Sterling bank, leap Africa focus on risk management strategies for SMEs

Consequently, the duo and other organizations are set to organize the 10th edition of CEO’s forum with the theme, ‘Staying Ahead: Maximizing profit and Mitigating Risk.

The forum will see 800 SMEs and the speakers deliberate on sectoral and industrial risks, the need for SMEs to concentrate their efforts in evaluating and managing their risk exposures for long term sustainability.

The forum also promises to provide cutting-edge solutions and best practices in corporation to enable SMEs deal with risks in present political and economic realities in Nigeria.

Abubakar Suleiman, Executive Director, Finance and Strategy, Sterling bank said that as a result of the volatility in exchange rate and the fact that the economy is import dependent, a lot of our SMEs are many have suffered as a result of the exchange rate devaluation.

“We are looking at how to help SMEs deal with these kinds of events better. This will help SMEs get set on the path to being better prepared for those events,” he said.

Suleiman reiterated that Sterling bank always want to know what the takeaway will be for those who attend the event and if it will be beneficial to the environment in which the bank operates.

Well known industry business leaders, entrepreneurs, risk management experts in Nigeria’s business sector, Dharnesh Gordhon, MD; Nestle Nigeria Plc, Peju Adebayo, MD WAPCO Operations, Lafarge Africa Plc; Wole Oshin, MD Custodian and Allied Insurance Ltd, Abubakar Sulaiman; Executive Director, Finance & Strategy Sterling Bank and Clare Omatseye, Founder, MD JNC International Nigeria will lead discussions at Leap Africa’s CEO Forum for SMEs in Lagos.

According to Iyadunni Olubode, Leap Africa’s Executive Director; “SMEs should be proactive in managing risks instead of being reactive. There is a common misconception that only large companies need to manage risks, but this year’s CEOs forum seeks to address that and offer practical advice for entrepreneurs on protecting their profits through risk mitigation strategies.”

She noted that studies show that poor risk management system hinder growth, performance and expansion adding that although many local companies are increasingly conscious of risk facing their business and the importance of curtailing them, few know measures of controlling risks.

“We have written 10 publications and 8 of them focus on enabling business owners to create sustainable businesses. Through this forum, we want to bring people to share their knowledge and experiences. We want them to talk about international best practices for risk management and how we can adapt them to our local environment, so that it is practical,” she added.

Olubode explained that the CEOs Forum, which was launched in 2005 exposes business owners to the importance of planning for their succession and instituting effective systems, structures and values within their organizations, to ensure long term sustainability.