THE ROLE OF BUDGETING IN RISK MANAGEMENT
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THE ROLE OF BUDGETING IN RISK MANAGEMENT
This study aims to: (1) investigate the role of budgeting in risk management, (2) identify key budgeting practices that enhance risk management, and (3) evaluate the impact of budgeting on organizational risk mitigation. A survey design was employed to gather data from risk managers and financial analysts. Using Taro Yamane's formula, a sample size of 375 participants from financial institutions in Lagos was determined, ensuring comprehensive insights. The financial sector was chosen for its complex risk management needs and potential for budgeting impact. The reliability coefficient score of the survey was 0.88. Findings indicate that effective budgeting significantly enhances risk management by providing financial frameworks for risk assessment, mitigation, and control, leading to improved financial stability. Recommendations include integrating risk management into budgeting processes, providing training on effective risk-based budgeting techniques, and continuously monitoring and adjusting budgets to respond to emerging risks.
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