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ASIDE, JUSTICE CHUKWUEMEKA PG/MBA/12/62020 EFFECT OF RISK MANAGEMENT ON THE PERFORMANCE OF SELECTED COMMERCIAL BANKS IN EN UGU STATE, NIGERIA Department of Management Faculty of Business Administration
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01
Identify potential risks: Start by identifying all potential risks your organization may face. This can include financial risks, operational risks, market risks, and more.
02
Assess the impact and likelihood: Once you have identified the risks, assess the impact each risk could have on your organization and the likelihood of it occurring. This will help you prioritize and focus on the most critical risks.
03
Develop risk mitigation strategies: Based on the assessment, develop strategies to mitigate the identified risks. This may include implementing control measures, transferring the risk to insurance, or avoiding certain activities altogether.
04
Implement risk management actions: Put your risk management strategies into action by implementing the necessary processes, procedures, and protocols. This may involve training employees, updating systems, or establishing a risk management committee.
05
Monitor and review: Continuously monitor and review the effectiveness of your risk management efforts. Regularly assess whether the implemented strategies are still appropriate and effective, and make adjustments as needed.

Who needs effect of risk management?

01
Organizations of all sizes: Risk management is essential for organizations of all sizes, whether they are small businesses or large corporations. Every organization faces risks that can impact their operations, reputation, and financial stability.
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Project teams: Risk management is particularly important for project teams as they often face unique risks associated with project timelines, budgets, and stakeholder expectations. Effectively managing these risks ensures successful project delivery.
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Financial institutions and banks: As institutions that deal with money and investments, financial institutions and banks need effective risk management processes to mitigate financial risks and ensure the stability of the financial system.
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Government agencies and regulators: Government agencies and regulators play a crucial role in overseeing industries and ensuring compliance with regulations. Implementing effective risk management practices helps these entities identify and address potential risks to public safety, consumer protection, and more.
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Individuals: Individuals also benefit from understanding and applying risk management principles in their personal lives. Whether it is managing personal finances, making investment decisions, or planning for retirement, individuals can minimize potential risks and maximize their chances of success by applying risk management techniques.
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The effect of risk management is to identify, assess, and prioritize risks in order to minimize their impact on an organization.
Organizations of all sizes and industries are required to file an effect of risk management.
Effect of risk management can be filled out by gathering information on potential risks, assessing their likelihood and impact, and implementing strategies to mitigate them.
The purpose of effect of risk management is to protect an organization from potential threats and uncertainties that could hinder its success.
Information such as risk assessments, risk mitigation strategies, risk policies, and risk monitoring processes must be reported on effect of risk management.
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