RISK MANAGEMENT AS AN EFFICIENT MEANS OF ACHIEVING CORPORATE OBJECTIVES

RISK MANAGEMENT AS AN EFFICIENT MEANS OF ACHIEVING CORPORATE OBJECTIVES

ABSTRACT

This research paper titled “Risk Management as an Efficient Means to Achieve Corporate Objectives” Some of the problems that led to this research paper are that domestic risk management is inadequate and that insurance professionals not fulfilling its obligations. This research report explores the various issues facing insurance professionals in Nigeria that have hindered them from fulfilling their role in risk management. Explore the reasons for poor risk management that have ruined Nigeria’s insurance industry in the past. Investigate why risk managers have historically taken reckless adventures in the performance of their duties. Data for the study were obtained from his two primary sources, including primary and secondary sources of data collection. Primary data:
Questionnaires and oral interviews were used to collect information from the respondents. Secondary data:

Journals, journals, and other relevant materials relevant to my field of research were reviewed. A comprehensive literature search of direct and indirect literature on books, journals and previous studies was performed. Research instruments used in this study include oral interviews and questionnaires. The questionnaire is structured to include both closed-ended and open-ended questions. Simple tables, pie charts and percentages were used for data processing and chi-square for research work. This study shows that risk managers have nothing but bold and daring escapes from the past as they carry out their duties. Researchers recommend establishing a risk management department headed by a competent and professionally qualified risk manager.

table of contents

front page i authentication ii

Devotion III

confirmationiv

Contents Ⅴ

chapter One

1.0 Introduction

1.1 Research Background 1

1.2 Problem 5

1.3 Objectives of the study 6

1.4 Significance of research 7

1.5 Definitions 11

1.6 Limitations of the study 12

Chapter 2

2.0 Literature review 14

2.1 Literature sources 14

2.2 Reviews 14

2.3 Selected related concepts to improve

Understanding Risk Management in Nigeria,

Challenges for Insurance Practitioners in Nigeria 15

Chapter 3

3.0 Methodology

3.1 Methodology 26

3.2 Study design 27

3.3 Study Population 29

3.4 Study sample/sampling method 29

3.5 Gauge 30

3.6 Data collection 30

3.7 Data analysis 32

3.8 Expected results 32

Chapter 4

4.0 Data presentation and analysis 33

4.1 Data presentation and analysis 33

4.2 Discussion 45

Chapter 5

Summary and recommendations

5.1 Summary

chapter One

Foreword

1.1 Research background

Risk is part of every human life. How best to deal with this has long been a question for every individual, and indeed every entity. As such, people urgently need ways to control the elements of risk that individuals face, either privately or publicly, or as commercial and business ventures. was the result of On the part of business and individual insurance purchasers, premium discounts offered by insurers are simply not sufficient to compensate for the higher risk retention and loss prevention techniques applied to the insured’s risks.

Before delving into the meaning of “risk management”, it is important to briefly understand and consider the concept of risk “W.J.”. LJ and Meldrum define risk as “protecting a company’s assets, earnings, liabilities, and people with maximum efficiency and minimum cost.”

Risk management was announced in April 1987 by the Insurance Training Center of Ogere Ogun State, “The scope of risk management is simply the management of insurance risks. It includes the management of all types of risks. and formally address some form of defensive strategy that takes into account the

This work critically examines the various mechanisms used by institutions in risk assessment. this too;

a process of identification

B. Evaluation

C. MONITORING AND CONTROLLING SUCH RISKS

Risk identification includes information about offers that reveal material and moral risks of the insured object. Identified risks that threaten corporate assets. Risk monitoring and control emphasizes physical and financial control of risks affecting assets. The focus of this work is a thorough analysis of various means of identifying corporate goals. These include retention, reduction and transfer of risk. Also, the steps before and after the loss target and the process of loss transfer and reduction.

The total price of the work is comprehensively compiled by identifying the inherent liability of various hazards and risks and making expert-based recommendations. Opinions to enable underwriters to determine whether the risks offered are acceptable at standard rates. Finally, we also suggest prudent risk management methods and tools in relation to the risks faced by corporate entities and the loss mitigation causes exposure.

1.2 Problem Description

The following issues led to this research work.

1. Insurance practitioners face too many problems in Nigeria to play a role in risk management.

2. In the past, the Nigerian insurance industry was doomed by poor risk management.

3. Risk managers have historically seen bold escapes in the performance of their duties.

1.3 Purpose of the survey

The purpose of this study is to explore and clarify the challenges faced by insurance professionals (risk managers). This will enable Nigeria to do better by providing ways and means to de-risk the industry and promote the development and growth of the country.

Based on this fact, the following factors were considered as the main objectives of the study:

1. To overcome the many limitations faced by insurance professionals and risk managers and to recommend ways to play a very important role in risk management in Nigeria.

2. To determine the extent to which bad actors have cracked down on Nigeria’s ravaged industry in the past. 3. To counter the need for risk managers to take bold, daring adventures in the past as they perform their duties.

4. To critically consider why the Nigerian people have continued to fail to manage risk.

Five. To study and determine the contribution of insurance professionals and risk management in risk management in Nigeria.

1.4 Research question

The researchers created the following research question:

1. What are the issues facing insurance professionals in Nigeria that hinder their role in risk management?

2. Has the insurance industry in Nigeria ever failed? 3. Has the risk manager acted recklessly in the performance of his duties in the past?

1.5 Importance of research

This survey is very useful for:

student:
It helps researchers learn more about risk management as an efficient means of achieving business goals.

Shareholder:
The research is of great importance to stakeholders as it enhances their knowledge of various risks and their impacts on insurers and the insurance industry.

Insurance company:
This will also help insurance companies and financial institutions in Nigeria. Because following the researcher’s recommendations can help you make decisions. Countrywide:
This research is of great importance to the Nigerian country as it will help policy makers enact legislation that will help improve risk management in the country.

1.6 Scope and limitations of the study

Scope refers to the extent of this work. This investigative work was limited to a select few insurers in the large Enugu city. The information collected will be used as a reference for other insurance companies in the state and the federal government.

In doing this research work, the researchers faced specific problems such as:

Me. time:
Students are feeling time pressure to keep up with lectures while running around gathering the information they need to complete this research paper.

ii.