LEAP Africa, Lafarge Africa Plc and Sterling Bank have advised Small and Medium Scale Enterprises, SMEs on the importance of risk identification, assessment and analysis with a focus on minimising loss of revenue.
The need for risk assessment for sustainable growth was emphasized when they converged over 800 well-known industry business leaders, entrepreneurs, as well as risk management experts in Nigeria’s business sector at the 10th CEOs Forum with the them: ‘Staying Ahead: Maximizing Profits and Mitigating Risks’.
A statement from the organisation said “Centred on Risk Management, the forum addressed SMEs on the essence of risk identification, assessment and analysis with a focus on minimizing loss of revenue.”
The opening remarks were delivered by LEAP Board member and Google Country Manager, Juliet Chiazor, and the Group MD/CEO, Lafarge Africa Plc, Mr. Guillaume Roux.
Mrs. Chiazor noted that the posture of a company regarding risk management should not be reduced to a checklist, but it should be imbibed in the DNA of a company and is the responsibility of all employees.
“On his part, Mr. Roux encouraged the participants to imbibe Lafarge’s practice of viewing risks as opportunities rather than threats,” the statement further stated.
Drawn from seasoned entrepreneurs and business managers, other speakers at the event include: Mr. Dharnesh Gordhon, MD/CEO, Nestlé Nigeria Plc; Mrs. Adepeju Adebajo, Managing Director, WAPCO Operations, Lafarge Africa Plc; Mr. Oluwole Oshin, Managing Director, Custodian and Allied Insurance Limited; Mr. Abubakar Suleiman, Executive Director, Finance & Strategy and Mrs. Clare Omatseye, Founder, Managing Director, JNC International Nigeria Ltd.
The event was moderated by the Managing Director, Risk Watch Insurance Brokers, Mrs. Morin Desalu.
The Forum discussed extensively how to manage Financial and Currency Risks in the Nigerian & Global Business Landscape as well as supply Chain, Operations and Sales Risks.
The importance of Insurance, other formal risk mitigation strategies and how to build risk management culture were also discussed.
While Mr. Oshin highlighted the importance of insurance policies and the benefits to SMEs, Mrs. Adebajo spoke on using a risk matrix to analyze risks at all levels of the supply chain, drawing on experiences of Lafarge.
Mrs. Omatseye, shared her experiences in dealing with risks as an entrepreneur, emphasising the importance of a strong risk culture.
LEAP presented at the event, its 11th book, The Art of Managing Risk.
“The book introduces entrepreneurs and business managers to Risk Management as it applies within our local context and introduces them to explore opportunities with boldness by taking practical steps to identify, analyse and mitigate risks,” the statement added.
LEAP’s CEOs Forum is an annual gathering of private, public and social development CEOs where the organisation provides framework for SMEs to build sustainable companies.
Leadership Effectiveness Accountability and Professionalism, LEAP, Africa is one of Nigeria’s leading development non-profit organisations with a focus on changing mindsets of youth and entrepreneurs.