RISK MANAGEMENT ASSESSMENT OF MULTIMEDIA GROUP LIMITED
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Date
AUGUST, 2015
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Abstract
Risk management has become an inevitable part of doing business, especially since the business sector is related to conditions of uncertainty. This research was undertaken to gain understanding of the nature of risk, compliance to best standards and challenges faced in mitigating risk the media industry. In order to achieve the objectives of the study, data was collected through interview and questionnaires. Due to the fact that top-level management is directly responsible for risk management, the target groups included departmental heads and key employee.
This research found that the major risks facing the media are credit risk, operational risk and strategic risk. Of these risks, operational risk forms the most challenging risk. Risk is managed through talent management, protection of the internal intellectual property, bench for key programs, maintenance of audience trust and strict adherence to credit policy manual. The study also revealed that effective risk management helps retain key and experienced employees especially on air presenters, development and maintenance of good relationship with key stakeholders and ability to prudently manage the cash flow of the organization
The findings indicated that compliance to best standards facilitates the effectiveness of risk management. Some challenges faced in risk mitigation included lack of adequate tools for risk assessment and management, inadequate training programs, difficulty in identified risk data interpretation and analysis and inability to align risk management process with overall strategy.
Description
A Thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Master of Business Administration (Finance Option)