Journal of Finance and Accounting

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The Significance of Policy and Guidelines on Risk Management Implementation and Development in Malaysian and United Kingdom Public Sector

Received: 11 March 2020    Accepted: 03 April 2020    Published: 17 April 2020
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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.

DOI 10.11648/j.jfa.20200802.14
Published in Journal of Finance and Accounting (Volume 8, Issue 2, March 2020)
Page(s) 83-89
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Central Government, Malaysia, Public Sector, Risk Management, United Kingdom

References
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Author Information
  • Tunku Puteri Intan Safinaz School of Accounting, Universiti Utara Malaysia, Sintok, Malaysia

  • Tunku Puteri Intan Safinaz School of Accounting, Universiti Utara Malaysia, Sintok, Malaysia

  • Tunku Puteri Intan Safinaz School of Accounting, Universiti Utara Malaysia, Sintok, Malaysia

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  • APA Style

    Ahmad Shukri Abdul Gani, Basariah Salim, Noraza Mat Udin. (2020). The Significance of Policy and Guidelines on Risk Management Implementation and Development in Malaysian and United Kingdom Public Sector. Journal of Finance and Accounting, 8(2), 83-89. https://doi.org/10.11648/j.jfa.20200802.14

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    ACS Style

    Ahmad Shukri Abdul Gani; Basariah Salim; Noraza Mat Udin. The Significance of Policy and Guidelines on Risk Management Implementation and Development in Malaysian and United Kingdom Public Sector. J. Finance Account. 2020, 8(2), 83-89. doi: 10.11648/j.jfa.20200802.14

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    AMA Style

    Ahmad Shukri Abdul Gani, Basariah Salim, Noraza Mat Udin. The Significance of Policy and Guidelines on Risk Management Implementation and Development in Malaysian and United Kingdom Public Sector. J Finance Account. 2020;8(2):83-89. doi: 10.11648/j.jfa.20200802.14

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  • @article{10.11648/j.jfa.20200802.14,
      author = {Ahmad Shukri Abdul Gani and Basariah Salim and Noraza Mat Udin},
      title = {The Significance of Policy and Guidelines on Risk Management Implementation and Development in Malaysian and United Kingdom Public Sector},
      journal = {Journal of Finance and Accounting},
      volume = {8},
      number = {2},
      pages = {83-89},
      doi = {10.11648/j.jfa.20200802.14},
      url = {https://doi.org/10.11648/j.jfa.20200802.14},
      eprint = {https://download.sciencepg.com/pdf/10.11648.j.jfa.20200802.14},
      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.},
     year = {2020}
    }
    

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    T1  - The Significance of Policy and Guidelines on Risk Management Implementation and Development in Malaysian and United Kingdom Public Sector
    AU  - Ahmad Shukri Abdul Gani
    AU  - Basariah Salim
    AU  - Noraza Mat Udin
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    JF  - Journal of Finance and Accounting
    JO  - Journal of Finance and Accounting
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    PB  - Science Publishing Group
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    UR  - https://doi.org/10.11648/j.jfa.20200802.14
    AB  - 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.
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