The Role of Audit Committees in Enhancing Risk Management Practices: A Case Study of GTBank Plc
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Background of the Study
Audit committees play a pivotal role in corporate governance by overseeing the financial reporting process, ensuring compliance with regulatory standards, and enhancing the effectiveness of risk management practices. In Nigerian banks, the presence of a strong audit committee is crucial to ensuring that risk management strategies are effectively implemented to mitigate financial and operational risks (Oluwagbemi & Olamide, 2024).
GTBank Plc, as one of the leading financial institutions in Nigeria, has established a robust governance framework, with an emphasis on risk management. The bank’s audit committee is responsible for reviewing and monitoring the implementation of risk management policies to ensure alignment with the institution's strategic goals. This study examines the role of GTBank’s audit committee in enhancing its risk management practices, with a focus on how the committee contributes to reducing financial risks and improving overall organizational performance.
Statement of the Problem
Despite the critical role of audit committees in enhancing risk management, several Nigerian banks face challenges in fully integrating risk management strategies into their operations. Weak audit committees, inadequate risk oversight, and lack of transparency have contributed to poor risk management outcomes (Adeyemi & Olayemi, 2023). In the case of GTBank, there is a need to evaluate whether the bank’s audit committee effectively addresses risk management issues and whether its oversight contributes to the overall success of the bank’s risk management practices.
This study aims to assess how GTBank's audit committee enhances its risk management practices, identifying areas where improvements can be made to strengthen the bank’s risk management framework.
Objectives of the Study
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To assess the role of the audit committee in enhancing risk management practices at GTBank Plc.
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To evaluate the effectiveness of GTBank’s audit committee in mitigating financial and operational risks.
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To identify challenges faced by GTBank’s audit committee in the execution of its risk management responsibilities.
Research Questions
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How does the audit committee at GTBank enhance risk management practices?
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To what extent is the audit committee effective in mitigating financial and operational risks at GTBank?
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What challenges does GTBank’s audit committee face in performing its risk management duties?
Research Hypotheses
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The audit committee at GTBank significantly enhances its risk management practices.
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The effectiveness of the audit committee positively impacts the mitigation of financial and operational risks at GTBank.
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Challenges such as inadequate resources and lack of expertise hinder the effectiveness of GTBank’s audit committee in risk management.
Scope and Limitations of the Study
This study focuses on GTBank Plc, with a particular emphasis on the role of its audit committee in managing risk. The limitations include the difficulty of obtaining detailed internal data from the bank and the potential biases in the self-reporting of audit committee members.
Definitions of Terms
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Audit Committee: A group of board members responsible for overseeing the financial reporting process and monitoring the company’s internal control systems.
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Risk Management: The identification, assessment, and prioritization of risks followed by coordinated efforts to minimize, monitor, and control the probability of such risks.
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Financial Risks: Risks related to the financial performance and sustainability of the bank, such as liquidity risk, credit risk, and market risk.
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