Corporate Performance Systems Memo to Case Study

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Actions that warrant for boundary should be on a written document and be available to employees at all time. This system should also take care of verbal and nonverbal agreement of contract expenditure, and no cost approval beyond the budget unless being approved by senior management and financing unit

These boundaries must be revised on an annual basis and edited if necessary. When employees understand the core beliefs and boundary system, then they do not just worry about delivering the bottom line results. Instead, they will strive to deliver corporate objectives without crossing boundaries.

Diagnostic control system should also be employed into the company whereby, new processes and performance measurements must be developed for the following:

Unit occupancy rate: this strives to achieve economy of scale.

Internal auditing: There should be a team of internal auditor reporting to the accounting VP. This team must constantly review the transactions and ensuring the numbers are correct; also ensure that the controls in place and being followed to verify those numbers are correct. The Verago policies must be owned and controlled by the auditing team rather than HR.

Inspection: all the extra expenses around properties must be inspected and verified by an independent inspection team that would report directly to the head office auditing team.

The auditing team must be independent of the accounting team that is reporting the transactions and the inspectors must be independent of the property management team [ARC principal- Exhibit 2]

Lastly, there should be an Interactive control system - to learn from performance measurements. Management should engage in strategic uncertainty conversation. The debate should raise questions about customers, performance scorecard, suppliers and other relationships that the business could have. The communication needs to be open from top to bottom and bottom to top as well. The company can set up a generic email to receive feedback from employees.

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HR should be responsible for collecting these feedbacks and raise it to management attention. There should be quarterly meeting for all staff and GM and PM and VP of each property region to discuss what's working and what should be improved.

Exhibit 1

Verago SWOT Analysis

Strengths:

Canada's largest premier property management

Owned by EPP the Canada's largest pension fund

Strong relationship with suppliers and investors

Strong brand image

Cost advantage being a large competitor can drive the economy of scale

Screening tool to increase the chance of hiring individuals with high ethical value awareness

Weaknesses

Weak control system for Verago's operations

Lack of proper procedures and formal detailed guidelines for operational handlings

Inadequate communication of information

No adequate training program for new staff

Senior management appointment criteria

Opportunities:

Opportunity to get into new open concept office market

Leverage competency in exceptional customer service since the new open-office environment is booming

Can leverage other subsidiary group's service to gain competitive advantage. (Ie. Use EPP to enhance the employee's pension plan)

Threats:

Industry slow down due to environmental factors (SARS and Mad cow out break)

Environmental instability due rapid changes in the industry

Current payment authorization process:

Cheque requisitions to be signed by an authorized manager -> submitted to account payable for processing -> account payable to verify signature to the authorized signing lists> invoice go to the accounting department for final review

Exhibit 2

ARC principle for creating control at Verago Properties Group Inc.

An employee cannot perpetrate and conceal fraud or theft (and accidental errors will be reduced) if he or she does not have responsibility for more than one of:

1. Authorization of transactions: held by property management

2. Recording of transactions: being done by property accountant located at the head office

3. Custody of….....

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