The Importance of Enterprise Risk Management to Public Sector Organisations in Nigeria

Abstract

The paper dealt with the importance of enterprise risk management to public sector organisations in Nigeria. The paper has reviewed literature on frameworks for enterprise risk management and established the global practice. The paper found that the practice of enterprise risk management is an evolving practice among public sector organisations globally. In Nigeria, it is mainly practiced in private sector organisations with inadequate levels of implementation in the public sector. The absence of a specific legal framework for the establishment of project and programme management practices in the public sector may be responsible. Based on available frameworks, practices, and benefits of enterprise risk management, the paper has recommended that public sector organisations establish enterprise risk management processes and cadres for project management officer, compliance and risk management officers.

Keywords: Enterprise Risk Management, Public Sector, Risk Management, Nigeria

DOI: 10.7176/PPAR/9-3-17

Publication date:March 31^st 2019