Comparative analysis of risk management practices in the public sector of different countries: lessons for Ukraine in cooperation with international financial institutions

Abstract

The article explores the specific features of risk management in the public sector across various countries and identifies useful practices for Ukraine in the context of cooperation with international financial institutions. The aim of the article is to outline directions for improving public governance in Ukraine by analyzing risk management practices in the public sector of other countries. The study employed general scientific methods of cognition: comparative analysis; systematization; generalization; induction; deduction; and a structural-functional approach. The research results indicate that in the USA, the United Kingdom, Poland, and Bulgaria, the institutionalization of risk management is achieved through the development of a regulatory framework; appointment of responsible individuals; establishment of coordination bodies; and implementation of independent oversight. In the USA and the UK, risk management follows a clear vertical structure of responsibility at the level of departments and agencies, which ensures transparency and effective decision-making. In Poland and Bulgaria, ministries of finance play a central role in coordinating methodological support, although both countries face challenges in practical implementation and human resources. It has been found that the effectiveness of these models largely depends on institutional stability, political support, and regulatory alignment. Countries with mature organizational systems demonstrate the integration of risk management into strategic planning, budget processes, and project management. In the USA, so-called “risk constitutions” are used to regulate the operations of public agencies with a focus on risk. In the UK, effective risk management is ensured through the work of risk committees and the systematic efforts of Accounting Officers. The practical value of this study lies in offering recommendations for building a risk management system in Ukraine based on the adaptation of successful international practices while taking into account the requirements of donor organizations.