Risk Management in the Public Sector: A Comparative Analysis of Central Government Settings in France, Germany, and Italy

Léonard Gourbier, Silvia Iacuzzi, Emanuele Padovani and Iris Saliterer
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Léonard Gourbier: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: In recent years, public organizations have come under increasing pressure to implement comprehensive risk management (RM) systems that are based on international frameworks and standards. However, little is known about whether different countries have addressed this issue in their regulatory strategies and how they have done so. To address this gap, this study conducts a cross-country analysis and introduces and applies an analytical framework to compare the different RM approaches adopted by the central governments of France, Germany, and Italy. This comparison sheds light on the regulatory landscape in the three largest countries in the European Union and reveals the diverse RM frameworks with varying focuses, drivers, designs, and levels of integration. Although each country has unique nuances in its approaches, commonality is the primary perception of risk as a threat. This stance, although understandable in the context of financial risks, calls for a shift toward viewing risk as an opportunity, thus promoting a balanced approach that goes beyond mere compliance.

Keywords: central government; internal control; public sector; regulatory framework; risk management (search for similar items in EconPapers)
Date: 2024
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Published in Financial Accountability & Management, 2024

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04820762

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