Experts proffer solutions to business risks

Experts have warned enterprises to tackle business risks holistically having in mind the behaviour of organisational structure, values and culture in place.

They identified the risks to include cyber risk, political and environmental risk, insurance and risk and financial/compliance risk, stating that risk is the responsibility of every member of an organisation.

The experts who gathered at a business breakfast meeting organised by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) in partnership with YOA Insurance Brokers Limited said all employees need to be trained and retrained to tackle risks.

Chief Executive Officer, Alter-Ed Limited, Eneni Oduwole, said risk management in the past focused mainly on market and credit but advanced.

She identified 10 business risks in Nigeria including ‘Japa’ syndrome, cyber security issues, lack of critical infrastructure, undulating foreign exchange clime, business continuity and supply chain disruptions, environmental and climatic change issues, fiscal and monetary risk, limited technology infrastructure, insecurity and terrorism, strategy and governance issues.

Oduwole said to mitigate all risks, businesses should conduct an assessment to understand the peculiarities of the environment in which the business operates.

Chief Technology Officer, Amadeus, Yinka Olaleye, said cyber risk would be a big issue in the coming years, especially as businesses shift to work remotely.

Head of Research, SBM Intelligence, Ikemesit Effiong, said businesses need to monitor the politics of the new administration with a focus on the new policies it would develop.

Effiong said most businesses should also monitor regulations depending on their sectors as more rules would be unfolded in the coming years.