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Economic Analysis: Theory and Practice
 

Formation of a system of risk-based internal control in educational organizations

Vol. 20, Iss. 12, DECEMBER 2021

Received: 27 September 2021

Received in revised form: 8 October 2021

Accepted: 19 October 2021

Available online: 27 December 2021

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: М42, М49

Pages: 2324–2344

https://doi.org/10.24891/ea.20.12.2324

Tat'yana A. POZHIDAEVA Voronezh State University (VSU), Voronezh, Russian Federation
pozhidaeva_ta@econ.vsu.ru

https://orcid.org/0000-0002-4753-200X

Subject. The article investigates the construction of a system of risk-oriented internal control of educational organizations’ activities.
Objectives. The purpose is to develop a classification of risks associated with various activities of an educational organization, identify entities of internal control responsible for risk management, create a portfolio and risk register that serve as a basis for organizing an effective system of risk-oriented internal control and improving the quality of university management.
Methods. The study draws on methods of detailing, observation, generalization, comparison, classification, etc.
Results. Using the university case, I disclose approaches to risk classification, considering the specifics of educational organization's activities, the formation of a passport and risk register, enabling through internal control tools to identify opportunities for their mitigating and to make appropriate management decisions.
Conclusions. It is possible and advisable to apply a risk-based approach to the organization of internal control in an educational organization along with traditional approaches that are aimed at identifying violations of the requirements of legitimate, targeted and rational spending of budgetary and extra-budgetary funds. It is necessary to classify and assess risks associated with various activities of an educational organization, to monitor the implementation of risk management initiatives.

Keywords: internal control, risk, educational organization, risk-oriented approach

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