Okoro Michael Ugochukwuand IregbuOdinaka Brendan
Department ofBanking And FinanceFederal Polytechnic, Oko, Anambra state, Nigeria
Corresponding Author’s email: ugomikky824me@gmail.com
Abstract
This research project is carried out so as to look into the various risks encountered in financial institutions: case of First Bank of Nigeria PLC: Ekwulobia branch. The objective of the research is to assess risk management in financial institution and to also know the contribution of risk management to financial institutions. The researcher collected data from both primary and secondary sources. The primary data includes questionnaire and conducting of informal interview, while the secondary source consists of textbooks, journals and conference works. The work found out that banks faces varied risks and among the most devastating are interest rate risk, insurable risk, underwriting risk. Based on the findings, the following recommendations were made The staff of banks need to have adequate training from time to time:. Banks managers should recognize the need for installing firefighting equipment such as fire sprinkler, alarm, fire house, water hydrate at strategic positions in the banking environment. Conclusively, there is need for sound programmes on risks analysis and control in financial institutions, focusing specially on banks and insurance companies; if properly implemented, will ensure efficiency and effective management of the risks facing the institutions which will aid them in achieving their company’s set objectives.