Reference no: EM134041463

Question

Designing a management control system (MCS) for ANZ (Australia and New Zealand Banking Group), the requirements are attached below:

When designing your MCS, teams must:

1. Identify the types of controls (i.e. results, action, personnel and cultural) that you would use for your organisation.

2. Provide specific examples of the types of controls that you identify for your MCS. For instance, a policy outlining employee behaviour in relation to minority groups. Clearly identify that the policy is an example of action control, specifically an action accountability control. Identify the purpose of the policy, identify three or four things the policy should include, indicate at whom or what the policy is directed and what the consequences for noncompliance may be.

3. Explicitly show how the controls you have designed meet the needs of the organisation and may address the issues or problems you identified in Part 1.

4. Briefly discuss the practical benefits and challenges of each control type.

5. Identify the real (i.e. not theoretical) direct and indirect costs that may be associated with your control.

6. Explain whether the controls are tight or loose and explain if the controls will be used in a tight or loose manner;

7. Explain whether you have included any existing controls that your organisation currently uses, in your MCS design and give reasons why.

8. Explicitly show how each of the different types of controls that you have designed complement each other to result in an effective MCS for your organisation.