Risk Management in Lithuania’s Public Sector: Starting Point, Current Situation and Future Perspectives

Danielius Kolisovas, Andrius Škarnulis

Abstract


Based on the analysis of the genesis and evolution of risk management process and its current application in the Lithuanian public sector entities, this article aims at identifying the level of implementation of the risk management framework in Lithuania’s public sector and assessing its potential to contribute to Lithuania’s public management in future. It concludes that, though the notion of risk management has entered the Lithuanian public sector, its incorporation into the overall internal public management control system has not reached (legally and practically) the sufficient level yet. The lack of positive attitude among public sector managers and administrators also prevails from employing and benefiting from risk management to its ultimate potential. However, it is very likely that due to ‘good practices’ acquired from private sector and especially regulated financial sector, risk management will be more appreciated by the public sector entities in future. It actually will take some time, which could better be spent on present improvement of public management. JEL classification: G3, K22, K23, M42. Keywords: risk management, risk management framework, internal control, internal control system, public sector, public management.

Keywords


risk management; risk management framework; internal control; internal control system; public sector; public management

Full Text:

PDF

Article Metrics

Metrics Loading ...

Metrics powered by PLOS ALM

Refbacks

  • There are currently no refbacks.




"Intellectual Economics" ISSN online 1822-8038 / ISSN print 1822-8011