what are the key control mechanisms? cause im supposed to identify some of the key control mechanisms and describe how management can aooly them to aid in achieving organizational goals?
http://www.helium.com/items/1836592-the-role-of-control-mechanisms-in-business-management
thank you for the help i got the first half now how does they help managemetn can apply them to aid in achieving organizational goals?
Did you check the link at the bottom of the page?
http://www.helium.com/items/1836592-the-role-of-control-mechanisms-in-business-management
yes
Key control mechanisms in an organization are established to monitor, manage, and regulate various aspects of operations and activities. They help maintain internal control, minimize risks, and achieve organizational goals. Here are some common key control mechanisms:
1. Policies and Procedures: Organizations create specific policies and procedures to guide employees in performing tasks and making decisions in line with organizational goals. Management can apply them by regularly reviewing, updating, and communicating policies to ensure consistency and compliance across the organization.
2. Internal Auditing: Internal audit functions assess and evaluate the organization's processes, systems, and controls to identify weaknesses and potential risks. Management can use internal audit reports to implement corrective actions, improve controls, and mitigate risks.
3. Segregation of Duties: This control mechanism involves dividing key responsibilities and tasks among different individuals to prevent fraud or errors. Management can apply segregation of duties by clearly defining roles and responsibilities, ensuring no single person has excessive control or authority over a process.
4. Performance Management Systems: These systems set targets, monitor performance, provide feedback, and identify areas for improvement. Management can apply performance management systems by setting clear and measurable objectives, conducting regular performance reviews, and providing training or rewards to encourage high performance.
5. Budgetary Controls: Organizations use budgets to allocate resources, monitor expenditures, and evaluate performance against financial targets. Management can apply budgetary controls by developing an effective budgeting process, monitoring spending, and taking corrective actions when necessary.
6. Information Systems Controls: These controls ensure data integrity, confidentiality, availability, and reliability. Management can apply information systems controls through the implementation of secure system access controls, regular backups, encryption, and regular monitoring of system activities.
7. Risk Management: Organizations implement risk management processes to identify, assess, and mitigate risks that could impact the achievement of organizational goals. Management can apply risk management by conducting risk assessments, developing risk mitigation strategies, and monitoring the effectiveness of implemented controls.
To describe how management can apply these control mechanisms, discuss the specific measures management can take within each mechanism to align them with the organization's goals and objectives. For example, in the case of performance management systems, management can ensure goal alignment, provide necessary training and resources, and establish a culture of continuous improvement to aid in achieving organizational goals.