Abstract
The purpose of this paper was to identify the significance of the policy and guidelines on risk management implementation and development in the public sector. Specifically, this paper compared the risk management implementation in the Malaysian and United Kingdom public sector by emphasizing the significance of policy and guidelines. Archival documents from government websites and relevant government agencies in Malaysia and United Kingdom were collected and critically analyzed. This study found that policy and guidelines are significant in risk management implementation and development in the public sector context. The central government policy is classified as the most powerful element as compliance with regulation is the dominant factor driving risk control systems in many organizations. In addition, suitable guidelines ensure organizations have good risk management practices and not just a one-off exercise, to facilitate the development of sustainable processes of risk management. The Malaysian government needs to decide to adopt a more formal and structured approach to risk management by incorporating the best practices from the private sector and benchmarks from a variety of public sector organizations around the world, such as the United Kingdom. The relevant guides and reports should be prepared by adopting various methods to contribute toward the development of risk management in Malaysian public sector.
Highlights
The international risk management standard ISO 31000 defines risk as the effect of uncertainty in achieving objectives with risk management being the set of principles, frameworks, and processes for managing risks [1]
This paper aimed to examine the implementation of risk management in the Malaysian public sector and make comparison with that of the United Kingdom
Input from the advisory board consisted of experts from various backgrounds, experience, and knowledge in the public or private sector, and academicians to provide the context for how risk management is developing and to draw on lessons from beyond the United Kingdom public sector
Summary
The international risk management standard ISO 31000 defines risk as the effect of uncertainty in achieving objectives with risk management being the set of principles, frameworks, and processes for managing risks [1]. The pleasing outcome was a number of governance and risk management developments in the private sector, such as the Cadbury. It would be inappropriate to say that the only response to calls for better risk management has been in the private sector. Both the public and private sectors face a range of risks that can disrupt or cause a serious detriment to the operation, efficiency, and even survival [7, 8]. The impact of governance and risk issues in the private sector has overshadowed the thinking and practices in the public sector to facilitate the achievement of strategic objectives [10, 11]
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