Risk Assessment Methodology in Public Financial Institutions

Abstract

This chapter classifies the risk and fundamental elements necessary to manage it. It presents the individual stages of the procedure and standards of conduct in risk management. In accordance with the EU accession agreement, Poland has developed and implemented a system of financial management and control standards in public finance sector units. This chapter presents the risk assessment tools that can be customized to the needs of a specific organization, including public sector entities. Information about how to manage risk in each EU country are made available because of the desire to show the stability and proper monitoring of the risks in order to fulfil the given tasks. This affects the perception of stability in the country, which has a direct impact on the economic effects.