Risk-based internal control in the financial management system

The article deals with such concepts as financial management and internal control based on risk identification. The main elements of financial control are defined. Risk assessment is the basis for conducting an audit. The main types of risks are considered. The main stages of risk identification based on the risk-based approach are analyzed. The paper presents input data for risk monitoring and control, tools, and projected results. Risk response planning includes 2 main activities: determining the risk response strategy to be applied, and creating a plan for implementing the strategy.