Financial risks and financial activities of public legal entities
Importance The article investigates financial risks associated with financial policy of public legal entities being subjects of financial activity.  Objectives The aims are to investigate the theory of financial risks inherent in public legal entities based on specifics of their financial activities, consider salient features of financial risks of public legal entities and factors affecting the financial risks of the Russian Federation, the subjects of the Russian Federation, and municipalities, and provide recommendations on financial risk monitoring.  Methods The study employs methods of logical and statistical analysis.  Results I offer my own approach to defining the financial risk and its elements. The paper proves that financial policy and specifics of financial activities of public legal entities determine the composition of elements of their financial risk, and addresses problems related to financial risk transfer for public legal entities.  Conclusions and Relevance Financial policy of public legal entities should consider principles of risk-oriented approach. Financial risk monitoring should cover the activities of all public legal entities and its results should be reflected in financial management quality evaluation of both the subjects of the Russian Federation and municipalities.