THE EFFECT OF RISK MANAGEMENT ON BUSINESS PERFORMANCE
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- NGN 3000
ABSTRACT
The study examined the effect of risk management on business performance in Staco Insurance Plc in Lagos State.The survey research design was used in the study. The study made use of primary data to draw out information from the respondent which was sourced using questionnaire. The questionnaires were distributed directly to the targeted respondents within the population. The Taro Yamane formula for calculating sample size for population was adopted and was used to select 177 respondents and 30% was added to which equals 230.
The research reveals that risk identification has a direct effect on productivity of Staco Insurance Plc and that the null hypothesis which states that risk identification has no significant effect on productivity is rejected because the p value is less than 0.05 (P <0.05); The research further revealed that risk evaluation has a direct effect on corporate image of Staco Insurance Plc and that the null hypothesis which states that risk evaluation has no significant effect on corporate image is rejected because the P value is less than 0.05 (P <0.05); The research also revealed that risk monitoring has a direct effect on profitability level of Staco Insurance Plc and that the null hypothesis which states that risk monitoring has no significant effect on profitability level is rejected because the P value is less than 0.05 (P <0.05).The study concluded that the risk management process adopted by an organization is significant in influencing or effecting an organization or firms business performance.The study recommended that; the management of Staco Insurance Plc in Lagos state, to put in place cost-effective measures for the constant and timely risk identification processes in order to spot the entry of any risk that might pose as a treat to the establishment of effective and efficient business performance of Staco Insurance Plc; the management of Staco Insurance Plc in Lagos state, should constantly evaluate their risk management practices or system to identify if the mode or process used by them in the assessment of risk aren’t outdated; the management of Staco Insurance Plc in Lagos State should make sure that continuous monitoring of risk isn’t discarded, as a result to a temporary treatment assigned to a particular treat faced by the industry, that is, just because there are improvement doesn’t mean they are permanent.
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