scholarly journals RISK MANAGEMENT AS A PART OF THE INTERNAL SYSTEM OF FINANCIAL CONTROLS – PRACTICE IN THE PUBLIC SECTOR OF SERBIA

2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Milan Stamatović ◽  
Snežana Maksimović ◽  
Azra Sućeska
Keyword(s):  
Risk Management ◽  
Public Administration ◽  
Financial Management ◽  
Management Process ◽  
Business Reporting ◽  
Risk Management Process ◽  
The Republic ◽  
And Control ◽  
Laws And Regulations

The opting for the European integration process, the Republic of Serbia is obliged, through pre-accession negotiations, to ensure the construction of an effective financial management and control system. In this way, public administration reform is supported through an innovative approach to governance that implies efficiency, effectiveness, economy and transparency in the use of public funds, the creation of a management culture based on effective risk relief mechanisms and the prerequisites for achieving the set business goals. The aim of the paper is to look at the interaction of proactive risk management as a component of financial management and control, through the prism of setting goals and assessing risks related to those goals, within the categories related to business, reporting and compliance with laws and regulations. The initial phase of the research is the assessment of the current state of internal control mechanisms and the established risk management system based on the SAI audit reports and the Report on the established financial management and control of the Central Harmonization Unit of the Ministry of Finance of the Republic of Serbia. Research problems in empirical research are expressed by a series of questions to which selected respondents from the RS public administration gave answers, which relate to the component of risk assessment in achieving goals in relation to business, reporting and compliance with laws and regulations. To determine the measure of the connection between the formalization of the risk management process and the quality of goal and risk management, Spearman ‘s rank correlation was used as a measure of connection Result of the analysis provide guidance for overcoming key barriers and recommendations for improving the quality of management, through formalizing the risk management process, in order to achieve the set goals.

scholarly journals Financial Risk Management

2017 ◽  
Vol 22 (4) ◽  
pp. 276-280
Author(s):  
Soňa Jirásková
Keyword(s):  
Risk Management ◽  
Financial Management ◽  
Financial Risk ◽  
Slovak Republic ◽  
Management Process ◽  
Negative Consequences ◽  
Financial Risk Management ◽  
Risk Management Process

Abstract This paper analyses financial risk management at the Ministry of Defence of the Slovak Republic. In its first part, the author defines the basic terms related to risk management, explains the negative consequences of risks and points to the importance of financial risk management. The second part of the paper is concerned with the risk management process at the Ministry of Defence of the Slovak Republic relating to financial management.

scholarly journals Venturing to the Far Reaches

2005 ◽  
Vol 127 (09) ◽  
pp. 38-40
Author(s):  
Michael Stamatelatos
Keyword(s):  
Risk Management ◽  
Management Process ◽  
The People ◽  
Risk Management Process ◽  
Undesired Event ◽  
Project Risks ◽  
Probabilistic Risk Assessments ◽  
Frequency Probability ◽  
And Control ◽  
Technological Options

This article discusses that it is a testament to the hard work and ingenuity of the engineers working in the space program that such complicated systems get launched successfully. To the people who study it professionally, risk is the probability, or frequency (probability per unit time), and the consequence (severity) of an undesired event, and the uncertainties associated with the estimated probabilities and consequences. NASA has adopted a “continuous risk management” process for all its programs and projects. This process begins with the identification and analysis of program or project risks that impact success criteria. The risk management process continues with risk analysis, planning, tracking, and control. All unacceptable risks are dealt with before a project or program can proceed. Probabilistic risk assessments (PRA) are useful in every phase of a mission life cycle, not just at design or before launch. A PRA performed in the design phase can help identify the risks associated with systems and components and with technological options.

scholarly journals The Manager Competences for Risk Management in the Public Sector

2017 ◽  
Vol 23 (1) ◽  
pp. 393-398
Author(s):  
Ivana Nekvapilova ◽  
Jaromir Pitas
Keyword(s):  
Risk Management ◽  
Public Sector ◽  
Public Administration ◽  
Management Process ◽  
Moral Competence ◽  
The Czech Republic ◽  
The Public ◽  
Research Organizations ◽  
Risk Management Process ◽  
New Situation

Abstract Implementation of risk management to the public sector in the Czech Republic presents itself to the new situation managers associated with many difficulties. These are primarily the ability to identify risks in public administration and ensure the proper functioning of their management process. The article aims to show the specifics of public administration in relation to the identification and risk management process and depending on the help of analogies derived from the model of key competences of managers necessary to successfully manage the entire process. In accordance with the stated aim of the text is divided into two main parts. In the competency model, emphasis is placed on the so-called Soft skills with focus on explaining the growing importance of moral competence in the risk management process, which is often neglected. This article was written as a part of the research project Development of Social Skills of a Soldier (LEADER_DZRO_K104), funded by institutional support which is intended for the development of research organizations in the Ministry of Defence (DZRO K- 104) funded from.

scholarly journals The Role of Accounting Information in Risk Management in the Saudi Banks under Digital Services: Exploratory Study

2021 ◽  
pp. 11-21
Author(s):  
Dr. Ahmed Zakaria Zaki Osemy
Keyword(s):  
Risk Management ◽  
Significant Relationship ◽  
Strong Correlation ◽  
Exploratory Study ◽  
Accounting Information ◽  
Management Process ◽  
Digital Services ◽  
Risk Management Process

This research aims to determine the role of using useful accounting information in risk management in Saudi banks under digital services. This study is based on an exploratory study and desk study from the literature review. This study revealed that there is a statistically significant relationship between using useful accounting information in the risk management process in Saudi banks under digital services and achieving positive results in general. There is a positive and strong correlation, the value of which is 0.94. This study, also, revealed that there is a statistically significant relationship between using accounting information in risk management in the Saudi banks under digital services and reducing risks. There is a positive and strong correlation, the value of which is 0.80. In addition, the study revealed that there is a statistically significant relationship between using accounting information in risk management in the Saudi banks under digital services and avoiding risks. There is a positive and moderate correlation, the value of which is 0.66. Finally, the researcher recommends the necessity of using useful accounting information in the Saudi banks properly to improve the quality of risk management process more and more, especially under digital services.

Quality management tools as a factor of instrument-making enterprise development

2018 ◽  
Vol 35 (4) ◽  
pp. 54-61
Author(s):  
M. A. Menshikova ◽  
Y. V. Piunova
Keyword(s):  
Risk Management ◽  
Management Process ◽  
Negative Consequences ◽  
Enterprise Development ◽  
Management Tools ◽  
Instrument Making ◽  
Initial Information ◽  
Performance Targets ◽  
Risk Management Process

In the article the questions of formation of the analytical information for assessing the quality of the instrument-making enterprise. The indicators of quality, as well as the necessary initial information are given. The authors determined the importance of the procedure for determining and analyzing risks. The main stages of the risk management process are formulated. The necessity of identification of risks at all stages of the life cycle is established and the necessary measures to reduce the negative consequences of risk are developed. Defined performance targets QMS instrument - making enterprise.

Crowd Risks and Advanced Tools

2019 ◽  
Author(s):  
William O’Toole ◽  
Dr Stephen Luke ◽  
Travis Semmens ◽  
Dr Jason Brown ◽  
Andrew Tatrai
Keyword(s):  
Risk Management ◽  
Management Process ◽  
Operating Environment ◽  
Security Environment ◽  
Risk Management Process ◽  
Strategic Goals ◽  
And Control ◽  
The Impact ◽  
Monitor And Control

The objectives of organisations engaged with crowd situations are subject to serious threats that can disrupt and compromise their integrity and prevent desired outcomes. By employing a risk management process, organisations can identify and assess threats, vulnerabilities and weaknesses and also the likelihood and consequences to the security environment. Risk management involves identifying and assessing threats to the operating environment or strategic goals and prioritizing resources to minimise, monitor and control the impact of events (incidents).

Evolution of the public administration system. The Republic of Estonia

2020 ◽  
Vol 22 (4) ◽  
pp. 82-118
Author(s):  
YANA TOOM ◽  
◽  
VALENTINA V. KOMLEVA ◽  
Keyword(s):  
Public Administration ◽  
Administration System ◽  
The Public ◽  
Administrative Reforms ◽  
Social Sphere ◽  
External Threats ◽  
The Social ◽  
The Republic

The article studies the main stages and features of the evolution of the public administration system in the Republic of Estonia after 1992. This paper presents brief geographical and socio-economic characteristics that largely determine the development of the country’s public administration. The evolution of the institution of the presidency, executive, and legislative powers are considered. The role of parliament and mechanisms for coordinating the interests of different groups of the population for the development of the country is especially emphasized. The authors analyze the state and administrative reforms of recent years, which were aimed at improving the quality of services provided to the population, increasing the competitiveness of different parts of Estonia, as well as optimizing public spending and management structure. The introduction of digital technologies into the sphere of public administration, healthcare, education, and the social sphere is of a notable place. Such phenomena as e-residency, e-federation, and other digital projects are considered. The development of a digital system of interstate interaction between Estonia and Finland made it possible to create the world’s first e-federation, and the digitization of all strategically important information and its transfer to cloud storage speaks of the creation of the world’s first e-residency, a special residence of data outside the country’s borders to ensure digital continuity and statehood in the event of critical malfunctions or external threats.

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