Building Resilience in the Public Sector Through Risk Assessment, Activity-Based Budgeting and Performance Audit

George A. Georgiou ()
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George A. Georgiou: Ministry of Finance

Chapter Chapter 6 in The Role of the Public Sector in Building Social and Economic Resilience, 2024, pp 105-117 from Springer

Abstract: Abstract The rapid developments, resulting from globalization, energy crisis, technological progress and climate change, require a rapid adaptation of the public sector to these challenges and threats. Resilience of the public sector refers to the ability to survive, adapt, develop and provide its services in a such way to face various challenges with limited resources. Do more, better with less is the key message for decision and policy makers of public sector in an era of crisis and recession. In our analysis, we identified two main elements that affect resilience: risk perception and performance budgeting and audit. We consider risk as an opportunity for change while performance is the driving force of sound financial management. Following the identification and assessment of risks performance budgeting, resilience actions and operations could be rationalized to reduced uncertainties. The conceptual analysis aims to draw attention to important elements and techniques required to assess risks and maximize the added value of the public sector activities. A series of external factors and methodologies are examined to identify necessary future changes, risk management issues, innovation, assessment tools and challenges. Building resilience in the public sector through assessment of the risks and performance budgeting and audit are key elements of sound financial management and governance to ensure that public sector activities achieve the objectives and implement its operations in an efficient, effective and economic way keeping the high standards of quality and trust.

Keywords: Budgeting and performance audit; Risk assessment; Sound financial management; Resilience; Accountability; Innovation; Changes (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-67702-1_6

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DOI: 10.1007/978-3-031-67702-1_6

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