Risk Analysis and Risk Management in the Public Sector and in Public Auditing

Domokos, László, Nyéki, Melinda, Jakovác, Katalin, Németh, Erzsébet and Hatvani, Csaba (2015) Risk Analysis and Risk Management in the Public Sector and in Public Auditing. Public Finance Quarterly = Pénzügyi Szemle, 60 (1). pp. 7-28.

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The significance of organisational risk management has grown ostensibly during recent decades, and this is true regarding for-profit organisations and public entities alike. There are, however, unique traits that characterise risk analysis and risk management as applied in the public sector, both in terms of areas of application and execution. Being mandatory is the foremost feature of risk management as applied in the public sector, with efforts to minimise risk, and the promotion of compliant operation and financial ma-nagement serving as the goal. A conclusion that can be drawn from the State Audit Office’s audit and research experience is that even though internal controls are usually developed for risk management in organisations belonging to the central and local government subsystems of public finances, the conscious management of risks is not implemented. Organisations are yet in the learning phase of how to integrate risk management with organisational operations.

Item Type:Article
Uncontrolled Keywords:organisational risk, risk analysis, risk management, organisational integrity, Supreme Audit Institution
JEL classification:D81 - Information, Knowledge, and Uncertainty: Criteria for Decision-Making under Risk and Uncertainty
D83 - Information, Knowledge, and Uncertainty: Search - Learning - Information and Knowledge - Communication - Belief
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G38 - Corporate Finance and Governance: Government Policy and Regulation
H83 - Public Administration; Public Sector Accounting and Audits
ID Code:8849
Deposited By: Alexa Horváth
Deposited On:18 Sep 2023 08:52
Last Modified:18 Sep 2023 08:52

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