A Study of the Influence of Strategic Risk Management on Business Continuity: A Case Study of Microfinance Banks in Bauchi State
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Background of the Study
Strategic risk management (SRM) involves the proactive identification, assessment, and mitigation of risks that could impede business objectives. It plays a crucial role in ensuring the continuity of operations, particularly in sectors vulnerable to economic and market fluctuations, such as microfinance banking (Kaplan & Mikes, 2024).
Microfinance banks in Bauchi State are instrumental in providing financial services to underserved communities, fostering economic growth. However, they face risks such as credit defaults, regulatory changes, and macroeconomic instability, which threaten their operational continuity. This study examines the influence of SRM on business continuity in microfinance banks.
Statement of the Problem
Despite the critical role of SRM in mitigating financial disruptions, many microfinance banks in Bauchi State lack robust strategies, leading to frequent operational challenges and occasional closures (Ahmed & Bello, 2023). Understanding how SRM practices contribute to business continuity remains a pressing issue for stakeholders.
Objectives of the Study
- To identify SRM practices employed by microfinance banks in Bauchi State.
- To examine the impact of SRM on business continuity.
- To analyze the challenges faced in implementing SRM.
Research Questions
- What SRM practices are adopted by microfinance banks in Bauchi State?
- How does SRM influence their business continuity?
- What challenges affect the implementation of SRM?
Research Hypotheses
- Strategic risk management positively influences business continuity.
- Microfinance banks with comprehensive SRM practices have greater operational stability.
- Implementation challenges hinder the effectiveness of SRM.
Scope and Limitations of the Study
This study focuses on microfinance banks in Bauchi State, analyzing SRM practices and their impact on business continuity between 2023 and 2025. Limitations include varying risk management capacities and restricted access to sensitive operational data.
Definitions of Terms
- Strategic Risk Management (SRM): A systematic approach to identifying and addressing risks that impact organizational goals.
- Business Continuity: The ability of a business to maintain operations during and after a crisis.
- Microfinance Banks: Financial institutions providing small-scale loans and financial services to low-income individuals.
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