Financial risk
The Orange Book, Management of Risk - Principles and Concepts, Published by HM Government in 2020, sets out the main principles underlying effective risk management in all government departments and arm’s length public bodies with responsibility derived from central government for public funds.
It defines financial risks as: ‘Risks arising from not managing finances in accordance with requirements and financial constraints resulting in poor returns from investments, failure to manage assets/liabilities or to obtain value for money from the resources deployed, and/or non-compliant financial reporting.’
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