Risk Management Practices among Selected State Governments in Southwestern Nigeria
Abstract
This study examines the level of risk management practices among selected state governments in southwestern Nigeria. The objective of this research is to assess the current risk management practices adopted by these state governments and identify areas for improvement. Descriptive survey research design was adopted with the use of primary data. The population of the study comprises all staff of the office of the Accountant General and Auditor General of Oyo, Ondo, and Lagos States. Four hundred and fifty respondents were purposively sampled from 150 accounting officers, auditors, and directors in each state and 414 copies of the questionnaire were returned and analysed using descriptive statistics such as frequency, percentages, median, and mean. The results showed that risk management was moderately implemented (46.1%) among the selected state governments in southwestern Nigeria. This research contributes to the existing literature on risk management practices in public sector organizations and offers valuable insights for policymakers and practitioners seeking to strengthen risk management frameworks. The study concluded that the level of risk management practices is moderate existence in the selected state governments. It was, therefore, recommended that implementation of the risk management controls should be considered to minimise misappropriations and waste of resources, financial irregularities, and fraud and also increase growth in the economic activities of the state governments and government sectors.
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Copyright (c) 2024 Rafiu Oyesola Salawu, Olusegun Timothy Odesola, Aina-Obe Shamsuddin Bolatito, Oluwatomi Aderoju Adejumo
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