (MCS) that can be accessed by any browser. It gives managers:
- More corporate control
- An evaluation of operational performance
- A way to keep their organization on track towards its objectives
- Effective management of risks and internal controls
- Strategic information based on internal control monitoring
- Proof of executive accountability
How Objective Controls Operates as a Management Control System
Objective Controls provides performance and risk information through the specification of strategic objectives, their associated risks and detailed internal control definitions and in doing so, gives managers a powerful tool for controlling their organization.
It does this by integrating the following components:
Strategic Objective ManagementClear documentation of the strategic goals you have set for your organization, including mapping to risks.
See Strategic Objectives.
Risk ManagementSpecification of risks, their characteristics and controls for mitigation and their mapping to strategic objectives.
See Risk Management.
Internal Control ManagementDefinition of processes that will ensure the correct execution of other processes, their possible outcome and their significance to the mitigation of risks.
See Internal Control Management.
Monitoring of Internal ControlsPlanning and scheduling of internal control monitoring tasks, allocation of monitoring tasks to workers, provision of monitored resources and recording of findings.
Management ReportingClear and simple display of critical information to management in the form of graph and summary reports.
The result is a platform for management that give managers:
- Insight into the validity of corporate processes in relation to their procedures
- Better control of their organization
- A view of how the organization is working towards its declared objectives
- Proof of executive and management accountability
See the Objective Controls Overview.