The three line of defence model for effective risk management in local government
The three line of defence model for effective risk management in local government

Summary/Abstract: The aim of this paper is to evaluate the process of public finance risk management in local government in the Republic of Macedonia through the system of internal controls and internal auditing. The research was realized by interviewing the financial managers, internal controllers and internal auditors in 48 municipalities in Macedonia. We have evaluated the effectiveness of the overall process of risk management in each of the lines of the “three lines of defense’ model by analyzing the answers of the questionnaires. Based on the results from the research we have proposed recommendations for improving risk control in the local government in Macedonia by promoting the “three lines of defense’ model for adding value to public finance management.

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