Background of the Study
Strategic risk assessment is a key process in identifying, evaluating, and managing potential risks that can affect an organization's objectives and performance. The techniques used for risk assessment may vary depending on the size, structure, and resources available to a business. Small businesses often rely on informal risk assessment methods due to limited resources, while large businesses are more likely to use structured, sophisticated techniques to manage risks (Olaniyan & Aliyu, 2024). In Kano State, businesses of varying sizes are exposed to a range of risks, including financial, operational, and market risks. However, the approaches used by small and large businesses to assess and manage these risks have not been adequately compared.
This study aims to compare the strategic risk assessment techniques employed by small and large businesses in Kano State, focusing on how these businesses identify, evaluate, and mitigate risks. The findings will provide insights into the challenges and opportunities that businesses of different sizes face in managing risks and improving resilience (Zubair & Usman, 2023).
Statement of the Problem
Small and large businesses in Kano State are both exposed to a variety of risks that can affect their operations and strategic objectives. However, due to differences in size, resources, and organizational structure, small businesses often employ less formal risk assessment techniques, while larger businesses tend to adopt more structured and comprehensive methods. This study seeks to compare the risk assessment techniques used by small and large businesses in Kano State, exploring their effectiveness in identifying and managing risks (Kazeem & Odu, 2023).
Objectives of the Study
Research Questions
Research Hypotheses
Scope and Limitations of the Study
The study will focus on comparing the strategic risk assessment techniques employed by small and large businesses in Kano State. Limitations include the challenge of accessing sensitive risk management data from businesses and the difficulty in comparing risk assessment practices across industries.
Definitions of Terms
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