scholarly journals Financial management and control: A new management concept in the context of the Serbian public sector

2020 ◽  
Vol 17 (3) ◽  
pp. 47-64
Author(s):  
Snežana Maksimović ◽  
Arben Lunjić ◽  
Danijela Parojčić
Keyword(s):  
Internal Control ◽  
Financial Management ◽  
Business Processes ◽  
Integrated Management ◽  
Management Systems ◽  
Optimum Level ◽  
Control Mechanisms ◽  
Management Concepts ◽  
Fast Processing ◽  
And Control

Bearing in mind the legislation that sets out the principles of sound financial management, a good understanding of the internal control mechanisms and how they work in practice is necessary. The established level of financial management and control among users of public funds is of unequal quality and has not sufficiently contributed to reducing weaknesses in internal control and raising management responsibility to the optimum level. In order to implement modern management concepts, public companies have to have large access to internal control mechanisms or "tools" to assist in management.Integrated management systems with their modern process approach in business organization and comprehensive and fast processing of information on business changes can significantly contribute to the quality of business control. Research on this issue is based on the fact that the introduction of control standards increases the orderliness and documentation of the system, which significantly contributes to the control of business processes. The aim of this paper is to show that the mutual interdependence of integrated management systems through the overall organization structure with the system of financial management and control, as their final outcome, ensure financial integrity and compliance with policies and procedures and promote effective management processes.

Applying the process approach in setting up the system of internal control in economic entities

2021 ◽  
Vol 20 (12) ◽  
pp. 2313-2323
Author(s):  
Zhanna A. KEVORKOVA ◽  
Natal'ya G. SAPOZHNIKOVA
Keyword(s):  
Control System ◽  
Internal Control ◽  
Business Processes ◽  
Risk Identification ◽  
Process Approach ◽  
Control Practice ◽  
Economic Entity ◽  
Internal Control System ◽  
Theoretical Generalization ◽  
And Control

Subject. The article addresses the organization and implementation of process approach when setting up a system of internal control of an economic entity, which ensures the management of effectiveness of divisions’ activities. Objectives. We aim at investigating the organization of the internal control system of an economic entity, based on its activities, accounting policies, classification of business processes, and risk identification. Methods. The study rests on methods of theoretical generalization, structural grouping, logical analysis, as well as the analysis of scientific and practical literature and accounting and control practice. Results. The analysis of practices revealed a number of problems in the implementation of the process approach in the accounting and control activities of economic entities, in particular, insufficient understanding and unpreparedness of management to implement the process approach, the lack of a system for regulating business processes, the lack of interconnection between the system of control indicators and the created business processes. It is advisable to divide the process of organizing the internal control system into a number of stages, i.e. the definition of activities, typology of business processes, risk identification, testing the internal control system’s quality. Conclusions. The introduction of the process approach in organizing an internal control system involves the systematization of information, depending on the nature of the business process, requiring permanent updating. The emergence of non-standard situations makes it necessary to adjust the boundaries of business processes. The resources of accounting business processes are personnel, software, equipment, and other infrastructure elements.

The Executive Support System of Ontario, Canada

2005 ◽  
Vol 1933 (1) ◽  
pp. 26-34
Author(s):  
Joseph A. Guerre ◽  
William E. Robert ◽  
Alison Bradbury ◽  
Michael Goodale
Keyword(s):  
Support System ◽  
Asset Management ◽  
System Integration ◽  
Network Performance ◽  
Business Processes ◽  
Functional Class ◽  
Management Systems ◽  
Analysis Tool ◽  
Bridge Management ◽  
Management Concepts

The Ministry of Transportation of Ontario (MTO), Canada, is currently implementing an asset management business framework (AMBF). The AMBF provides the ministry with an ambitious blueprint for incorporating asset management concepts into its existing business processes. A key component in the AMBF is the ability to integrate results from the ministry's existing management systems. In support of the AMBF, MTO has developed a prototype executive support system (ESS). The ESS is a what-if analysis tool that predicts network performance over time using data from the ministry's pavement and bridge management systems. It enables decision makers to evaluate the relationship between performance and budget and to view results by region, corridor, or functional class. This paper presents the analytical approach used to develop the ESS and describes how it was implemented by MTO. The ESS uses a candidate-based approach to system integration, which enables the integration of any management system capable of generating work candidates and estimating their impact on a defined set of performance measures. The ESS brings together data from these systems and performs an additional level of cross-asset economic optimizations, taking into account user-defined operating assumptions. Although much work has recently been done on the integration of pavement and bridge systems, the objective of this paper is to present a practical example implemented by MTO.

scholarly journals The Council of Europe and Control System in Local Self-Government of the Slovak Republic

2016 ◽  
Vol 16 (1) ◽  
pp. 143-152
Author(s):  
Katarína Baničová
Keyword(s):  
Control System ◽  
Internal Control ◽  
Financial Management ◽  
Slovak Republic ◽  
Public Investment ◽  
Control Activity ◽  
The Public ◽  
The Individual ◽  
And Function ◽  
And Control

Summary The control system of the public administration of the Slovak Republic is regulated by several laws, on top of which stands the very Constitution of the Slovak Republic. The control activity is carried out by the authorities that are delegated to carry out checks directly from the Act, whose objective is to determine the objective status of the facts, and the management of financial management and other means of public investment. The main objective of the article was to analyze and present effectivity and function of internal control system in the individual municipality size categories in the Slovak Republic

scholarly journals Progress towards development and adoption of integrated management systems against flystrike and lice in sheep

1999 ◽  
pp. 37-42 ◽  
Author(s):  
D.J.W. Cole ◽  
A.C.G. Heath
Keyword(s):  
Biological Control ◽  
New Zealand ◽  
Integrated Management ◽  
Holistic Approach ◽  
Management Systems ◽  
Healthy Sheep ◽  
Set Up ◽  
The Cost ◽  
Farming Industry ◽  
And Control

Ectoparasites of sheep, principally blowflies and lice, cost the New Zealand farming industry an estimated $60 million each year. This figure includes the cost of chemicals and labour used to treat or prevent flystrike and lice, together with the lost production. An Integrated Pest Management (IPM) trial project involving four groups of farmers (overall total 15) in four regions of New Zealand has been set up with the aim of adopting a holistic approach to managing these parasites and already early benefits have accrued to the farmers involved. Procedures were set up to reduce insecticide residues in wool by using techniques such as jetting which apply less chemical to the sheep but target it more appropriately and maintain or improve protection against flystrike and control of lice. As a consequence, savings in chemical and labour costs have been made. On two farms in particular, savings on these items ranged from $578 (27% reduction) on a property with 2000 Corriedale ewes to $3608 (52% reduction) on the other property with 8000 Romney ewes. An understanding that clean, healthy sheep, free of nematodes and dags, are less susceptible to flystrike and lice has also assisted in controlling the diseases. This paper also discusses the potential for biological control against blowfly populations, with large fly traps, sterilising baits and parasitoid wasps all being investigated. Research continues on specialist pastures such as birdsfoot trefoil (Lotus corniculatus) and sulla (Hedysarum coronarium) to evaluate the practicalities of incorporating their use in management systems for both nematode and flystrike control. Keywords: biological control, blowflies, flystrike, insecticides, IPM, lice, pasture varieties, sheep

scholarly journals Quality Management Systems That Serve the Subsea Oil & Gas Industries:

2016 ◽  
Vol 1 (3) ◽  
Author(s):  
Vincent O'Donnell
Keyword(s):  
Quality Management ◽  
Management System ◽  
Business Processes ◽  
Oil And Gas ◽  
Quality Management System ◽  
Integrated Management ◽  
Iso 9001 ◽  
Management Systems ◽  
Quality Management Systems ◽  
Integrated Management System

This research project was to investigate the motives for gaining an ISO 9001 certified quality management system in companies that serve the subsea sector of the oil and gas industries: is certification a strategic business tool or just a marketing badge? A literature review revealed that if implemented rigorously, ISO 9001 could deliver increased efficiency and improved business processes. Many authors stated that certification was gained principally to allow trading in the European and global markets, and, to gain entry to the Approved Vendors List of prospective customers. Primary research consisting of interviews with approximately 55 professionals across 12organisationsindicated that a majority agreed, stating that certification was gained for marketing purposes or to satisfy customer requirements. However many went on to say that their companies had subsequently realized the full benefits of ISO 9001. Therefore the motives for certification could be aligned. Secondary research also revealed that a number of firms operated an integrated management system. Findings of this project point to two conclusions. First, if ISO 9001 is implemented rigorously enough, companies can realize its benefits despite alternative reasons for gaining certification. Second, both motives for gaining certification can be aligned. This is a significant that is absent in the literature. All of the companies operating in this industry that were researched in this study had an ISO 9001 certified QMS. Because of the absence of publications on the use of ISO 9001 in the subsea sector of the oil and gas industries, further research into the possible alignment of the motives investigated in this project is warranted, and recommended. Additional areas for further research include integrated management systems rather than ISO 9001 quality management systems and limiting the scope of analysis to a current single subsea project, such as the Gorgon Project (Hatch 2013).

scholarly journals Analysis and diagnostics of business risks of the company: forecasting and control of probability of bankruptcy

2020 ◽  
Vol 7 (4) ◽  
pp. 91-95
Author(s):  
Nataliya Kazakova ◽  
Marina Bobkova
Keyword(s):  
Internal Control ◽  
Business Processes ◽  
Internal Audit ◽  
Business Continuity ◽  
Financial Risks ◽  
Computer Environment ◽  
Probability Of Bankruptcy ◽  
And Control ◽  
Solvency Assessment ◽  
Analytical Tools

The article discusses the author’s methodology and analytical tools for assessing business risks and forecasting the business continuity (probability of bankruptcy) of companies with the possibility of its implementation in a computer environment. The proposed methodology consists of four stages: assessment of financial results; solvency assessment; identification, calculation and assessment of financial risks of the company's business continuity; forecasting changes in the level of risk of business continuity using the developed calculator for calculating risk factors indicators. This technique is recommended for use in audit and consulting activities to assess the continuity of the audited companies, to justify the choice of borrowing companies, bidders and traders, as well as in internal audit systems, internal control, financial control of business processes.

Creating a resilient management system delivering a flexible foundation for growth in an energy organisation

2017 ◽  
Vol 57 (2) ◽  
pp. 393
Author(s):  
Sunny Barlow
Keyword(s):  
Management System ◽  
Business Processes ◽  
Oil And Gas ◽  
Integrated Management ◽  
Integrated Control ◽  
Management Systems ◽  
Management Approach ◽  
Strategic Objectives ◽  
Integrated Management System ◽  
Industry Standards

Many organisations find it challenging to effectively integrate separate internal management systems and processes into one cohesive framework that supports organisational strategy. A management system is a framework of policies, processes and procedures developed to ensure an organisation can complete the tasks necessary to achieve its strategic objectives. International and industry standards typically take a functional view of management systems, often resulting in silos of information. In addition, inefficient and isolated safety, environmental, process safety, risk, compliance and quality management systems cost time and money, and can increase the likelihood of safety incidents in critical development and production environments. To support Woodside’s vision to be a global leader in upstream oil and gas, Woodside needed to establish a common approach to how it operates, wherever the location, and develop a strong foundation to support its strategic objectives. Woodside recently undertook an internally led company-wide project to renew its Woodside Management System (WMS) to improve integration between disparate functionally based management systems and capture the way we work more effectively. As part of the project, Woodside took the opportunity to redesign its WMS framework and streamline its processes and procedures by simplifying and removing duplicate or redundant existing information. Through the project, Woodside developed a single integrated management system that is independent of organisational structure and closely linked to our vision. The integrated control framework created within the WMS supports conformance to process and forms the foundation of assurance activities across the entire company. The WMS integrates a hierarchy of business processes, focused upon value stream activities, and clearly defines operational processes and activities. This paper discusses the objectives and outcomes of the project, some challenges during implementation and the change management approach to develop the culture and behaviours to drive continuous improvement and unlock the benefits of an integrated management system.

Integrated Management Systems and Information Management Systems

2016 ◽  
pp. 195-214 ◽  
Author(s):  
Maria Gianni ◽  
Katerina Gotzamani
Keyword(s):  
Information Technology ◽  
Information Systems ◽  
Literature Review ◽  
Information Management ◽  
Business Processes ◽  
Integrated Management ◽  
Management Systems ◽  
Integrated Management System ◽  
Management Standards ◽  
Information Management Systems

Information systems collect and disseminate information within organizations based on information technology, while management systems formalize business processes following the standards requirements. Since management standards proliferate, their integrated adoption into a holistic overarching system has emerged as an effective and efficient approach. In this context, this chapter aims to explore the potential synergies among information management and integration. Firstly, a focused literature review is conducted and survey data on the relevant standards evolution are processed in order to provide the information and management practitioners with a clear and oriented depiction of the available norms and their adoption possibilities. Furthermore, a framework is proposed consolidating management sub-systems into an integrated structure including information management and supported by information systems. Finally, the concept of internalization of management systems standards is understood in association with information and knowledge diffusion within an integrated management system.

scholarly journals Integrated Management System and Corporate Risk Management

TEM Journal ◽  
2021 ◽  
pp. 1686-1693
Author(s):  
Naqib Daneshjo ◽  
Peter Malega ◽  
Jakub Kóňa ◽  
Barbara Barilová
Keyword(s):  
Production Efficiency ◽  
Business Processes ◽  
Integrated Management ◽  
Integrated System ◽  
Management Systems ◽  
Increase Production Efficiency ◽  
Corporate Risk Management ◽  
Main Motive ◽  
Definition Of ◽  
Integration Of Management Systems

The main motive for the integration of management systems should be to increase production efficiency by reducing losses due to overlapping resources of individual management systems running in parallel. In addition, by integrating, organisations can ensure the definition of unambiguous responsibilities and prevent problems at process interfaces as well as conflicting goals of individual management systems. The integration of management systems into one comprehensive and the implementation of an integrated system into the overall management of the organization would help to more effectively manage the risks associated with their business processes, resources and thus ensure prevention of these risks.

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