Hello, fellow researchers and professionals in the field.
I'm carrying out a study on risk management in Brazilian federal authorities and we know that it's a complex process in public administration, which still doesn't have a strong and consolidated culture on the subject, and I'd like to know what the best practices and methodologies are that are currently being applied. How can strategic risk management be implemented to mitigate the problems faced by federal authorities? Which frameworks or standards are most commonly used? In addition, I would like to understand how municipalities are dealing with the risk culture within their organizations and what challenges they have faced in implementing effective risk management. Thanks in advance for any insight or references you can share!
I hope that this experience will help to your research dear Frederico de Souza
RISK ASSESSMENT AT GOVERNMENT INFORMATION UNIT
"Risk Management is becoming a major topic for both the public and private sector organizations. I recently discussed the result of a risk study conducted by EY consulting firm located in the United Kingdom (UK). Recently, the Local Government Information Unit (LGIU), in conjunction with Browne Jacobson, and ALARM published a report “Navigating risk in local government: challenge, change and capacity”...
The findings indicate that while risk management is being recognized as needing a holistic organizational approach, there are problems. First among them is the need for risk managers to realize that the scope of their work is changing.
“Traditionally risk management, in the corporate as well as government sectors, focused largely on financial, operational and legal risks. In the modern, evolving risk landscape the scope of risk has expanded.” (1) The additional risks that must be considered are:
- Cybersecurity
- Climate and environmental risks
- Public Health
- Social and economic risks
- Reputation...
Risk management must be embedded within local authorities’ organizational structure and culture. Effective risk management is an essential part of everyday work including councils’ operational and strategic planning processes..."
https://insights.cermacademy.com/466-risk-assessment-at-government-information-unit-james-kline-ph-d-cerm/
Toward Business Integrity Modeling and Analysis Framework for Risk Measurement and Analysis
"Financialization has contributed to economic growth but has caused scandals, misselling, rogue trading, tax evasion, and market speculation. To a certain extent, it has also created problems in social and economic instability. It is an important aspect of Enterprise Security, Privacy, and Risk (ESPR), particularly in risk research and analysis. In order to minimize the damaging impacts caused by the lack of regulatory compliance, governance, ethical responsibilities, and trust, we propose a Business Integrity Modeling and Analysis (BIMA) framework to unify business integrity with performance using big data predictive analytics and business intelligence. Comprehensive services include modeling risk and asset prices, and consequently, aligning them with business strategies, making our services, according to market trend analysis, both transparent and fair. The BIMA framework uses Monte Carlo simulation, the Black–Scholes–Merton model, and the Heston model for performing financial, operational, and liquidity risk analysis and present outputs in the form of analytics and visualization. Our results and analysis demonstrate supplier bankruptcy modeling, risk pricing, high-frequency pricing simulations, London Interbank Offered Rate (LIBOR) rate simulation, and speculation detection results to provide a variety of critical risk analysis. Our approaches to tackle problems caused by financial services and the operational risk clearly demonstrate that the BIMA framework, as the outputs of our data analytics research, can effectively combine integrity and risk analysis together with overall business performance and can contribute to operational risk research."
https://www.researchgate.net/publication/341127544_Toward_Business_Integrity_Modeling_and_Analysis_Framework_for_Risk_Measurement_and_Analysis