VISUALIZATION OF RISKS IN PUBLIC FINANCIAL CONTROL: RISK MAP, RISK REGISTER AND ANALYSIS OF INTERZONAL MIGRATION

This article proposes a methodology for developing and maintaining a risk map and a risk
register to support the visualisation and prioritisation of risks in budget organisations and other control
objects. Although risk maps are widely used in international risk management practice, including within the
COSO ERM and ISO 31000 frameworks, the article proposes their integrated application to public financial
control through probability–impact decomposition, a risk register that preserves institutional knowledge,
and the analysis of objects’ interzonal migration. The integral risk score of each object is decomposed into
probability (P) and impact (C) dimensions. Probability is derived from the compliance, operational, corruption
and information technology groups, while impact is derived from the budget and scale groups; the resulting
scores are displayed on a 3 × 3 risk map. The risk register provides a centralised record of assessments and
related decisions for all objects and assessment periods and is maintained under the “four-eyes” principle.
By preserving assessment histories, the register reduces the risk of losing information about objects not
included in the audit plan. Historical data stored in the register enable interzonal migration analysis and
support the transformation of planning from a static annual document into a continuously updated process.
The principal methodological contribution of the study lies in integrating the risk register with interzonal
migration analysis.