Finance and Credit
 

On budget risk management

Vol. 23, Iss. 40, OCTOBER 2017

Received: 12 September 2017

Received in revised form: 26 September 2017

Accepted: 10 October 2017

Available online: 27 October 2017

Subject Heading: FISCAL SYSTEM

JEL Classification: H11, H12, H61, H77

Pages: 2408–2419

https://doi.org/10.24891/fc.23.40.2408

Vasyunina M.L. Finance University under Government of Russian Federation, Moscow, Russian Federation vasyuninaml@mail.ru

Importance The subject of study is the budget risk management. The article deals with the concepts of risk management in the sphere of public finance.
Objectives The paper aims to develop a methodology and identify fiscal risk management tools and risk management areas in public finance.
Methods The analysis uses current theoretical approaches to risk management organization, taking into account the requirements of international standards.
Results The paper identifies tools for responding to budget risk, depending on the category and impact of risk. It formulates the prospects for the development of budgetary monitoring as a mechanism for assessing individual and systemic risk in the budget area.
Conclusions and Relevance The paper concludes about prospects for interdepartmental collaboration in the identification of budget risk and the development of measures to manage them. The results of the study can be used when formulating budget policies and establishing an effective budget risk management program.

Keywords: budget expenditures, budgetary risk, risk-management, monitoring, financial management

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