THE IMPACT OF STRATEGIC RISK MANAGEMENT ON ORGANIZATIONAL SUCCESS
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Abstract:
The objectives of this study are to (1) examine the role of strategic risk management in organizational success, (2) identify the key components of effective risk management strategies, and (3) assess the impact of risk management on organizational resilience. A survey research design was used to collect data from a broad respondent base. Using Taro Yamane's formula, a sample size of 360 respondents was selected to ensure statistical significance. The study was conducted in the manufacturing sector in Lagos, Nigeria, known for its complex risk management challenges. The reliability coefficient score of the survey was 0.89. The findings revealed that effective strategic risk management significantly contributes to organizational success by enhancing resilience, reducing uncertainties, and ensuring continuity. It is recommended that organizations develop comprehensive risk management frameworks, regularly review and update their risk assessments, and invest in risk management training for employees.
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