ABSTRACT

Objectives of this research were: 1. to study the problem and the general condition of risk management strategy of finance and accounting at the University of Mahachulalongkornrajavidyalaya University. 2. To study Buddhism related to risk management strategy of finance and accounting of Mahachulalongkornrajavidyalaya University and 3. To propose the strategy for risk management of financial accounting of the Mahachula longkornrajavidyalaya University.

Methodology was the mixed methods: The qualitative research collected data from 23 key informants, purposefully selected, with the structured in-depth-interview, by face-to-face-interviewing. Data were analyzed by descriptive interpretation. The quantitative research collected data from 286 samples who were Financial staff of Financial and Accounting Division of Mahachulalongkornrajavidyalaya University head quarter and 10 campuses and 12 Buddhist Colleges with questionnaires and analyzed data by descriptive statistics; frequency, percentile, mean and standard deviation, SD.

Findings were as follows:

General conditions and problems of risk management of Financial and Accounting were that: Planning; Annual budget planning was completed in due time causing delay in administration. Budget plan was clear. Incomes came from many sources. Financial and Accounting plan was not clear. Organizing; Since this institution is the big organization with many departments, both at the center and regional institutes. Specific personnel structure was not cohesive. Financial and accounting staff with professional skills and also the necessary staff were limited. Directing; there were problems of public relation and communication. Documentation of data was not in one standard and system causing problems of coordination and information dissemination. Controlling; financial and accounting report was so slow, not in due time.   

Buddhist principles integration with the risk management of Financial and Accounting was at high level. Considering the Buddhist principles, Apparihaniyadhamma, integration with the risk management of Financial and Accounting of Mahachulalongkornrajavidyalaya University by overall was at high level. Considering from each aspect from high to low were that the operation that could reduce the risk of Financial and Accounting management was to “follow the rule and regulations”. Secondly was’ acceptance of the related department” and the last was “respecting rules and regulations” respectively.

Presentation of strategy of risk management of Finance and Accounting of Mahachulalongkornrajavidyalaya University was that risk is the mission of all parties involved, from the staff to the executive level, jointly investigating the risk factors, preventing and controlling at all working processes.  The strategies were as follows:

Meeting: the  strategic activity for financial and accounting planning that the working group had to jointly work to study the cause and risk factors, to monitor activities of financial and accounting management, and to control the management to fit to the organizational policy and to close the budget in due time

Unity Creation: the strategic partnership that working group, personnel and staff of Financial and Accounting had to work together and jointly plan to reduce the risk. 

Compliance with the rules and regulations: the strategic expenditure that each department, plan, project had to report the budget condition regularly in 3, 4 or 6 months or 1 year. 

Acceptance of other related department: the strategy to create networks of finance and accounting, both from inside and outside for monitoring and auditing.

Respecting of the rules and regulations: the strategy of organization. Each organization must have an internal risk management unit within all segments to enforce the rules and regulations of the risk control.

Compliance with the policy: the strategy for reorganizing the organization to support the policy implementation of the organization and the risk management in line with the agency policy.

Monitoring: the strategy for collecting documents and evidences, systemizing the Finance and Accounting for receiving and paying of the purchase agreement. Procurement, contracts must be in one standard. The central Office was to schedule to host workshops for Finance and Accounting standard and procedure system.

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