Goals, Objectives, Strategies, Core Business Areas and Performance
Measures — Continued
Goal 3: Effective and efficient financial and risk management
Objective
Strategy
Responsible Core Business Area
Implement a risk-based
approach to managing government resources
• Expand the mandate
of the government’s self-insurance program to the broader
public sector
• Develop and implement risk management strategies
for government including:
— Enterprise Wide Risk Management and related Internal
Audit frameworks
— Post-payment reviews
Improve the government-wide
responsibility and accountability framework for financial
management
• Revise management policy manuals and consolidate
in an electronic form
• Establish effective procurement governance
• Establish a new Auditor General Act
Objective
Performance
Measure
Base
2002/03
Target
2003/04
2004/05
2005/06
Implement a risk-based
approach to managing government resources
• Annual savings from self-insurance
(5 year rolling average)
$30.1
Million
$32.1
Million
$35.4
Million
$43.2
Million
• Potential average annual
benefits realized from utilizing a risk-based approach for
post-payment monitoring of expenditures and by management
implementing Internal Audit and Advisory Services recommendations
$5.7
Million
$5.2
Million
$5.2
Million
$5.2
Million
Improve the government-wide
responsibility and accountability framework for financial
management
• Stakeholders’ satisfaction
with the policy framework for financial management
