Banker Tasks SMEs On Risk Management

The Executive Director,
Finance & Strategy, Sterling Bank Plc, Mr Abubakar Suleiman, has called on Small and Medium Enterprises (SMEs) to always identify risk to minimize revenue loss.
Suleiman gave the advice at the 10th Annual CEO Forum with the theme: ‘Staying Ahead: Maximizing Profit and Mitigating Risk’ organised by LEAP Africa  in Lagos recently.
He said that ‘’SMEs as the national economic development prospects of any country is hinged on the entrepreneurial energy of vibrant SMEs”.
The director advised SME operators to ensure that their risk profile was adequately assessed through proper analysis.
He said they must also improve on their reporting standards and the day-to-day management of their organisations to ensure growth.
Suleiman called for economic awareness for investors to fully mitigate the risk associated with foreign exchange fluctuations.
He informed the participants, drawn mainly from the SMEs segment, that the bank would continue to support SMEs through workshops and seminars on capacity building.
He added that the aim was to build sustainable businesses in view of the critical roles the sector played in the development of an economy.
He added that the type of education provided for SMEs needed to be improved.
“Nigeria still has a lot to do and a long way to go when it comes to our legal environment, the process of securing approvals and setting up businesses,” he said.
In her opening remarks, Mrs Juliet Chiazor, a board member, LEAP and Google Country Manager, said that the posture of a company regarding risk management should not be reduced to a checklist.
“It should be imbibed in the DNA and seen as the responsibility of all employees,’’ Chiazor said.