RISK MANAGEMENT AS AN EFFICIENT MEANS OF ACHIEVING CORPORATE OBJECTIVES

RISK MANAGEMENT AS AN EFFICIENT MEANS OF ACHIEVING CORPORATE OBJECTIVES

ABSTRACT

This research work titled “Risk management as an efficient means of achieving corporate objectives” Some of the problems that led to this research work includes poor risk management in the country and non performing of duty by insurance practitioners. This research work examined the various problems facing the insurance practitioners which has been preventing them from playing their roles in risk management in Nigeria. Investigated into the reason for poor risk management which has ruined Nigerians insurance industries in the past. Examined why there has been daring escapades on the part of risk managers in performing their duties in the past. Data for the study was sourced from two main sources which include Primary and Secondary sources of data collection. Primary data: Questionnaires and oral interviews were used to collect information from the respondents. Secondary data : Journals, magazine and other relevant materials relating to the area of my investigation was reviewed. Extensive literature review was carried out on direct literature and indirect literature on books, journals and past works. The research instrument used in this study includes oral interview and questionnaire.  The questionnaire is structural as to contain both close and open ended question. Simple tables, pie-charts and percentages was used in treatment of data while chi-square was used in the research work. This study shows that there are mere courageous and daring escapades on the past of risk managers in performing their duties. The researcher recommends that risk management department should be established to be managed by a competent professionally qualified risk manager.

TABLE OF CONTENT

Title page

i Certification                                                                  ii

Dedication                                                                    iii

Acknowledgement                                                         iv

Table of content                                                            v

CHAPTER ONE

1.0 Introduction                                                               1

1.1      Background of study                                               1

1.2      Statement of the problem                                        5

1.3      Objective of study                                                    6

1.4      Significance of the study                                        7

1.5      Definition of terms                                                  11

1.6      Limitation of the study                                            12

CHAPTER TWO

2.0 Literature Review                                                        14

2.1     Source of literature                                                 14

2.2     The review                                                               14

2.3     Selected and related concepts that enhance

the understanding of risk management in Nigeria,

Challenges of the Nigerian insurance practitioners      15

CHAPTER THREE

3.0      Methodology                                                          26

3.1     Research method                                                    26

3.2     Research design                                                     27

3.3     Research population                                                29

3.4     Research sample/sampling technique

3.5     Measurement instrument                                       30

3.6     Data collection                                                       31

3.7     Data analysis                                                          32

3.8     Expected results                                                     32

CHAPTER FOUR

4.0      Data presentation and analysis                              33

4.1      Data presentation and analysis                               32

4.2      Discussion                                                                  45

CHAPTER FIVE

SUMMARY AND RECOMMENDATION

5.1      Summary                                                              50

5.2      Conclusion                                                             51

5.3      Recommendations                                                  52

Bibliography                                                                      55

Appendix A                                                                    56

Appendix B                                                                 57

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Risk is an ingredient of all human life. How best to live with, is a problem for every individual and indeed every corporate body for a long time around, men has so urgent ways of controlling the risk elements to which individual, as private or public or as commercial and business ventures as exposed. Until about 25 years ago, the idea of risk management was thought of a subject and as a result of distaste.

RISK MANAGEMENT AS AN EFFICIENT MEANS OF ACHIEVING CORPORATE OBJECTIVES