The Specifics of Risk Management Systems and Improvement Opportunities in the Context of Activities by Public Governance Institutions

Abstract

The article examines the phenomenon of risk management in the context of the activities by public governance systems. The relevance of this phenomenon is driven by the highly dynamic macro-environment of the 21-st century, including the COVID-19 pandemic, refugee crises, various natural disasters, and other social upheavals faced by public sector institutions. In this review-type article, the specificity of risk management in public governance institutions is analyzed on highlighting challenges at the meta, macro, micro, and nano levels, and attempting to propose solutions of various kinds. The phenomenon of risk management systems is also explored in the context of public governance modernization reforms, with a particular emphasis on the stage of new public management by highlighting its key features and implications for risk management. The article raises discussions about the importance of risk management systems and their opportunities for improvement.