The role of risk management on the development of motoring companies

Abstract

The study was aimed at the role of risk management on the development of motoring companies using Motorcare Uganda limited.The study was aimed at achieving the three specific objectives. To establish the role of Risk Identification on development of motoring companies, To establish the role of Risk analysis on development of motoring companies, to establish the role of Risk Monitoring and evaluation on development of motoring companies and to establish the role of Risk Control on the development of Motorcare Uganda limited. The study employed Case study research using a quantitative and qualitative research paradigm in which a case study research design was employed to collect data from 44 (forty four) respondents using structured questionnaires, interviews and documentary review. The study found out that was discovered that employees are allowed to identify all needs of their units, they assess risks and prioritizing key business risks and those reputational risks are identified at this stage. Risk analysis is carried out in the company to allow for the identification and understanding of key risk drivers. The company is also seen to evaluate the available risk mitigation strategies; risk analysis involves the appraisal, prevention and minimization of exposures to the business. It can also be concluded that risk monitoring & evaluation results in allocation of ownership of the risk and that risk monitoring & evaluation enhances allocation of ownership of the risk and that it provides decision makers & other stakeholders with regular feedback on progress in implementations. Conclusively, risk control can reduce unexpected & costly surprises, enables the creation of a more risk focused culture for the organization and that enables improved focus and perspective on risk.It is recommended that risk assessments should not be one-sided since such analyses are colored significantly by factors such as the personal preferences, knowledge, recent experiences, and character traits of those involved. It was also recommended that senior management should emphasize that their risk management objectives, are aimed at creating and preserving value for key stakeholders. This is because these stakeholders are essential to the companies continued existence