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

Author

Listed:
  • Domokos, László
  • Nyéki, Melinda
  • Jakovác, Katalin
  • Németh, Erzsébet
  • Hatvani, Csaba

Abstract

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.

Suggested Citation

  • Domokos, László & Nyéki, Melinda & Jakovác, Katalin & Németh, Erzsébet & Hatvani, Csaba, 2015. "Risk Analysis and Risk Management in the Public Sector and in Public Auditing," Public Finance Quarterly, Corvinus University of Budapest, vol. 60(1), pages 7-28.
    • Handle: RePEc:pfq:journl:v:60:y:2015:i:1:p:7-28
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    File URL: https://unipub.lib.uni-corvinus.hu/8849/
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    Citations

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    Cited by:

    1. Monia Castellini & Vincenzo Riso, 2020. "Risk Management and Management Control System, a close relationship in process: Isomorphism in the Italian Municipalities," Working Papers 2020039, University of Ferrara, Department of Economics.
    2. Tankiso Moloi, 2018. "Analysing the human capital capabilities in the enterprise risk management function of South Africa’s public institutions," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 375-388, April.
    3. Hegedűs, Szilárd & Lentner, Csaba & Molnár, Petronella, 2019. "Past and Future: New Ways in Municipal (Property) Management after Debt Consolidation — In Focus: Towns with County Rights," Public Finance Quarterly, Corvinus University of Budapest, vol. 64(1), pages 51-71.
    4. Monia Castellini & Caterina Ferrario & Vincenzo Riso, 2021. "From New Public Management to Public Risk Management: An overview of Italian municipalities," Working Papers 20210310, University of Ferrara, Department of Economics.

    More about this item

    Keywords

    organisational risk; risk analysis; risk management; organisational integrity; Supreme Audit Institution;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration

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