Risk Management And Insurance
At the Insurance department office
Appointment on Visitation important
Topic: Enterprise Risk Management ERM And Survival Of Small And Medium Scale Enterprises.
Description: Small and Medium Scale Enterprises SMEs contribute significantly to the socio-economic growth and development of many countries. This immense contribution seems to be cut-short by the high mortality rate from which SMEs across the world suffer. Studies have shown that most SMEs in Nigeria do not survive their first five years of establishment and this seems to be linked to the various risks hindering the growth and economic performance of small businesses. It is considered that a successful implementation of Enterprise Risk Management ERM by SMEs is likely to enhance their survival. The implementation of ERM has the capacity to create organisational value and result to growth and success across business organisations. It therefore appears that if SMEs take proactive measures in managing their risks, their survival rate will likely increase.
|Ph.D (Risk Management and Insurance)
|Department of Actuarial Science and Insurance, University of Lagos, Akoka, Lagos, Nigeria.
Effect of Socio-Cultural Factors on Risk Taking Propensity of SMEs in Lagos State
Socio-cultural factors are important components in the Nigerian business environment. There is a shortage of literature and studies that linked socio-cultural factors on risk taking propensity of Small-Medium Enterprises. Small-Medium Enterprises SMEs constitutes over 70 per cent of the Nigerian businesses and characteristically informal. The objective of this paper is to identify the effect of socio-cultural factors on the risk-taking propensity of SMEs in Lagos state. Socio-cultural factors were measured by three indicators, namely culture; religion and values: Each of these was further categorized into several levels of constructs. The methodology employed in this study is descriptive research survey design and data collected were gathered using a structured questionnaire. Responses from one hundred and fifty 150 SME owners/managers in Trade-Fair, Lagos state identified the socio-cultural factors have significant effect on their risk-taking propensity. The study will contribute to the existing body of knowledge as the theory will be tested in Nigeria, it will also benefit SME owner/managers, business practitioners, government at various levels and serve as a reference point for future studies. A further research is recommended to establish whether these results reflect the general view in other states of Nigeria.
DANSU FRANCIS is a Senior Lecturer at the Department of Insurance
DANSU has a Ph.D in Risk Management and Insurance from Department of Actuarial Science and Insurance, University of Lagos, Akoka, Lagos, Nigeria.