AN ASSESSMENT OF RISK MANAGEMENT IN FINANCIAL INSTITUTION IN NIGERIA (A CASE STUDY OF FIRST BANK NIGERIA PLC KAURA NAMODA BRANCH)

ABSTRACT This research assesses risk management in financial institutions, with a particular focus on First Bank Nigeria Plc, Kaura Namoda Branch. The study aims to examine the risk management techniques applied for efficient management in financial institutions, identify the types of risks, and evaluate the control measures in place at First Bank Plc, Kaura Namoda. The research utilized data primarily sourced from questionnaires, with a population of 18 and a sample size of 10. Data was analyzed using tables and simple percentage methods.The findings reveal that risk management is efficiently implemented in the bank, with effective risk classification and a strong consensus on the necessity of a dedicated risk management department. The study also found that while risks can be minimized, they cannot be entirely eliminated. The risk management system at the bank is highly effective, with a clear distinction between insurable and uninsurable risks. Moreover, the research highlights the significance of risk management in the banking sector, emphasizing its crucial role in balancing profit and risk. A risk management policy is being developed and managed within the organization. Based on these findings, it is recommended that First Bank Nigeria Plc should continue to maintain and enhance its risk management practices to ensure sustained efficiency and effectiveness in mitigating risks.