Foreign experience in applying a risk-based approach in public sector organizations

Risk management is an important element of an organization's financial management. The application of the risk-based approach is regulated by the documents of international organizations, including INTOSAI, the IMF, and the OECD. The purpose of this article is to analyze foreign experience in applying a risk-based approach in public sector organizations, aimed at identifying the best risk assessment approaches for domestic public sector organizations, and the possibility of reducing them in the risk management process. The results of the study consist in the formation of recommendations based on foreign experience on improving the application of a risk-based approach in public sector organizations of the Russian Federation and integrating foreign experience into the assessment of budgetary risks.