Lukin A.G.Samara State Aerospace University (National Research University), Samara, Russian Federation Lagufk@mail.ru
Importance The All-Russian Forum on State financial control held in Samara endorsed the application of risk-oriented technologies in the State financial control. However, the widespread introduction of this approach will require amending Russian laws and regulations governing the State financial control. Objectives The aim of the study is to review the history of risk-oriented technologies development, underpin their importance, and determine the extent to which they may improve the public financial management in the Russian Federation. Methods I apply methods of historical analysis and dialectical approach to review developments in the theory of risk management aimed at business risks minimization, methods of observation and comparison to assess the current state of public financial management in the Russian Federation from the risk management perspective. Results Based on the findings, I propose activities to optimize the public financial management, including the application of risk-oriented technologies. Conclusions The major deficiencies in the State regulation of public finance in the Russian Federation require additional efforts to improve the State financial control, including the involvement of risk-oriented technologies. However, prior to distributing the business technology in public financial management, it is reasonable to exploit all features of the public finance management methodology developed by the financial science and historical experience of the democratic governance.
Keywords: finance, public financial management, risk, risk management, risk-oriented technology
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