Abstract
The article arouses interest among managers and scientists who deal with the problems of internal control and risk management. The study is aimed at managers who require clarification of the nature of risk-based internal control. The regulation of the system of state internal financial control. The prerequisites for its formation are analyzed and the main elements are characterized. The article reveals the tendencies and vector of development of internal control and risk management in the Ministry of Defense of Ukraine and the Armed Forces of Ukraine in the context of the implementation of the tasks assigned to the Ministry of Defense and the Armed Forces of Ukraine. The main attention in the article is paid to the analysis of the guiding documents regulating the issues of internal control and risk management and their relationship with the documents of defense planning. A retrospective review of the development of risk-oriented internal control was carried out. The research used methods of analysis, synthesis, and systems approach. The number of normative legal acts and other documents have been determined that directly regulate the issues of internal control. The main national standards of risk management have been determined, the publication of which has become an essential step in the development of risk management. The elements of the internal control system are revealed and their brief description is provided. A certain algorithm and procedure for the development of organizational documents on internal control issues in the institution.
Highlights
Risk management is being introduced in the Ministry of Defense of Ukraine and the Armed Forces of Ukraine as an element of the organization's internal control
The following organizations deal with risk management issues: Association of Insurance & Risk Managers (AIRMIC); American Risk & Insurance Association (ARIA); Federation of European Risk Management Associations (FERMA); Global Association of Risk Professionals (GAPR); International Federation of Risk and Insurance Management Associations (IFIRMA); International Organization for Standardization (ISO); Institute of Risk Management (IRM); Risk Management Institution of Australia (RMIA); Professional Risk Manager’s International Association (PRMIA); Public Risk Management Association (PRIMA) et al First of all, the new system of internal control does not cancel the existing mechanisms and methods of control, but only supplements it with a modern instrument called risk management
No internal control system is able to provide a complete guarantee that errors, deviations or unwanted consequences will not occur in the activities of the institution
Summary
Risk management is being introduced in the Ministry of Defense of Ukraine and the Armed Forces of Ukraine as an element of the organization's internal control. The driving force in the implementation of the establishment of internal control and risk management can be: 1) Popularization of risk-oriented internal control; 2) Communicating the benefits of risk-based internal control to managers at all levels; 3) Development and implementation of a risk-oriented internal control system with mandatory consideration of national specifics. It is necessary to analyze the procedure for exercising internal
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
