Risk Management is a human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk via using managerial resources. The National Audit Office of the United Kingdom describes the mission as follows: The main focus of private sector risk management is on maintaining and enhancing profitability. The following article presents different ways of dealing with risks and in short the circumstances and potential consequences.
In Germany a huge change in the accounting system is going on. Started with ideas and visions from the system of New public management one result is the orientation to the private used accrual accounting system. The article considers the main legislation and regulation for public administration in general and possible reasons for risk management and the sources to define risks in the public sector.
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