Get the complete project »
- The Complete Research Material is averagely 54 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
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 have 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.
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. On the part of corporate and individual insurance buyers will gross inadequate premium rebate, given by insurance underwriters, to compensate for higher risk retention and loss prevention techniques being adopted for their insured risks.
Before looking at the meaning of “risk management” it will be curtail to briefly appreciate and examine the concept of risk “W.J” willet defined risk as objectified uncertaintly regarding undesirable events. Also by L.J meldrum defined risk as “the protection of assets, earning, liabilities and people of an enterprise with maximum efficient and at minimum cost.
Risk management can be defined as the process or transfer mechanism of identification, evaluation and earning of business or other enterprise with the minimum cost and maximum efficiency in a paper presented by “Insurance Training Centre” Ogere Ogun State in April, 1987 titled scope of risk management extend beyond mere handling of Insurable risk; it does encompassed, the management of all types of risk. Risk management is concerned with formally some forms of defensive strategy, which takes account of organizational assets and objectives.
This pieces of work will critically examine the various mechanism employed by corporate body in the assessment of risk. This will include;
A. process of identification
C. monitoring and controlling of such risk
The identification of risk will include information on the proposal from which reveals the physical and moral hazards of the subject matter of insurance. The identified risk which threatens a corperateassests. The monitoring and control of risks highlight the physical and financial control of risks that theaters assets. The centre pieces of this work will be to thoroughly analyze various means of identifying corporate objectives. These will include retention, reduction and transfer of risk. Also, taking steps pre loss and post loss objectives and the procedure for transfer and reduction of loss.
The entire work price will be comprehensively packaged by ascertaining various hazard and inherent liabilities present at the risk and makes recommendations based on experts. Opinion to enable underwrite to decide whether the risk offered is acceptable at standard rate or otherwise finally, I will also suggest ways and means for prudent risk management in respect with those risk that corporate bodies in an entity is faced with and bring about reduction to loss exposure.
1.2 STATEMENT OF THE PROBLEM
The following problems led to this research work:
1. There are so many problems facing the insurance practitioners which have been preventing them from playing their roles in risk management in Nigeria.
2. In the past, poor risk management has ruined Nigerians insurance industries.
3. There has been daring escapades on the part of risk managers in performing their duties in the past.
1.3 OBJECTIVE OF THE STUDY
1. To evaluate ways in which risk can be managed?
2. To recommend ways by which the insurance practitioners and risk managers can surmount the many constrains facing them and play a very important role in risk management in Nigeria.
3. To examine and determine the contributions of insurance practitioners and risk management in the control of risk in Nigeria.
1.4 RESEARCH QUESTION
1. Does risk management implementation mitigate the effect of the crisis on performance of insurance companies?
2. Does the implementation of risk management lead to better performance?
3. Do insurance firms with a higher level of risk management implementation perform better than insurance firms with a lower level of risk management implementation?
4. What are the problems facing the insurance practitioners which have been preventing them from playing their roles in risk management in Nigeria?
H1: Performance in the insurance industry level has been worse during the financial crisis.
H2: Insurance companies having higher levels of ERM implementation perform better than insurance companies with lower levels of ERM implementation.
H3: A higher level of ERM implementation mitigates the effects of a financial crisis on performance of insurance companies.
1.6 SIGNIFICANCE OF THE STUDY
This research work will be of immense help to:
The student: it will help the researcher to know more on risk management as an efficient means of achieving corporate objectives.
The Stake holders: this study will be of great importance to stake holders as it will enrich their knowledge on the various risks in insurance firms and industries and also their effects.
Insurance company: this will equally be of help to the insurance companies and financial institutions in Nigeria because when they abide by the recommendations provided by the researcher it will help them in time of decision making.
The country at large: this study will be of great importance to the country Nigeria as it will help the policy makers to prorogate laws that will help improve risk management in the country.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
Scope refers to the dimension of coverage of this work. This research work restricted to few selected insurance firms in Enugu metropolis. The information gathered will be used as reference to other insurance firms within the state and also the federation.
In carrying out this research work, the researcher was faced with certain problem which includes;
i. Time: Time constraints, as a student trying to keep up with lectures and at the same time running around for the collection of necessary information for completion of this research work.
ii. finances; collecting data from different sources cost a lot of money; from internet subscription to transportation to libraries. This posed a certain limitation on the research work
1.8 ORGANIZATION OF WORK
The purpose of this study is to study the concept of risk management as an efficient means of achieving corporate objectives. Chapter 2 included an overview of the literature and research related to enterprise risk management. Chapter 3 described the methods utilized to conduct the study. Chapter 4 presented the results and findings of the study. Chapter 5 presented the conclusions of the study and discussed the implications of the findings for institutional leaders.
You either get what you want or your money back. T&C Apply
Share a Comment
You can find more project topics easily, just search
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
» CHAPTER I INTRODUCTION Advertiser’s primary mission is to reach prospective customers and influence their awareness, attitudes and buying behaviour....Continue Reading »
80 pages | 210 hits | Source: ACCOUNTING
2. EFFECTS OF DEMONSTRATION AND PROBLEM SOLVING METHODS OF TEACHING ON STUDENTS’ ACHIEVEMENT IN AGRICULTURAL SCIENCE» CHAPTER ONE INTRODUCTION Background of the Study Agriculture embraces health, nutrition and food consumption, the use and conservation of land, water ...Continue Reading »
280 pages | 990 hits | Source: ACCOUNTING
3. A COMPARATIVE ANALYSIS OF THE IMPACT OF INVENTORY VALUATION METHODS ON FINANCIAL REPORT STATEMENT IN SOME MANUFACTURING COMPANIES IN ENUGU STATE» ABSTRACT This research work was conducted on with special reference to the impact inventoryvaluation methods has on financial report statements of man...Continue Reading »
190 pages | 0 hits | Source: ACCOUNTING
4. INVENTORY MANAGEMENT: A STRATEGY FOR EFFECTIVE PRODUCTION (A CASE STUDY OF NIGERIA BOTTLING COMPANY PLC)» ABSTRACT This project is a case study of the inventory management system function as it is practiced in the Nigeria Bottling company Plc. The manageme...Continue Reading »
108 pages | 345 hits | Source: ACCOUNTING
5. AN APPRAISAL OF INVENTORY MANAGEMENT TECHNIQUES IN SELECTED SMALL AND MEDIUM SCALE ENTERPRISES IN UYO» ABSTRACT The absence of good inventory management practices in Small and Medium Scale Enterprises (SMEs) causes business uncertainties and failures. T...Continue Reading »
52 pages | 147 hits | Source: ACCOUNTING
» CHAPTER ONE INTRODUCTION BACKGROUND OF THE STUDY Auditing can be said to be as old as man where people has been required to account for their transact...Continue Reading »
69 pages | 282 hits | Source: ACCOUNTING
» Abstract The purpose of this study was to find out the attitude of teachers towards the teaching of sex education in some selected schools in Oredo Lo...Continue Reading »
56 pages | 9 hits | Source: ACCOUNTING
» Abstract This research paper fraud detection and control in payroll department the aim of conducting this research work is to investigate into the cau...Continue Reading »
61 pages | 124 hits | Source: ACCOUNTING
9. EFFECT OF BANK FAIL EFFECTIVE BUDGETARY CONTROL AS AN INSTRUMENT FOR ORGANIZATIONAL SURVIVAL IN NIGERIA ECONOMY» ABSTRACTThis study was undertaken to verify how much effective budgetary control contributes organization survival. The objective are focused on deter...Continue Reading »
50 pages | 165 hits | Source: ACCOUNTING
» SECTION ONE INTRODUCTION 1.1 Background to the Study One of the main decisions that need to be considered by firms is how to finance its day to day op...Continue Reading »
52 pages | 187 hits | Source: ACCOUNTING