Risk Management in the Public Institutions

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Risk management in public institutions certainly requires further examination, which would allow new theoretical concepts to be created as well as practical implementations in the operations of the public sector. If the activity of the public sector is based exclusively on the existing classic approach to public governance which promotes transparency, responsibility, and readiness to provide public services, it is by far insufficient to meet new challenges. Public administration of any country should have a risk management system applicable to all forms of state operations, which means that it is necessary, and not only advisable, to engage in networking based on all types of inter-institutional and/or inter-organizational interactions within the economy.