An Evaluation of the Impact of Enterprise Risk Management Audits on Organizational Performance in Nigeria: A Study of Access Bank Plc
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Background of the Study
Enterprise Risk Management (ERM) audits focus on assessing an organization's overall risk exposure and evaluating the effectiveness of risk mitigation strategies. ERM is critical for Nigerian banks, given the dynamic business environment, regulatory requirements, and financial volatility (Ibrahim & Igbalajobi, 2024). Access Bank Plc, a major player in Nigeria's banking industry, has implemented ERM audits to enhance its ability to manage risks associated with credit, operational, financial, and market factors.
This study aims to evaluate the impact of ERM audits on Access Bank's organizational performance, specifically in terms of risk mitigation, decision-making, and overall profitability. The integration of ERM audits into Access Bank’s operations is intended to improve the bank’s resilience to financial shocks and enhance its long-term stability.
Statement of the Problem
Despite the growing emphasis on ERM audits in Nigerian banks, there are concerns about the effectiveness of these audits in improving organizational performance. In many cases, ERM audits are not fully integrated into risk management practices, leading to gaps in risk identification and inadequate responses to emerging threats (Adebayo & Olayemi, 2023). This study examines the impact of ERM audits at Access Bank, focusing on their role in improving risk management and boosting organizational performance.
Objectives of the Study
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To assess the role of ERM audits in enhancing organizational performance at Access Bank Plc.
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To evaluate the impact of ERM audits on the bank's ability to mitigate risks.
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To identify the challenges associated with implementing ERM audits in Access Bank.
Research Questions
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How do ERM audits contribute to enhancing organizational performance at Access Bank?
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What impact do ERM audits have on the bank’s risk mitigation efforts?
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What challenges are encountered during the implementation of ERM audits at Access Bank?
Research Hypotheses
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ERM audits significantly enhance organizational performance at Access Bank.
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ERM audits positively impact the mitigation of financial and operational risks at Access Bank.
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The lack of adequate resources and expertise hinders the successful implementation of ERM audits at Access Bank.
Scope and Limitations of the Study
The study is limited to Access Bank and focuses on the role of ERM audits in improving organizational performance. Limitations include the difficulty in obtaining confidential information related to the bank’s internal audits and potential biases in responses from employees and management.
Definitions of Terms
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Enterprise Risk Management (ERM): A process used by organizations to identify, assess, and manage risks that could impact their ability to achieve objectives.
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Organizational Performance: The measure of an organization’s ability to achieve its financial and strategic goals.
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Risk Mitigation: The strategies and actions taken to minimize the likelihood or impact of potential risks.
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