Budgeting as a Control Tool in Government Accounting in Nigeria
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This document discusses performance-based budgeting. It defines key terms like budgets, budgeting, and types of budgeting including line-item, incremental, zero-based, and performance-based budgeting. Performance-based budgeting links funding to results by using performance measures and evaluation to improve effectiveness and efficiency of public spending. It emphasizes clear objectives, performance measures to assess progress on objectives, and linking funding to performance.
Fiscal policy uses government spending and taxation to influence economic conditions like aggregate demand, employment, inflation, and growth. It is used alongside monetary policy to achieve macroeconomic goals like stabilizing the economy. Key tools of fiscal policy include government spending, transfer payments like social security, and taxes. Fiscal policy plays an important role in developing countries by mobilizing resources, providing employment, promoting stability, encouraging investment and savings, and subsidizing consumption and production for the poor. The goals of India's fiscal policy are to increase investment and savings rates to achieve fast economic development.
This document is a project report submitted by Syed Gulam Abbas Abdi for an Executive Post Graduate Diploma in Management from Symbiosis Institute of Management Studies in Pune, India in August 2014. The report studies financial inclusion in Uganda, focusing on four pillars: financial literacy, financial consumer protection, financial innovations, and financial services data and measurement. It provides an overview of each pillar, including the Bank of Uganda's strategy for financial literacy in Uganda and its financial consumer protection guidelines.
This document presents a final project on financing for development in Chad. It discusses the Sustainable Development Goals and Chad's challenges in achieving them, including lack of infrastructure financing, weak private capital, and inadequate financial services. It recommends mobilizing domestic resources through public-private partnerships and a legal/management framework for PPPs. Specific policy options are given, such as diversifying investment sources, risk management mechanisms, and programs to combat corruption and improve data systems for effective policymaking. Overall, increased PPPs, transparency, and good governance are argued as key to implementing the SDGs and bringing employment to communities in Chad.
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The document discusses the macroeconomic framework in the Indian economy and public finance. It defines public finance as the study of the role of government in the economy. The macroeconomic framework statement presented to Parliament contains an assessment of GDP growth, fiscal balance, and external sector balance. It also covers agriculture, industry, banking, and future economic prospects. Public finance involves government revenue from taxes and other sources, expenditures, deficit/surplus, and national debt. The functions of public finance include allocation of resources, distribution of income, and economic stabilization. Career opportunities in public finance include investment banking, research, and academia.
This document discusses public fiscal administration in the Philippines. It defines public fiscal administration as the formulation, implementation, and evaluation of taxation, revenue administration, resource allocation, budgeting, public expenditure, borrowing, debt management, accounting, and auditing policies. It describes how fiscal policies are closely linked to other government policies and are influenced by political processes. It also outlines the key government agencies involved in fiscal policy administration and their roles, including the Department of Finance, Department of Budget and Management, National Economic Development Authority, Bangko Sentral ng Pilipinas, and Development Budget Coordination Council.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
During the 2017 National Regional Transportation Conference, Justin Fazzari shared information about the U.S. Economic Development Administration's work in economic resilience.
Performance based budgeting by sumayya naseem optometrist, mmsph student abas...Sumayya Naseem
This document discusses performance-based budgeting. It defines key terms like budgets, budgeting, and types of budgeting including line-item, incremental, zero-based, and performance-based budgeting. Performance-based budgeting links funding to results by using performance measures and evaluation to improve effectiveness and efficiency of public spending. It emphasizes clear objectives, performance measures to assess progress on objectives, and linking funding to performance.
Fiscal policy uses government spending and taxation to influence economic conditions like aggregate demand, employment, inflation, and growth. It is used alongside monetary policy to achieve macroeconomic goals like stabilizing the economy. Key tools of fiscal policy include government spending, transfer payments like social security, and taxes. Fiscal policy plays an important role in developing countries by mobilizing resources, providing employment, promoting stability, encouraging investment and savings, and subsidizing consumption and production for the poor. The goals of India's fiscal policy are to increase investment and savings rates to achieve fast economic development.
This document is a project report submitted by Syed Gulam Abbas Abdi for an Executive Post Graduate Diploma in Management from Symbiosis Institute of Management Studies in Pune, India in August 2014. The report studies financial inclusion in Uganda, focusing on four pillars: financial literacy, financial consumer protection, financial innovations, and financial services data and measurement. It provides an overview of each pillar, including the Bank of Uganda's strategy for financial literacy in Uganda and its financial consumer protection guidelines.
This document presents a final project on financing for development in Chad. It discusses the Sustainable Development Goals and Chad's challenges in achieving them, including lack of infrastructure financing, weak private capital, and inadequate financial services. It recommends mobilizing domestic resources through public-private partnerships and a legal/management framework for PPPs. Specific policy options are given, such as diversifying investment sources, risk management mechanisms, and programs to combat corruption and improve data systems for effective policymaking. Overall, increased PPPs, transparency, and good governance are argued as key to implementing the SDGs and bringing employment to communities in Chad.
Macro-economic Framework in Indian Economy–Public Financeviveksangwan007
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This document discusses public fiscal administration in the Philippines. It defines public fiscal administration as the formulation, implementation, and evaluation of taxation, revenue administration, resource allocation, budgeting, public expenditure, borrowing, debt management, accounting, and auditing policies. It describes how fiscal policies are closely linked to other government policies and are influenced by political processes. It also outlines the key government agencies involved in fiscal policy administration and their roles, including the Department of Finance, Department of Budget and Management, National Economic Development Authority, Bangko Sentral ng Pilipinas, and Development Budget Coordination Council.
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This document provides an overview of economics and finance. It defines economics as the study of how individuals, businesses, and governments allocate scarce resources. Finance is defined as the process of raising and channeling funds. The document then discusses the main branches and types of economics, including microeconomics, macroeconomics, and different fields like industrial organization. It also outlines the three main types of finance: personal finance, corporate finance, and public finance. Personal finance covers individuals' financial activities, corporate finance involves businesses' financial decisions, and public finance includes governments' taxing, spending, and borrowing.
This document outlines plans for developing Denizli, Turkey into a disaster resistant city through various information systems and earthquake studies. It discusses establishing teams to manage disaster mitigation, preparedness, response and recovery. A Geographical Information System (GIS) will be implemented to help with disaster response planning and tracking events. An Information and Management Centre is proposed to integrate all projects from one location. Earthquake studies conducted in Denizli by Pamukkale University are also summarized, including analysis of seismic risk and structural testing. The overall goal is to design integrated systems to help the city prepare for and manage disasters.
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The Charlotte Convention Center will host the Independent Party convention. As the host, it will facilitate various convention activities. Parades and demonstrations during political conventions pose greater risks than other events like speeches and seminars. Therefore, the risk management plan will address risks associated with parades and demonstrations, and propose solutions to reduce these risks.
Session for State Resource Centres for Women to understand and identify entry points for doing Gender Budgeting in the changed fiscal scenario in India
Financial administration refers to activities related to generating, regulating, and distributing monetary resources for public organizations. It has traditionally been viewed as managing funds, but now is seen more broadly as part of overall management. The scope of financial administration includes financial planning, budgeting, resource mobilization, investment decisions, expenditure control, and accounting/auditing. It plays an important role in modern governments by influencing socioeconomic policies through fiscal tools.
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The document discusses ISODEC's work engaging communities in social accountability and budget advocacy in Ghana and beyond. Key points include:
1. ISODEC promotes citizens' engagement with governments to secure autonomous development and resource rights.
2. Their strategies include empowering communities, strategic engagement with legislatures and bridging different sectors.
3. Through research, forums and training, ISODEC has popularized budget and policy advocacy, finding issues like unequal infrastructure and services between regions.
4. Future plans include expanding their work to more West African countries and establishing a fiscal policy research institute.
GeoAdaptive provides a methodology for mainstreaming disaster risk reduction and resilience across government levels and sectors. The methodology involves three phases: 1) Organizational mainstreaming where risk assessments are used to define priority actions, 2) Internal mainstreaming to increase disaster risk reduction culture amongst local institutions, and 3) Educational mainstreaming to promote risk reduction integration with development strategies through stakeholder engagement. The process aims to help decision-makers incorporate risk information into planning documents to reduce risk and encourage prosperous, equitable and sustainable societies.
1. Public finance involves the study of government spending, taxation, and deficits. It examines when and how governments should intervene in markets and the potential outcomes of policy changes.
2. Understanding how government actions affect the economy is important for public finance professionals. Government interventions aim to improve economic efficiency, distribute income, and stabilize macroeconomic conditions.
3. The scope of public finance includes analyzing public revenue, expenditure, debt, financial administration, and economic stabilization policies. It also involves allocating public goods, redistributing income, and reducing economic fluctuations through fiscal policy tools.
This document summarizes UNDP's integrated 2012-2016 country programme for The Gambia. The programme focuses on three main areas: Democratic Governance, Inclusive Growth, and Energy and Environment. It aims to enhance the capacities of institutions for economic management and governance to promote inclusive growth, as well as enhance sustainable livelihoods for disadvantaged groups through income diversification and better environmental management. Specific projects under Inclusive Growth focus on pro-poor policy and planning, strengthening statistical capacity, supporting youth employment in agriculture, and establishing an entrepreneurship program. Projects under Democratic Governance include strengthening governance institutions and facilitating civil service reform. Activities under Sustainable Development include formulating a climate-resilient development strategy, promoting sustainable resource
The document discusses development indicators and a human rights-based approach to development. It provides definitions of development indicators as numerical measures used to illustrate a country's progress on economic, social, and environmental goals. It then lists some common indicators like GDP, literacy rates, infant mortality rates, and life expectancy. The document also discusses a human rights-based approach, which focuses on empowering marginalized groups and fulfilling people's rights rather than just needs. It emphasizes participation, accountability, and developing the capacity of governments to respect, protect, and fulfill people's rights.
This document is a project report submitted by Hitesh M. Vekhande, a student of M.Com SEM-1 at Arts And Commerce College Wada, under the guidance of Dr. J.K.Kavtekar. The report analyzes the Union Budget of India for 2013-14 and includes sections on the meaning of a budget, the importance of budgets, budget types, an overview of the Union Budget 2013-14, budget estimates, and a conclusion. The document also includes declarations, certificates, acknowledgements and a bibliography.
This document discusses economic growth and development in the Philippines. It defines economic growth as the increase in goods and services over time, measured by GDP, while development looks more broadly at living standards using factors like income, education, health, and quality of life. The Philippines has experienced strong economic growth in recent decades. The Philippine Development Plan for 2011-2016 aims to promote inclusive growth through competitiveness, infrastructure, financial sector reforms, governance, social development, peace, environmental protection, and other measures to improve people's lives and reduce poverty across the country.
This document discusses economic growth and development in the Philippines. It defines economic growth as the increase in goods and services over time, typically measured by GDP growth rate. Economic development looks more broadly at factors like income, education, health, and living standards. The Philippines has experienced strong GDP growth of 7.3% in recent years. The Philippine Development Plan for 2011-2016 aims to pursue inclusive growth through high employment, poverty reduction, and good governance. Key strategies include boosting competitiveness, accelerating infrastructure, developing financial sectors, and investing in social development, peace, and environmental protection.
Sustainable Development Finance, Current Trends and Maximizing ImpactSDGsPlus
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The Charlotte Convention Center will host the Independent Party convention. As the host, it will facilitate various convention activities. Parades and demonstrations during political conventions pose greater risks than other events like speeches and seminars. Therefore, the risk management plan will address risks associated with parades and demonstrations, and propose solutions to reduce these risks.
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Financial administration refers to activities related to generating, regulating, and distributing monetary resources for public organizations. It has traditionally been viewed as managing funds, but now is seen more broadly as part of overall management. The scope of financial administration includes financial planning, budgeting, resource mobilization, investment decisions, expenditure control, and accounting/auditing. It plays an important role in modern governments by influencing socioeconomic policies through fiscal tools.
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The document discusses how cost analysis is an important factor for corporations to consider when making financial and investment decisions. It examines concepts derived from cost analysis like cost allocation, cost-effectiveness analysis, and cost-benefit analysis. The advantages and disadvantages of cost analysis are also reviewed to help corporations properly evaluate projects using this technique.
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The document discusses ISODEC's work engaging communities in social accountability and budget advocacy in Ghana and beyond. Key points include:
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GeoAdaptive provides a methodology for mainstreaming disaster risk reduction and resilience across government levels and sectors. The methodology involves three phases: 1) Organizational mainstreaming where risk assessments are used to define priority actions, 2) Internal mainstreaming to increase disaster risk reduction culture amongst local institutions, and 3) Educational mainstreaming to promote risk reduction integration with development strategies through stakeholder engagement. The process aims to help decision-makers incorporate risk information into planning documents to reduce risk and encourage prosperous, equitable and sustainable societies.
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The rapid emergence of artificial intelligence technology in the wake of the corona virus outbreak has sparked widespread interest. The accounting profession is at the same trend, undergoing a significant transformation due to advances in technology. One of the most disruptive technologies in recent years is Artificial Intelligence (AI), as The traditional accounting method is slowly but steadily, being phased out. AI has the potential to revolutionize accounting practices in Nigeria, enhancing efficiency, accuracy, and decision-making. However, the successful implementation of AI in accounting is contingent on addressing infrastructural and sustainability challenges.
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Classification of Clove sizes as planting material to the bulb yield of Garli...Open Access Research Paper
Garlic is one of the highly valued crops in the Philippines. However, low production yield is the main constraint, specifically in the native varieties that could not satisfy the demand. Among the limiting factors are the use of unsuitable clove size as planting materials. The results revealed that clove sizes significantly influenced the growth of garlic. Large clove size and extra-large clove size obtained average plant vigor with ratings of 5.83 and 6.33, respectively. Significant differences were also found in both fresh and dry bulb weights, with the largest clove size yielding the heaviest weights at 19.36g and 16.67g, respectively. Moreover, large and extra-large clove sizes produced the highest number of cloves per bulb with an average of 19.87 and 19.33 respectively. However, no significant differences were observed in yield per plant and yield per hectare. Consequently, large clove sizes employed as planting material increased the vigor, bulb weights, and the number of cloves with no significant effect on the yield. The study showed that planting large clove sizes (2.0-2.50g) is more promising as planting materials of native varieties like Ilocos white.
4. Ensure adequate internal E&S capacity, including how to engage with external consultants and clients
Manage E&S risks and impacts by monitoring the portfolio
Mitigate Environmental and Social risks and impacts through E&S provisions based on legal facility and designing an action plan
Identify and assess the financial risks associated with Environmental and Social risks
Identify and assess Environmental and Social risks and their impacts
Understand basic concepts of sustainable finance and why the Environmental and Social risks should matter to public finance
Objectives
5. Contents
Introduction
Overview of Public
Sector
Overview of Public
Finance
Components of Public
Finance
Some Key Objectives
of Public Finance
Functions of Public
Finance
Overview of Risk and
Risk Management
Identification and
Assessment of Risks
Risk Identification
Techniques
Risk Mitigation
Strategies
Environmental Risk
and Social Risk
Risk Management
Objectives of Risk
Management in Public
Finance
Risk Management
Strategies for Public
Finance
Challenges and
Opportunities of Risk
Management in Public
Finance
Importance of
Considering
Environmental and
Social Risks in Public
Finance Decision-
Making
Overview of
Investment and
Investment Strategies
Decision-Making in
Environmental and
Social Risk
Management in Public
Finance
Roles of Professional
Accountants in
Environmental and
Social Risk
Management in Public
Finance
Conclusion and
Recommendations
6. Introduction
Public finance is no doubt the engine that drives our
communities and holds immense power to shape our world
Environmental and social risk management (ESRM) is not
just about avoiding falls, but transforming the tightrope into
a springboard for sustainable development
By proactively identifying and mitigating environmental and
social risks, public finance can unlock a wealth of
opportunities, green infrastructure projects can create jobs,
combat climate change, and improve public health
Embracing ESRM can demonstrate that a balanced
approach; one that prioritizes economic growth and
environmental well-being, social justice, and long-term
sustainability is not just possible, but essential
7.
8. OVERVIEW OF PUBLIC SECTOR
The public sector is the segment of the economy owned, operated, and controlled by government agencies
It provides services to the general public that contribute to societal well-being, such as law enforcement,
national defense, public transportation, transit infrastructure, educational institutions, and health services
Unlike the private sector, the public sector does not seek to make a profit from its services
Public sector implements public policy at all levels of government and includes public services provided by
elected officials
It also includes outsourcing services provided to these agencies
The three levels of government services in the public sector are federal, state, and local
9. Role of the Public Sector
The public sector provides essential
support and services to society,
creating a foundation for peace,
economic growth, safety, and a sense
of community
Public-sector services ensure that
there are workers to put out fires,
repave roads, deliver mail, as well as
ensure your social security check
arrives
They supply a safety net for those
who need extra support due to
poverty, sickness, disability, or old
age
The public sector works under the
premise that if you take care of those
in need, everyone and everything will
thrive, including the economic
development of the private sector
10. Examples of Public Sector Organizations
Educational
institutions
Emergency
services
Postal service
Public Utilities
Social
services
Transit
infrastructure
11.
12. OVERVIEW OF PUBLIC FINANCE
Public finance is the management of a country’s
revenue, expenditures, and debt load through various government
and quasi-government institutions
This guide provides an overview of how public finances are
managed, what the various components of public finance are, and
how to easily understand what all the numbers mean
A country’s financial position can be evaluated in much the same
way as a business’s financial statements
13. Components of Public Finance
•Tax collection is the main revenue source for governments
•Other types of revenue in this category include duties and tariffs on imports and revenue from any type of public services
that are not free
Tax collection
•The budget is a plan of what the government intends to have as expenditures in a fiscal year
Budget
•Expenditures are everything that a government spends money on, such as social programmes, education, and
infrastructure
•The actual expenditures may be greater than or less than the budget
Expenditures
•If the government spends more than it collects in revenue there is a deficit in that year
•If the government has fewer expenditures than it collects in taxes, there is a surplus
Deficit/Surplus
•If the government has a deficit (spending is greater than revenue), it will fund the difference by borrowing money and
issuing national debt
•The Debt Management Office (DMO) is responsible for issuing debt in Nigeria
National Debt
14. Revenue and Expenditures
Revenue
• Oil Revenue
• Non-Oil
Revenue
Expenses
• Health care
• Employment
insurance
• Pensions
• Education
• Defense
(military)
• Infrastructure
15. Some Key Objectives of Public Finance
• Allocate resources effectively to ensure maximum output
and minimize waste
• Imagine the ship sailing smoothly with minimal energy
expended
Promote economic efficiency
• Address income inequality and ensure everyone has
access to basic necessities and opportunities
• Think of sharing the catch fairly among the crew
members
Achieve equitable
distribution of income
• Control inflation, unemployment, and economic growth to
create a stable and predictable environment for
businesses and individuals
• Picture the ship navigating calm waters with steady winds
Maintain macroeconomic
stability
16. Functions of Public Finance
Raising Revenue This involves collecting taxes, fees, and other charges from individuals and businesses
Think of it as casting nets into the ocean to haul in resources
Allocating
Expenditure
Once the coffers are filled, the government must decide how to spend the money
This involves prioritizing different sectors like healthcare, education, infrastructure, and social
security
It's like carefully distributing the catch among different crew members to ensure everyone has what
they need to do their jobs
Managing Debt Governments often borrow money to cover shortfalls or invest in large projects
Public finance involves managing this debt responsibly, ensuring it doesn't become an anchor
dragging down the economic ship of the country
Think of it as carefully balancing the weight of the cargo to keep the ship afloat
17.
18. OVERVIEW OF RISK AND RISK MANAGEMENT
All investments involve some degree of risk i.e., every saving and
investment product has different risks and returns
In finance, risk refers to the degree of uncertainty and/or
potential financial loss inherent in an investment decision
In general, as investment risks rise, investors seek higher
returns to compensate themselves for taking such risks
Differences include: how readily investors can get their money
when they need it, how fast their money will grow, and how safe
their money will be
19. Identification and Assessment of Risks
Risk Assessment Methodology
• Each sector of public finance should develop and implement a method of identifying and analyzing risk
• The implemented program must enable the identification and analysis of risks
Risk Identification and Analysis Guide
• A guide for small public entities provides a user-friendly process to identify and analyze risks on an enterprise-wide basis, helping
public entities protect their financial stability and their ability to provide services
Comprehensive Risk Assessment
• Management's and auditors' risk assessment processes are critical to the decisions regarding financial reporting and the
effectiveness of risk management
• Changing economic conditions may have a significant and sudden impact on an issuer’s business, which could change risks or
create new ones
Operational Risk
• Operational risk is the risk of loss resulting from many normal aspects of business, including failed processes, unskilled systems,
and external events
• It is an inherent part of daily business activity and must be managed effectively
Public Financial Management Risk Assessment Framework (PFMRAF) Manual
• This manual describes the risk management process and how risks are identified, as well as an assessment process that includes
risk identification
20. Risk Identification Techniques
• Each sector of public finance should develop and implement a method of identifying and analyzing risk
• The implemented program must enable the identification and analysis of risks
Risk Assessment
Methodology
• A guide for small public entities provides a user-friendly process to identify and analyze risks on an
enterprise-wide basis, helping public entities protect their financial stability and their ability to provide
services
Risk Identification
and Analysis
Guide
• Management's and auditors' risk assessment processes are critical to the decisions regarding financial
reporting and the effectiveness of risk management
Comprehensive
Risk Assessment
• Identifies potential risks using statistical methods, such as evaluating a company's historical performance
using specific financial ratio calculations
Statistical and
Numerical Analysis
• Risk identification approaches must enable institutions to better understand their vulnerabilities and to
mitigate or capitalize against them
Risk Identification
Approaches
By using these techniques, public entities can identify and assess risks effectively, enabling them to develop
appropriate risk management strategies and safeguard their financial stability and operational continuity
21. Risk Mitigation Strategies
•Acknowledging a risk and accepting its potential consequences without taking further action, which is
appropriate when the likelihood and impact of the risk are both low, and the cost of addressing it
outweighs the potential benefits
Risk Acceptance
•Completely avoiding the activity that carries the potential risk. For instance, if a customer has a
history of defaulting on loans, the organization may choose to avoid doing business with them
Risk Avoidance
•Implementing measures to reduce the likelihood or impact of a risk. This may involve enhancing
security measures to reduce the risk of a cyberattack.
Risk Control
•Transferring the risk to a third party, such as through insurance or outsourcing
Risk Transfer
•Conducting exercises and simulations to test the organization's response to potential risks
•Documenting and Monitoring Risks
Tabletop Exercises
and Simulations
These strategies help organizations effectively manage and mitigate risks, safeguarding their operations and
ensuring their long-term success
22. Risk Avoidance
Risk avoidance is a risk management strategy that aims to
eliminate the chance of a particular risk from happening or its
ability to impact the organization
It is a more conservative approach that involves sacrificing
potential benefits to eliminate danger
This strategy is typically adopted when the risk has the
potential to cause catastrophic damage or when the costs of
addressing it are too high
23. Various Ways of Implementing Risk Avoidance
Company Policies Establishing policies that prohibit certain activities or decisions that could
expose the organization to risk
Employee Training Providing training to employees on how to identify and avoid potential
risks in their work
Small Business
Insurance Coverage
Purchasing insurance policies that protect against specific risks
Hold Harmless
Agreements
Negotiating contracts that require another party to indemnify the
organization against certain losses
While risk avoidance can be an effective risk mitigation strategy, it may also result in the organization missing out on
positive opportunities, such as lower expenses or operational improvements
Therefore, it is essential to conduct a thorough risk analysis and assessment before implementing this strategy
24. Risk Reduction
• Establishing policies, procedures, or controls to reduce the chances of harm and mitigate the
potential impact of risks
Implementing
Controls
• Spreading investments across different asset classes or industries to reduce the impact of
potential losses
Diversification
• Providing training to employees on how to identify and avoid potential risks in their work
Employee
Training
• Ensuring that equipment and facilities are well-maintained to reduce the likelihood of
accidents or equipment failures
Regular
Maintenance
• Regularly monitoring and reviewing the effectiveness of risk reduction measures and making
necessary adjustments to ensure continued improvement
Monitoring and
Review
By implementing risk reduction strategies, organizations can effectively manage and mitigate risks, safeguarding
their operations and ensuring their long-term success
25. Environmental Risk and Social Risk
Social risk refers to the
potential adverse impacts on
society caused by certain
activities or events
Social risks can include
labour practices, human
rights violations, community
displacement, cultural
disruptions, and the
potential for social unrest
These risks can arise from
business operations,
government policies, or even
natural disasters
Environmental risk refers to
the potential adverse effects
on the environment caused
by human activities or
natural disasters
These risks can include
pollution, deforestation,
habitat destruction, climate
change, and resource
depletion
Environmental risks can
have far-reaching
consequences, including the
loss of biodiversity, damage
to ecosystems, and negative
impacts on human health
26. Environmental Risk and Social Risk
Environmental risk and social risk are often interconnected and have a significant influence on one another
Both environmental and social risks have gained increasing attention in recent years due to growing
awareness of their potential impacts and the need for sustainable development
Businesses and governments are under pressure to manage and mitigate these risks by adopting sustainable
practices, ensuring responsible supply chains, and engaging with stakeholders to address social and
environmental concerns
Various frameworks and tools have been developed to help organizations assess and manage environmental
and social risks, for example, Environmental Impact Assessments (EIAs) are conducted to evaluate the
potential environmental impacts of proposed projects
Environmental risk and social risk are multidimensional and interconnected challenges that require a holistic
and integrated approach to address them effectively
By understanding and managing these risks, organizations and governments can work towards sustainable
development that balances economic growth with social well-being and environmental protection
27.
28. Risk Management
Risk management is a vast
and essential area, crucial for
individuals, businesses, and
even governments like
Nigeria
Risk management is a
proactive and methodical
approach to identifying,
assessing, and mitigating
potential risks
It's like building a safety net
under your tightrope walk,
giving peace of mind and
increasing chances of
success
29. Steps in Risk Management
• This involves brainstorming and analyzing all the possible negative events that could occur in a given situation
Identify potential risks
• Once identified, we need to evaluate the probability of each risk happening and the potential consequences it
might have
Assess the likelihood and impact of each risk
• Based on the assessment, we can formulate plans to reduce the likelihood or impact of each risk
• This could involve avoidance, control, transfer, or acceptance of the risk
Develop mitigation strategies
• Putting the mitigation strategies into action is crucial, and regularly monitoring their effectiveness ensures we're
on the right track
Implement and monitor
• As circumstances change, risks evolve, and our understanding improves, we need to continuously review and
adapt our risk management plan
Review and adapt
30. Benefits of Effective Risk Management
• Knowing we've proactively addressed potential pitfalls brings peace
of mind and allows us to focus on achieving our goals
Reduced uncertainty
and anxiety
• When risks are thoroughly assessed and mitigated, we can make
informed choices with greater confidence
Improved decision-
making
• By minimizing disruptions and setbacks, we can operate more
smoothly and achieve results faster
Enhanced efficiency
and productivity
• Proactive risk management can prevent financial losses and
safeguard valuable assets
Financial protection
• Demonstrating effective risk management builds trust and
confidence from stakeholders
Boosted reputation and
credibility
31. Application of Risk Management
Businesses
• Implementing safety protocols, diversifying investments, and
conducting regular security audits are examples of risk management
in business
Individuals
• Buying insurance, setting up emergency funds, and maintaining
healthy habits are ways individuals manage personal risks
Governments
• Building flood defenses, enacting disaster preparedness plans, and
diversifying the economy are examples of risk management at the
national level
32. Environmental and Social Risk Management
Environmental and social risk management
(ESRM) is a process of identifying,
assessing, and prioritizing environmental
and social risks that may arise from
business operations and activities
It involves developing strategies and
measures to mitigate or manage these risks,
ensuring compliance with applicable laws
and regulations, and promoting sustainable
development
33.
34. Key Elements of ESRM (Environmental and Social Risk Management)
Identification of Environmental and Social Risks
• The first step in ESRM is to identify the environmental and social risks associated with business
activities
• This may involve conducting environmental and social impact assessments, stakeholder
consultations, and reviews of relevant regulations and guidelines
Data Collection and Analysis
• ESRM requires the collection and analysis of accurate data related to environmental and social risks
• This involves monitoring and measuring key performance indicators (KPIs), such as greenhouse gas
emissions, water use, and waste generation
Risk Assessment and Prioritization
• After identifying risks and collecting data, the next step is to assess and prioritize the risks based on
their likelihood, severity, and impact
• This process involves ranking risks according to their potential impact on the environment, human
health, and social well-being
35. Key Elements of ESRM (Environmental and Social Risk Management)
Mitigation Strategies and Management Plans
• ESRM involves developing and implementing strategies and plans to mitigate or manage environmental and social
risks
• This may include measures such as pollution control, waste reduction, biodiversity conservation, and stakeholder
engagement
Monitoring and Reporting
• ESRM requires ongoing monitoring and reporting of environmental and social performance
• This involves tracking KPIs, identifying trends, and reporting on performance against established targets
• It also involves regular communication with stakeholders, including investors, customers, regulators, and local
communities
Effective ESRM can help companies reduce environmental and social risks, improve operational efficiency,
enhance stakeholder engagement, and ensure compliance with applicable laws and regulations
Ultimately, ESRM can support the achievement of sustainable development goals, promoting long-term business
success and environmental and social well-being
36. Overview of Risk Management in Public Finance
Risk management in public finance refers
to the process of identifying, assessing,
and managing risks that can affect the
financial health and stability of
government entities and the communities
they serve
It involves the implementation of
strategies and policies to mitigate or
eliminate potential risks, as well as the
monitoring and evaluation of these
measures to ensure their effectiveness
37. Objectives of Risk Management in Public Finance
The main objectives of risk management in public finance are to protect public funds, maintain
financial stability, and ensure the delivery of essential services to citizens
These objectives are achieved through various risk management practices such as risk
identification, risk assessment, risk mitigation, and risk monitoring
Risk identification involves recognizing and understanding the potential risks that public
finance entities may face
Common risks in public finance include economic instability, budgetary shortfalls, liquidity
problems, policy and regulatory changes, fraud, cyber threats, and natural disasters
Risk management plays a crucial role in public finance by helping government entities
safeguard public funds, maintain financial stability, and improve overall financial management
performance
38. Risk Management Strategies for Public Finance
Fiscal planning and forecasting
• Building robust economic models and scenario planning helps anticipate potential risks and
prepare for future fluctuations
Diversification of revenue sources
• Reducing dependence on volatile sources like oil revenue and broadening the tax base creates a
more resilient financial foundation
Cost-benefit analysis and project management
• Thoroughly assessing potential costs and benefits before undertaking projects, coupled with
effective project management practices, minimizes waste and maximizes returns
Transparency and accountability
• Openly communicating financial information, engaging in public consultations, and implementing
strong internal controls build trust and deter corruption
Internal audit and risk assessment
• Regularly evaluating departmental practices, identifying vulnerabilities, and implementing
corrective measures to mitigate internal risks and promote efficient resource allocation
39. Challenges and Opportunities of Risk Management in Public Finance
Short-term political pressures
•Balancing long-term risk management
strategies with the immediate needs of
the current political cycle can be difficult
Limited resources
•Governments often face budget
constraints, making it challenging to
allocate sufficient resources for effective
risk management efforts
Lack of awareness and expertise
•Building institutional capacity and raising
awareness about risk management within
government organizations requires
ongoing efforts
Adopting innovative financial
instruments
•Exploring tools like insurance schemes,
derivatives, and public-private partnerships
can transfer or mitigate certain risks
effectively
Embracing new technologies
•Big data analytics and artificial intelligence
can help identify emerging risks, improve
forecasting accuracy, and optimize resource
allocation
International collaboration and
knowledge sharing
•Learning from the experiences of other
countries and engaging in global knowledge
exchange can accelerate progress in risk
management practices
Challenges Opportunities
40. Importance of Considering Environmental and Social Risks in Public
Finance Decision-making
• Integrating
environmental and
social risks ensures that
public finance decisions
align with the principles
of sustainable
development
• By assessing and
managing these risks,
governments can
promote economic
growth, social equity,
and environmental
protection in a balanced
manner
Sustainable
Development
• Ignoring environmental
and social risks can lead
to short-sighted
decision-making,
resulting in negative
long-term consequences
• By considering these
risks, governments can
avoid investing in
projects or sectors that
may harm the
environment, contribute
to social inequalities, or
lead to financial
instability in the future
Long-term
Viability
• Environmental risks,
such as climate change,
natural disasters, and
resource depletion,
pose significant threats
to communities and
economies
• By incorporating these
risks into public finance
decision-making,
governments can
prioritize investments in
resilient infrastructure,
adaptation measures,
and sustainable
resource management,
thus enhancing the
overall resilience of
societies
Resilience and
Adaptation
• Social risks, such as
labour exploitation,
displacement of
communities, and
human rights violations,
can exacerbate social
inequalities and
marginalize vulnerable
populations
• By considering these
risks, governments can
ensure that public
finance decisions
contribute to inclusive
development, address
social issues, and
protect the rights and
well-being of all
individuals
Social Equity
and Inclusion
41. Importance of Considering Environmental and Social Risks in Public Finance Decision-
making
Accountability and Transparency
• Considering environmental and social
risks enhances accountability and
transparency in public finance decision-
making
• By disclosing the risks associated with
projects and investments, governments
can engage with stakeholders, foster
public participation, and build trust in the
decision-making process
International Commitments
• Many countries have made international
commitments, such as the SDGs and the
Paris Agreement, which require
considering environmental and social
risks in policy-making and financing
decisions
• Incorporating these risks in public finance
can help countries fulfill their obligations
and contribute to global sustainable
development efforts.
Overall, considering
environmental and social risks in
public finance decision-making
ensures that investments and
policies are aligned with long-
term sustainability, social well-
being, and international
commitments. This approach can
help build resilient, inclusive, and
environmentally responsible
economies and societies.
42.
43. OVERVIEW OF INVESTMENT AND INVESTMENT
STRATEGIES
Investment refers to the allocation of money or resources with the expectation of
generating future returns or benefits
The goal of investment is to grow wealth, generate income, or achieve specific
financial objectives
Investors typically choose from a range of investment options, such as stocks, bonds,
real estate, mutual funds, and alternative assets, depending on their risk appetite,
financial goals, and time horizon
44. Key Aspects of Investments in Public Finance
Government Bonds
•Governments issue bonds to raise funds for infrastructure projects or cover budgetary needs
•Investors receive periodic interest payments and the return of principal upon maturity
Treasury Securities
•These are debt instruments issued by the government
•They include Treasury bills, notes, and bonds, each with different maturities
•Investors receive fixed interest payments, and the principal is returned upon maturity
Infrastructure Investments
•Governments may invest in infrastructure projects, such as roads, bridges, and utilities
•These long-term investments aim to enhance public services and stimulate economic growth
Public-Private Partnerships (PPPs)
•Governments may collaborate with private entities to fund and manage projects
•This involves a combination of public and private investments, sharing risks and rewards
Sovereign Wealth Funds
•Some countries establish sovereign wealth funds, which are investment pools funded by a nation's reserves
•These funds aim to generate long-term returns to support government programmes and future obligations
45. Investment Strategies
•Growth investors focus on investing in companies expected to have above-average growth rates in their
earnings and revenue
•They look for companies in high-growth sectors or emerging industries with the potential to deliver
significant capital appreciation over time
Growth
Investing
•Value investors look for stocks or assets that are undervalued relative to their intrinsic value
•They seek out companies or assets that are trading at a discount compared to their fundamental worth and
have the potential to appreciate over time
Value Investing
•Income investors prioritize investments that generate a regular income stream, such as dividend-paying
stocks, bonds, or rental properties
•They seek out stable and reliable cash flows to provide a consistent income source
Income
Investing
•Dividend investors focus on investing in companies that regularly distribute a portion of their profits as
dividends to shareholders
•They aim to generate income through dividend payments and often prioritize companies with a track
record of consistent dividend growth
Dividend
Investing
•Index investors seek to match the performance of a specific market index, such as the S&P 500 or FTSE 100,
by investing in a portfolio that replicates the holdings and weightings of the index
•This strategy is often used in passive investing, where investors aim to achieve broad market returns rather
than beat the market
Index Investing
46. Investment Strategies
•Momentum investors aim to identify and invest in assets that have shown upward price momentum
•They believe that assets that have recently experienced positive price movements will continue to do
so in the short term and seek to capitalize on this trend
Momentum
Investing
•Contrarian investors take positions that go against prevailing market sentiment
•They search for assets that are undervalued or unpopular but have the potential for a turnaround
•They believe that the market can be irrational and seek to profit from buying assets when others are
selling
Contrarian
Investing
•ESG investors consider environmental, social, and governance factors in their investment decisions
•They assess companies' sustainability practices, social impact, corporate governance, and ethical
standards alongside financial performance to make investment choices aligned with their values
Environmental,
Social, and
Governance (ESG)
Investing
It's important to note that investment strategies come with varying levels of risk and potential returns, and
each strategy may be better suited to different market conditions or personal circumstances
47. Choosing the Right Strategy for your Investment
Risk
Tolerance
Can you stomach volatility, or do you crave stability?
Value and income investing tend to be less risky, while growth and momentum strategies
involve higher potential returns but also greater risk
Investment
Horizon
Are you planning for retirement in 30 years or aiming for short-term gains?
Long-term strategies like value and income investing typically outperform in the long run, while
momentum and technical analysis cater to shorter timeframes
Financial
Goals
Are you building wealth for your future, securing retirement income, or generating passive
income?
Align your strategy with your specific financial aspirations
Personal
Preferences
Do you enjoy in-depth research or prefer technical analysis?
Choose a strategy that aligns with your interests and personality for sustained engagement
48. Sustainable Investment Strategies
Sustainable investment strategies, also known
as socially responsible investing (SRI), impact
investing, or ESG investing (Environmental,
Social, and Governance), aim to generate
positive financial returns while considering the
environmental, social, and ethical implications
of the investments
These strategies incorporate sustainability
factors, such as climate change, human rights,
diversity, corporate governance, and resource
depletion, into the investment process
49.
50. Common Sustainable Investment Strategies
• This strategy involves excluding certain industries or
companies from the investment portfolio based on predefined
criteria
Screening
• This strategy involves considering environmental, social, and
governance factors along with financial analysis when making
investment decisions
ESG
Integration
• Impact investors seek to generate measurable positive social
or environmental impact alongside financial returns
Impact
Investing
• Thematic investors focus on specific sustainability themes,
such as clean energy, water scarcity, sustainable agriculture, or
healthcare
Thematic
Investing
51. Common Sustainable Investment Strategies
Community Investing
• Community investors allocate capital to benefit disadvantaged communities or underserved areas
Corporate Engagement
• This strategy involves engaging with companies as an investor to encourage positive change
Green Bonds
• Green bonds are fixed-income securities exclusively used to finance environmentally friendly projects,
such as renewable energy, energy efficiency, or sustainable infrastructure
Divestment
• Divestment involves selling investments in companies or industries deemed unsustainable or unethical
• It is often a strategy used to align investment portfolios with personal values or protest against specific
practices, such as fossil fuel extraction or tobacco production
52. DECISION-MAKING IN ENVIRONMENTALAND SOCIAL RISK
MANAGEMENT IN PUBLIC FINANCE
Decision-making in environmental and social risk
management in public finance involves considering
and managing potential risks and impacts on the
environment and society when making financial
decisions and investments
Decision-making in environmental and social risk
management in public finance requires a
comprehensive and proactive approach to ensuring
that investments are environmentally and socially
sustainable and contribute to the overall well-being
of both current and future generations
53. DECISION-MAKING IN ENVIRONMENTALAND SOCIAL RISK
MANAGEMENT IN PUBLIC FINANCE
•Public finance institutions need to identify and assess potential risks and impacts on the environment and society
associated with their investment decisions
•This includes evaluating the potential negative impacts on ecosystems, climate change, biodiversity, human rights,
labour standards, and indigenous peoples' rights
Identifying and assessing environmental and social risks
•Public finance institutions need to establish policies and guidelines that outline their commitment to addressing
environmental and social risks
•These policies should include criteria for screening investments and determining when additional mitigation
measures are necessary
Setting policies and guidelines
•Public finance institutions need to conduct thorough due diligence on potential investments to determine their
environmental and social risks and impacts
•This may involve conducting environmental and social impact assessments, engaging with local communities and
stakeholders, and evaluating the project's compliance with relevant environmental and social standards and
regulations
Due diligence
54.
55. DECISION-MAKING IN ENVIRONMENTALAND SOCIAL RISK
MANAGEMENT IN PUBLIC FINANCE
Mitigation measures
•Public finance institutions should implement measures to mitigate identified environmental and social risks
•This may include requiring project developers to implement specific environmental and social management plans, ensuring
compliance with relevant regulations, and monitoring ongoing project performance
Stakeholder engagement
•Public finance institutions should engage with relevant stakeholders, including affected communities, non-governmental
organizations, and experts, to seek their input on potential investments and to ensure that their concerns and interests are
adequately addressed
Reporting and transparency
•Public finance institutions should provide transparent and accessible information on their environmental and social risk
management practices
•This may include regular reporting on investments, disclosure of project-specific environmental and social information, and public
consultation processes
Continuous improvement
•Public finance institutions should continuously monitor and evaluate their environmental and social risk management practices to
identify opportunities for improvement
•This may involve learning from best practices, engaging in knowledge-sharing and capacity-building activities, and updating policies
and guidelines in response to new challenges and emerging risks
56. ROLES OF PROFESSIONALACCOUNTANTS IN ENVIRONMENTALAND SOCIAL RISK
MANAGEMENT IN PUBLIC FINANCE
• Professional accountants can analyze public finance projects and programs to identify potential
environmental and social risks
• They can conduct risk assessments to evaluate the likelihood and potential impact of these risks
Identifying
and
assessing
risks
• Accountants can ensure that accurate and transparent reporting of environmental and social risks is
undertaken
• They can develop reporting frameworks and guidelines to capture relevant data and information
• This includes preparing financial statements, sustainability reports, and other disclosures that
accurately reflect the environmental and social risks associated with public finance activities
Reporting
and
disclosure
• Accountants are responsible for ensuring compliance with environmental and social regulations
• They can advise on the regulatory framework and requirements relevant to public finance activities
• They can also help develop internal control systems to monitor compliance and provide adequate
assurance
Compliance
and
regulatory
requirements
57. ROLES OF PROFESSIONALACCOUNTANTS IN ENVIRONMENTALAND SOCIAL RISK
MANAGEMENT IN PUBLIC FINANCE
•Professional accountants can help integrate environmental and social considerations into decision-making processes
•They can analyze the financial impacts of different options, considering both financial and non-financial factors
•By considering environmental and social risks, accountants can contribute to the development of sustainable public
finance strategies
Integration of
environmental
and social
considerations
•Accountants can provide independent assessment and assurance services to evaluate the management of
environmental and social risks in public finance
•They can conduct audits to review compliance with environmental and social policies, procedures, and regulations
•This helps ensure accountability and transparency in the management of public funds
Auditing and
assurance
•Professional accountants can engage with stakeholders, such as government agencies, civil society organizations, and
the public, to understand their concerns and perspectives regarding environmental and social risks
•They can facilitate dialogue and collaboration to address these risks effectively
Stakeholder
engagement
Overall, professional accountants play a crucial role in identifying, reporting, managing, and providing assurance on
environmental and social risks in public finance
Their expertise and ethical standards contribute to the effective management of these risks, leading to more sustainable and
responsible public finance practices
58. Conclusion
Public finance, like a sturdy ship
navigating turbulent seas, demands
constant vigilance and strategic
maneuvering
Environmental disasters, economic
fluctuations, and social unrest act as
unexpected squalls in the realm of
public finance
They can cripple infrastructure, disrupt
service delivery, and plunge nations
into financial turmoil
Neglecting these risks would be akin to
setting sail without a weather map,
inviting misfortune and jeopardizing
the well-being of millions
By proactively and strategically
managing risks, governments can
ensure responsible use of public funds,
foster economic stability, and build a
future where citizens can thrive
59. Recommendations
Invest in building
strong risk
management
frameworks
within
government
institutions
Allocate
sufficient
resources for risk
assessment, mo
nitoring, and
mitigation
activities
Foster a culture
of transparency
and
accountability
within
government
operations
Embrace
innovative
technologies and
data analytics to
enhance risk
management
capabilities
Actively
collaborate with
other countries
and
international
organizations to
share best
practices
60. Prof. Godwin Emmanuel Oyedokun
Professor of Accounting & Financial Development
Lead City University, Ibadan, Nigeria
Principal Partner; Oyedokun Godwin Emmanuel & Co
(Certified National Accountants, Tax Practitioners & Auditors)
godwinoye@yahoo.com; godwinoye@oyedokungodwin.com
+2348033737184 & 2348055863944