A Qualitative Investigation on Risk Management Implementation in the Malaysian Public Sector Ilias Azleen1, Baidi Nasrudin1, Ghani Erlane K2,*, Omonov Akrom3 1College of Business and Administration, Universiti Tenaga Nasional, Pahang, Malaysia 2Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Selangor, Malaysia 3Department of Banking, Tashkent Institute of Finance, Tashkent, Uzbekistan *Corresponding author: erlanekg@uitm.edu.my (ORCID ID: 0000-0003-2306-2813)
Online Published on 25 October, 2023. Abstract This study aimed to examine the implementation of risk management in the public sector and, subsequently, identify the components of risk management that best fit the public sector. Interviews were conducted with 26 participants from nine government agencies to determine the Malaysian government’s risk management and internal control processes. As a result, a new set of variables was identified for the public sector. These elements are the establishment of risk management in the government sector, the voluntary implementation of risk management, understanding risk management and internal control, the importance of risk management and internal control, the risk management process for the public sector, risk identification and investigation, understanding the risk management framework in the public sector, and the role of a consultant in risk management. This study contributed to the public sector by identifying potential aspects that may be crucial in ensuring the success of the early stages of risk management implementation. The outcomes of this study may benefit the public sector through an improved understanding of how to undertake risk management to ensure the success of risk management in Malaysia. Highlights This paper is devoted to studying the implementation of risk management in the public sector. In the course of the study, the components of risk management that best fit the sector are examined.
Top Keywords Risk management, Employees, Procurement and finance, Public sector. Top |