Strategic Management of Operational Risks in Financial Institutions

European Journal of Business, Economics and Accounting, Vol. 3, No. 1, 2015

20 Pages Posted: 22 Feb 2018

See all articles by Professor Edwin Agwu

Professor Edwin Agwu

London - United Kingdom

Francis Odianonsen Iyoha

Covenant University

O. Ikpefan

Covenant University

Atuma Okpara

National Open University of Nigeria - School of Management Sciences

Date Written: 2015

Abstract

Risks abound in all spheres of life and mitigating same and its effects has become an uphill task especially for profit making organisations and financial institutions all over the world. The global financial crisis of 2008 has been attributed to depletion of trust in the banking sector and demise of some business organisations. One wonders if the banks and organisations concerned are doing anything to manage the risks of market failures with a view to maintaining good reputations in order to win back customers’ trusts and loyalties. The new formidable cyber warfare was also x-rayed with a detailed exploration of its debilitating effects on business continuity. In achieving the objectives of this study, the risk management strategies adopted by banks and other business organisations was explored. And the organisational culture was also explored to ascertain the extent of its effects on the risk management strategies adopted. Among others, this study recommends that in the spirit of contributing to the international convergence of modern supervisory practices, organizations and financial institutions must extend their arms of cooperation to other international bodies.

Keywords: financial institutions, risks, management, organisational culture

Suggested Citation

Agwu, Professor Edwin and Iyoha, Francis Odianonsen and Ikpefan, O. and Okpara, Atuma, Strategic Management of Operational Risks in Financial Institutions (2015). European Journal of Business, Economics and Accounting, Vol. 3, No. 1, 2015, Available at SSRN: https://ssrn.com/abstract=3122401

Professor Edwin Agwu (Contact Author)

London - United Kingdom ( email )

United Kingdom
London, 7500
United Kingdom

Francis Odianonsen Iyoha

Covenant University ( email )

P.M.B. 1023
Km 10 Idiroko road
Ota, Ogun State 234
Nigeria

O. Ikpefan

Covenant University ( email )

P.M.B. 1023
Km 10 Idiroko road
Ota, Ogun State 234
Nigeria

Atuma Okpara

National Open University of Nigeria - School of Management Sciences ( email )

14/16 Ahmadu Bello Way
Victoria Island Lagos
Lagos Island, Lagos
Nigeria

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