Next Article in Journal
Culture, Board Composition and Corporate Social Reporting in the Banking Sector
Previous Article in Journal
An Algorithm to Manage Transportation Logistics That Considers Sabotage Risk
Article Menu
Issue 3 (September) cover image

Export Article

Open AccessArticle
Adm. Sci. 2018, 8(3), 40; https://doi.org/10.3390/admsci8030040

The Value of Public Sector Risk Management: An Empirical Assessment of Ghana

1
School of Finance & Economics, Jiangsu University, Zhenjiang 212013, China
2
School of Biological Engineering and Life Sciences, Jiangsu University, Zhenjiang 212013, China
3
London School of Commerce & ISBC, Bangalore 560037, India
*
Author to whom correspondence should be addressed.
Received: 2 June 2018 / Revised: 26 June 2018 / Accepted: 25 July 2018 / Published: 31 July 2018
Full-Text   |   PDF [1420 KB, uploaded 2 August 2018]   |  

Abstract

This study investigates risk management practices in public entities in the Ghana. We relied on the popular framework designed by the Committee of Sponsoring Organizations of the Treadway Commission—COSO, to advocate for possible ways to minimize the occurrence and effects of risk in public organizations. The internal control elements used include: control environment, commitment to ethics, segregation of duties, review and information and communication. These constitute the explanatory variables used in performing multivariate data analysis to determine the dimensionality of the data set and possible outcomes. The exploratory research followed a quantitative approach using the survey method and a structured equation model. We established that, due to globalization and increases in the scale of operations, it is practically impossible for management through the help of auditors and those in charge of governance to validate the entire operations of the public sector to ensure strict compliance to internal control principles, in order to minimize the detrimental impacts of risk. However, an alternative sustainability depends on the prominence of quality financial reporting, compliance, commitment to ethical values and consistency in pursuit of the strategic and operational objectives based on good corporate governance. On the other hand, the implications of risks should be embedded in the minds of public servants as part of the organizational culture that will complement existing tools and techniques of internal control. View Full-Text
Keywords: public sector; Committee of Sponsoring Organizations of the Treadway Commission (COSO–Enterprise Risk Management); risks assessment; control environment public sector; Committee of Sponsoring Organizations of the Treadway Commission (COSO–Enterprise Risk Management); risks assessment; control environment
Figures

Figure 1

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).
SciFeed

Share & Cite This Article

MDPI and ACS Style

Kong, Y.; Lartey, P.Y.; Bah, F.B.M.; Biswas, N.B. The Value of Public Sector Risk Management: An Empirical Assessment of Ghana. Adm. Sci. 2018, 8, 40.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
Adm. Sci. EISSN 2076-3387 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top