Appendix 4. Other Ministry Initiatives

Deregulation

In support of government's goal of reducing regulation and red tape, several initiatives and regulatory reviews have been completed and others are well underway.

During 2003/04, the Ministry of Finance reviewed and revised the Manufactured Home Act and Miscellaneous Registrations Act, 1992, as well as the related regulations, to streamline Registry processes by expanding electronic service delivery. The ministry updated the new Business Corporations Act, which will replace the outdated Company Act before the end of 2003/04. The new Act eliminates regulatory overlap, enhances efficiency, and provides greater flexibility for companies.

The ministry has undertaken a major deregulation project to consolidate three policy manuals for government-wide financial management and general administration into a single core policy manual, followed by the consolidation of financial procedures with the resulting core policy manual. By the end of 2003/04, the project will be complete.

Well underway are regulatory reviews that consider the regulatory burden imposed by statutes and regulations that regulate the province's financial services sector and real estate sector. During 2004/05, the ministry intends to complete the work necessary to allow for significant regulatory reductions in the Credit Union Incorporation Act and regulations, Financial Institutions Act and regulations, and the Real Estate Act and regulations. These reductions are expected to contribute to the ministry meeting its three-year deregulation target in 2004/05.

Beyond 2004/05, the ministry will continue to identify ways in which regulatory burden can be reduced, and will continue to be cognizant of the regulatory impact of all proposed changes to policies, legislation and regulations, to ensure that the ministry's three-year deregulation target is maintained.

Enterprise-wide Risk Management

The Ministry of Finance has begun to implement an Enterprise-wide Risk Management program designed to identify and manage key risks at the ministry, program and operational levels of the organization. Specifically, ERM is expected to provide the ministry with an improved:

• ability to recognize and manage key risks which can impact business performance
• allocation of resources based on the effectiveness of alternative strategies in bringing specific risks into balance with established risk tolerances
• accountability for program results
• stakeholder awareness of the potential risks and opportunities confronting the ministry.

The ministry also plays an important leadership role in the development and implementation of ERM within the provincial public sector. A number of organizations including the Ministry of Management Services have adopted the risk management framework and processes developed by the Ministry of Finance. The ministry's Risk Management core business area has also actively supported ERM through the selection and distribution of a risk management software application to all provincial public sector entities. The software application provides an integrated risk management solution supporting risk identification, analysis, treatment as well as ongoing monitoring at all levels of the organization.

These initiatives both internal and external to the ministry reflect our commitment to ERM as a valuable tool for continuous improvement and a best practice in both the public and private sectors.