In 2004 the National Audit Office of Malta published a study that ‘highlights and projects the need for a risk management culture withing the various activities carried out by different Government Departments’. The General Auditor in 2004 Joseph G. Galea in his forerword framed the study as follows:
“All public sector organisations, similar to private ones, have objectives and targets which must be attained. They also need to add value to their services. On the other hand, while meeting their outputs, organisations are bound to safeguard their assets – whether tangible or intangible (which would include reputation).
In the last few years, organisations have witnessed an increased interest into the practices of risk management. Organisations see risks as dangers and opportunities associated with uncertain future events.
In this regard the principles of corporate governance are being applied across the public service. Risks have, of course, always been managed in the past. It
now follows that the public sector services systematically consider the handling of risk management in all its forms.
This study is presented with the aim of furthering awareness regarding the need for Government departments and institutions to have risk management systems in place, and thus help public service managers better understand their role in this regard.”
Website National Audit Office Malta
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