RISK MANAGEMENT IN PUBLIC INSTITUTIONS

Abstract

Any activity that legal entities engage in is always at risk. "Risk management involves understanding, analyzing and eliminating risks to ensure that organizations achieve their goals. Therefore, it should be proportional to the complexity and type of organization" [1]. Risk management is a powerful tool for increasing the efficiency of both commercial organizations and public sector organizations. While risk management is far from a new phenomenon in the commercial sector, it is at a stage of development in the public sector.