Proceedings of the International scientific and practical conference ―Oxford International Science Forum‖ (April 17-19, 2026) / Publisher website: www.naukainfo.com. - Oxford, United Kingdom, 2026. - 367 p.

20 risks on the process of performing the main tasks/functions of the institution/organization. In the practice of risk identification, certain assumptions are first put forward. Assumptions are what must happen for the desired change to be effective. The flip side of these assumptions are risks. Quite often, risks influence the choice of desired outcomes that an institution/ministry/organization chooses for its strategy, as well as the development of specific interventions that affect change. Sometimes risks undermine the stable dynamics of movement and play a leading role in disrupting the objectives of the effectiveness of the implementation of a budget program, investment project, development strategy of a ministry/agency or region/country, etc. The foreign experience we have studied gives grounds for concluding that in leading EU countries, significant attention is paid to risk management in order to improve the quality of performance of functions, mitigate or reduce the negative impact of risks that cause significant losses and harm to the economy, the environment, and society in general. The main goal of risk management is to prevent, reduce, and mitigate the effects of risks, maintain sustainable development dynamics, increase the value of equity, ensure high-quality performance of functions in accordance with granted/delegated powers, and satisfy the interests of stakeholders. Summarizing international experience, theoretical knowledge, and practical skills, we conclude that if risks arise on the way to achieving a goal, they must be determined, identified, assessed, prioritized, responded to, and constant monitoring implemented (Fig. 1) in order to overcome/reduce their impact on the process of achieving the goal and ensure the proper level of efficiency in management and use of budget expenditures. Risk is an additional motivation that forces people to focus on managing the situation, taking it under control, and successfully regulating it [5, р.17].