2004/05 - 2006/07 Service Plan -- Ministry of Finance

Objective	Strategy	Responsible Core Business Area
Objective	Strategy
Implement a risk-based approach to managing government resources	• Expand the mandate of government's self-insurance program to the broader public sector
	• Develop and implement a government-wide Enterprise Risk Management strategy
	• Develop risk-based management control recommendations for ministries and utilize post-payment reviews
	• Implement Enterprise Wide Risk Management to identify and manage key strategic ministry risks
Improve the government-wide accountability and responsibility framework for financial and procurement management	• Revise financial and procurement policy and procedures to ensure an effective management framework

Objective	Performance Measure	Base 2003/04	Target
Objective	Performance Measure	Base 2003/04	2004/05	2005/06	2006/07
Implement a risk-based approach to managing government resources	• Annual savings from self-insurance (five-year rolling average)	$32.1 Million	$35.4 Million	$43.2 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	$5.2 Million	$5.2 Million	$5.2 Million	$5.2 Million
	• Ministry implementation of Enterprise-wide Risk Management (Risk Management Maturity Model Rating — 5 point scale)	2	3	3	4
Improve the government-wide accountability and responsibility framework for financial and procurement management	• Stakeholders' satisfaction with the policy framework for financial and procurement management	N/A	Determine Baseline	Exceed Baseline Performance	Exceed Baseline Performance

Goal 3: Effective and efficient financial and risk management.