International Experience of Applying a Risk-Based Approach in the Budget Process and Ways of Its Adaptation in Russia

This article examines systemic risk management in the budget process. It presents various approaches to fiscal risk management used to improve the sustainability of public finances in various countries. It analyzes methods for integrating risk management into the public finance system. The most progressive practices, whose implementation impacts the goals and results of government programs and projects, are highlighted. The author offers suggestions for adapting the most successful international experience of risk-based budgeting to Russia.