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Adoption of Risk Management and Internal Control Techniques to Mitigate Business Risk and Improve Governance

Anumaka, C.J.M. Ph.D.

Abstract

This study examines the adoption of risk management and internal control techniques to mitigate business risk and improve governance. The study aims to investigate the current state of risk management and internal control practices in organizations, identify the challenges and benefits of adopting these practices, and provide recommendations for effective implementation. A mixed-methods approach was used, combining both qualitative and quantitative methods. The data was analyzed using descriptive statistics, correlation analysis and regression analysis.The results show that organizations that adopt risk management and internal control techniques experience improved governance, reduced risk exposure, and increased efficiency. However, the study also identifies several challenges, including cost and resource constraints, cultural and behavioral barriers, and complexity and regulatory requirements. The study provides recommendations for organizations seeking to adopt risk management and internal control techniques, including establishing a risk management framework, conducting regular risk assessments, implementing effective internal control processes, and providing ongoing training and awareness programs.

Keywords

risk managementinternal controlgovernancebusiness riskorganizational performance.

References

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