Risk Management in Public Sector

  • Credits: 6
  • Ending: Examination
  • Range: 2P + 2C
  • Semester: winter
  • Year: 1
  • Faculty of Economics and Finance

Teachers

Included in study programs

Management of Public Policies

Teaching results

After studying this module, students should be able to:
Knowledge:
- understand the risk management process
- understand the tools for risk identification, risk analysis and risk quantification, their pros, cons and applicability
Competences:
- identify specific risks in public sector
- identify appropriate tools for managing specific risks in the public sector
Skills:
- implement risk management and adopt strategies and solutions for different types of risks
- formulate and justify findings to stakeholders

Indicative content

The main aim of the course is to give students theoretical knowledge and practical examples in the field of risk management. Risk management should be an integral part of any public policy. During the course, theoretical foundations and processes of risk management is complemented with the information on the specifics of risk management in the public sector.

Support literature

DRENNAN, L. T. Risk and Crisis Management in the Public Sector. Routledge, 2014.
YOUNG, P. - FONE, M.. Public Sector Risk Management. Elsevier, 2001.
TICHÝ, M. Ovládání rizika. Analýza a management. Praha: C. H. Beck, 2006.
BROKEŠOVÁ, Z. - PASTORÁKOVÁ, E. - ONDRUŠKA, T. Determinants of insurance industry development in transition economies: empirical analysis of Visegrad group data. In Geneva papers on risk and insurance: Issue and practice, 2014, vol. 39, pp. 471-492.
PASTORÁKOVÁ, E. - BROKEŠOVÁ, Z. - PÉLIOVÁ, J. Proaktívny prístup k tvorbe súkromných dôchodkových úspor: kľúčové determinanty. Politická ekonomie, 2017, roč. 65, č. 6, s. 709-727.
CUPÁK, A. - KOLEV, G. I. - BROKEŠOVÁ, Z. Financial Literacy and Voluntary Savings for Retirement: Novel Causal Evidence. The European Journal of Finance, 2019, no. 16, pp. 1606-1625.
BROKEŠOVÁ, Z. - DECK, C. - PÉLIOVÁ, J. Comparing a risky choice in the field and across lab procedures. Journal of Economic Psychology, August 2017, vol. 61, pp. 203-212.
PASTORÁKOVÁ, E. - JANÍKOVÁ, T. - BROKEŠOVÁ, Z. - ONDRUŠKA, T. Rodové rozdiely vo finančnom rozhodovaní v oblasti životného poistenia na Slovensku. Ekonomický časopis, 2013, roč. 61, č. 1, s. 82-100.

Syllabus

1. Introduction to risk management in the public sector 2. Basic framework and characteristics of the risk management system 3. Risk management process 4. International ISO standards of risk management 5. Enterprise risk management in the public sector 6. Methods and techniques in risk identification, the impact of cognitive biases and conflicts of interest on risk identification 7. Methods and techniques of risk analysis 8. Methods and techniques of risk quantification 9. Risk decision-making strategies, risk appetite 10. Monitoring and control in risk management 11. Reporting in risk management and reporting for stakeholders 12. Specifics of risk management in the public sector 13. Case study of risk management in the public sector

Requirements to complete the course

20% seminar assignments and case studies, 10% mid-term test, 10% team assignments, 60% written exam

Date of approval: 10.02.2023

Date of the latest change: 06.04.2021