RISK MANAGEMENT IN PUBLIC ENTITIES – mandatory elements

Viorel Bulmez ()
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Viorel Bulmez: Athenaeum University, Bucharest, Romania

Internal Auditing and Risk Management, 2020, vol. 59, issue 3, 52-62

Abstract: In its historical dimension, risk is a young concept while being one of the few business terms with direct origins within the commercial and financial field, and not derived from the military, psychologically or scientifically vocabulary. A general response to the following question: †why is it necessary a risk management?†is induced by the observation which proves that in any organization, or field that this one takes action into exists uncertainties seen as threats in accomplishing the given objectives. Therefore, to implement functional politics of management of risk in the public entities it is necessary to follow some mandatory steps: Understanding the concept of risk by the management of the public entities; Awareness of internal and external factors of risk; Identification of risks which may negatively affect necessary activities for accomplishing the objectives of public entities; Evaluation and ranking of risks; Establishment and implementation of countermeasures of risks; and Periodic evaluation of risk’s level.

Keywords: public; sector; audits (search for similar items in EconPapers)
JEL-codes: J20 J28 J29 (search for similar items in EconPapers)
Date: 2020
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