IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 10 NO. 3 2025
DOI: 10.56201/wjeds.v10.no3.2025.pg83.95

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Risk Management Practices and Organizational Productivity: The Nigerian Experience

Dr Aneozeng, Awo Egbe, Esq, Konto, Abatcha Gubio, Ikaka Beconson Fredrick, Ewa Collins

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Abstract

Risk management is a very crucial strategic management option in anorganization’s drive towards profitability enhancement which entails articulating a set of measures designed for the continuous protection of assets and earning capacity of organization optimum cost. It also involved employing alternative measures in the quest to reduce uncertainty associated with future contingencies. However, despite the importance of risk management, the sum of empirical, theoretical and conceptual reviews captured in this paper has not shown that many Nigerian organizations have adopted comprehensive and consistence risk management approaches, particular in the context of risk c=governance and risk control which is the focus of this paper. It was concluded that if Nigerian business firms are to leverage on the advantages accruing from employing adequate risk management measures, they would need to quickly embark on a total overhaul of their risk management approaches and practices.

keywords:

Risk Management, Risk Governance, Risk Control, Organizational productivity, Insurance industry.

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