Title: Strategic Risk Management And Mitigating Uncertainties In Oil Companies In River State
Authors: Tuuma, Promise Lebari and Prof. B.ChimaOnuoha
Volume: 8
Issue: 10
Pages: 233-243
Publication Date: 2024/10/28
Abstract:
The research examined strategic risk management and uncertainty reduction in oil firms in River State. The study's population consisted of 350 respondents, including managers and supervisors from four (4) oil businesses in Rivers State. Using the Krejcie and Morgan sampling approach, 187 respondents were selected from this cohort. The main data was gathered by a questionnaire and sent to respondents via email. The Spearman's rank-order correlation coefficient was used for data analysis. The findings demonstrated a substantial association between strategic risk management and migration uncertainty for oil businesses in Rivers State. As a result, the research indicated that strategic risk management is relevant to the migration uncertainties of oil businesses in Rivers State. As a result, the research advised that management take a systematic approach to risk identification, such as conducting frequent risk assessments and scenario planning. They should promote a culture of risk awareness and encourage workers at all levels to participate in the identification process. They should use technology and data analytics to improve the accuracy and efficiency of risk detection procedures, hence reducing uncertainty. They should also undertake thorough risk assessments to rank hazards according to their possible effect and probability. Establish effective monitoring procedures to identify important risk indicators and respond quickly to uncertainty. Finally, management should establish frequent reporting methods to convey risks and mitigation efforts to stakeholders, as well as constantly evaluate and update risk management systems based on monitoring and reporting input to reduce uncertainty.