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THE IMPACT OF RISK MANAGEMENT ON ORGANIZATION EFFICIENCY
(A
CASE STUDY OF DUNLOP NIGERIA PLC)
ABSTRACT
This research was purposely carried out to
appraise the Impact of Risk Management on Organization Efficiency as its being
operated in Dunlop Nigeria Plc. The aim was to find out the kinds of Risk
threatening the operation of manufacturing industry as in the case of Dunlop
Nigeria Plc, and how risk are identified, measured or evaluated and how they
are being handled and transferred to the insurance companies. The first chapter
of the study dealt with the introduction of the research work where emphasis
were placed on general introduction of the area of enquiry and statement of
problem, objective of the study and hypothesis were all dealt within chapter
one. In chapter two, review of related literature is dealt with while chapter
three was designed to research methodology, research designed, population and
sample instrumental, data collected and statistical analysis was not left out.
The chapter four, data collection through the questionnaire were thoroughly
analyze and finding were properly presented and for working earlier formulated
hypothesis in chapter one were tested. Chapter five was conclusion with major
research findings.
TABLE OF CONTENTS
Title Page i
Declaration ii
Approval Page iii
Dedication iv
Acknowledgement v
Abstract vii
Table of Contents viii
CHAPTER ONE
1.0 Introduction 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Objectives of the Study 3
1.4 Significance of the Study 4
1.5 Research Hypothesis Test 5
1.6 Scope of the Study 6
1.7 Definition of Terms
CHAPTER TWO
LITERATURE REVIEW
2.0 Introduction 8
2.1 Concept of Risk
2.2 Uncertainty and Risk Contracted
2.3 Classification of Risk
2.4 Risk Identification and Analysis
2.6 Organization of Risk Management
2.7 Problem in Introduction Risk Management
2.8 Security – A Management Responsibility
CHAPTER THREE
Research Methodology
3.0 Introduction
3.1 Research Design
3.2 Population and Sample Size
3.3 Instruments of Data Collection 38
3.4 Data Collection 41
3.5 Statistical Analysis 41
CHAPTER FOUR
DATA PRESENTATION AND
ANALYSIS
4.0 Introduction 43
4.1 Data Presentation and Analysis 46
4.2 Data Analysis 50
4.3 Test of Hypothesis
4.4 Research Findings
CHAPTER FIVE
SUMMARY, CONCLUSION
AND RECOMMENDATIONS
5.1 Summary 53
5.2 Conclusion
5.3 Recommendations 55
5.4 Limitation
References 56
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
This is the age of experts. The amount of human
knowledge has become accumulated at such a rate that greater specialization has
become both a necessity and the pride of the experts. This pride has all too
often led to the specialist erecting a fence around his own small property in
the world of ideas; but fences that are too high to let neighbour see, it can
also have the disadvantage of being too high for the householder to see what
his neighbours are doing.
There comes a point, therefore, when it becomes an
essential for someone to take a wider view and to point out that all these
carefully separated properties are in fact` part of a single community. “Risk
Management” is the result of our such wider view developed by some foreseeing
insurance, who took the necessary step back from their particular
specialization to realize that their work and that of many others, insecurity,
fire prevention, health and safety and work, economics law, management and a
wider range of discipline, all had something in common. Each was concerned to a
greater or lesser extent with risk and identifying it, evaluating it,
minimizing it, or dealing with its consequences.
Risk management, therefore sought from the start
to bring together again an essentially simple concept which had become
complicated out of all recognition by its fragmentation into separate
discipline, the practitioners of which each had a few interlocking parts of the
jigsaw and believed they had the whole picture.
Intellectual exclusiveness had played its part in
this fragmentation, but to a large extent it was implicit in the development of
human society. For primitive man, there was a clear link between the correct
appraisal and treatment of the risks that threatened him and his survival.
Broadly speaking, this awareness of the balances between risk and security in
all he did was apparent to the individual until comparatively recent times.
Industrialization, the division of labour and the advance of science and
technology have however made it increasingly difficult to identify the risk
threatening his personal safety or his economics well being. Risk management as
an integrated procedure still much more often talked about the practiced, but
there are encouraging signs that co-operation is replacing competition between
some at least of those responsible for the practical implementation of various
aspects of risk treatment. Similarly, in the financial sphere, there is growing
recognition that conventional insurance is not the only, nor always the most
appropriate way of providing for loss.
The new understanding that risk does not respect
administrative demarcation lines has necessarily created new techniques. There
is little that is new about the contents of most of these techniques for in
many cases, they have long been used by one or other of the various specialists
in the fragmented work of risk treatment. The novelty lies in their application
to the field of risk as a whole and in the combination of different measures
drawn from disciplines which in the past have had little to do with each other.
Since every individual, householder, association,
company government department and local authority is exposed to a wider range
of risks. It is inevitable, by the nature of probability, that bodily injury,
property damaged or financial loss will occur sooner or later.
The degree of severity will vary according to
circumstances but that some form of loss will occur is beyond doubt CIMA, RISK
MANAGEMENT, LONDON
The risk management is provides the necessary
mechanism. “Risk management is therefore, a specialist management technique,
evolved mainly in the U.S.A.
Risk management is not synonymous with insurance
nor does it embrace the management of all risks to which a business is exposed.
Risk management is therefore, relevant to a wide
spectrum of industry from major groups to modest undertakings to companies
which operate worldwide and those confined to the developed countries; to
organization involved with significant risk-generating activities externals to
their own premises and those confining their activities largely to their own
premises; and to enterprises manufacturing highly toxic or products as well as
those producing innocuous or simply selling services.
1.2 STATEMENT
OF PROBLEM
The contribution with which the products emanated
from Dunlop Nigeria Plc made toward the progress and the development of
Nigerian economy cannot be overemphasized. This is the reason, it is highly
imperative to delve into the process and procedure by which the company manage
the risks that is peculiar to their company and to suggest, if any, other way
of improvement in a cost effective manner.
However, the mistake that is often made in most of
the organization which often culminated into various problems is that:
1.
Can the
risk be managed effectively in an organization?
2.
Is the
insurance companies, the only panacea to all the problem of risk that occurred
in an organization?
3.
Can the
organization effectiveness be enhanced with effectively management of risk only?
4.
Is the
management of risk the responsibility of a single individual in an
organization?
5.
Can the
management in general runs needless risks which could be economically handled
by insurance often without the impact increase in total premium cost?
1.3 OBJECTIVES
OF STUDY
The objective of this study is to find out the
impact of risk management on organization in order to enhance their efficiency,
with a particular reference to Dunlop Nigeria Plc, Ikeja.
The study is designed to:
i)
Determine
the degree to which risk can be managed effectively in order an organization.
ii)
Identifying
the risk, analyze them and suggest ways and technique to be applied or take
into consideration in managing the risk in a cost effective manner.
iii)
Make
recommendation for further improvement in the area of effective management of
risk that would reduce the degree of catastrophe in an organization.
1.4 SIGNIFICANCE
OF THE STUDY
1.5 RESEARCH
HYPOTHESIS TEST
Hypothesis are statements about the possible
solutions to the problems investigating. They are intelligent gneisses which
make about the likely solutions to the problem.
For the purpose of guidance in order to enhance
this study, the following hypothesis would be used.
Hypothesis I
Ho: There is no significant relationship between
risk management and total premium cost.
Hypothesis II
Ho: There is no significant relationship between
awareness and the extent to which risk management can affect the economic
activity of the industries.
Hypothesis III
Ho: There is no direct relationship between risk
management evasion and the lost adjuster management.
Hypothesis IV
Ho: There is no significant relationship between
the use of risk management and uninsurable properties.
1.6 SCOPE
OF STUDY
This study is specifically designed to cover all
the area that are pruned to risk in Dunlop Nigeria Plc and to study the various
process by which risks are being managed. But due to vast areas of risks to be
covered, this study shall be limited to the productions section of tyres of
various sizes, simply because risk exposure in this department are enormous
than other departments/sections.
Also efforts are being made by the organization to
manage risks in this departments to some extent.
1.7 DEFINITION
OF TERMS
Class
Rating: This is applicable in
deciding the premium to change, to those risks where the insurer has in his
portfolio a large number of broadly similar cases.
Experience
Rating: This applicable where
the number of comparable insurance is small, or where one cover is so large by
comparison with others in its class that its result would affect those of the
class industry.
Subject
Rating: This term can cover
anything from a rate based on detailed analysis of the probabilities involved
to one based on pure guess work.
Price
Risk: This is the risk,
that, a price may decline before an inventory can be sold at a reasonable
profit.
Social
Cost: These are cost borne
by the whole of society, example a situation where there is a short down of
plant in a small town as a result of major fire.
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